Fashion e-commerce firm Myntra has curated, via its franchise partner, a store with tech-enabled fashion kiosks that allows for a 30-second self-checkout window and an omnichannel experience for its private label, Roadster.
The first of its kind store in Mantri Mall in Bengaluru will allow customers to check real-time online prices of products they choose via radio-frequency identification (RFID) tags in what Myntra-Jabong CEO Ananth Narayanan called an ‘omnichannel’ experience. The store also features a 30-second self-checkout where customers can place their desired products on the kiosk and the system calculates the number of items and the total amount, after which the customer can pay via credit or debit card.
Narayanan says this technology aims to reduce waiting time for consumers and remove the role of the cashier. Narayanan also said this concept will extend to other Roadster stores in India. Currently, Myntra has 13 private brands of which Roadster is available in brick and mortar stores and also online. But Narayanan said HRX, one of Myntra’s other private labels, will also see its presence in offline stores.
Private labels provide 25% of revenues for Myntra, which Myntra Fashion Brands head Manohar Kamath said they aim to raise to 27% by the end of this year. Myntra has seen a good spell of growth with its FY17 losses reducing by 25% to Rs 655 crore compared with Rs 823 crore in FY16. The firm has turned in a GMV of $1.2 billion in FY17 and it expects it to increase to $1.9 billion this year. Myntra is looking to curate 50 Roadster Go stores by 2020.
By- Aniruddha Ghosh
Source: Financial Express