Myntra Eyes 25-Fold Surge, 4 Lakh New Customers From Upcoming Sale

New Delhi: Fashion e-commerce platform Myntra on Monday said it expects to see a 25-fold jump in daily sales during its ‘End of Reason’ sale to be held between June 24-26.

Myntra’s sale comes at a time when brick and mortal retail stores are offering heavy discounts to customers to clear stocks, ahead of the GST roll-out from July 1.

“Our ‘End of Reason Sale (EORS) gets bigger and better with each passing season. The sixth edition will be the largest yet and will see Jabong also participate,” Ananth Narayanan, CEO of Myntra and Jabong, told PTI.

He added that over 1,800 brands will participate in the three-day sale, offering discounts of 50-80 per cent.

“We expect about 45 per cent growth over last year and 25X jump in revenues from what we do on an average day… We expect about 5 lakh people to be part of Myntra Shopping Groups,” he said.

Myntra Eyes 25-Fold Surge, 4 Lakh New Customers From Upcoming Sale

Myntra Shopping Groups will allow customers to form groups (consisting of friends and families) on the platform and shop together. Group members will be eligible for multiple rewards and discounts depending on the size of their shopping bags.

“EORS is also a great way to get new customers onboard. We expect to acquire 4 lakh new customers through the three day sale this time,” Narayanan said adding that discounts being offered in retail stores will not impact its own sales.

Apparel manufacturers are trying to liquidate old stock ahead of the new GST tax regime. The GST Council has decided to tax man-made apparel up to Rs. 1,000 at 5 per cent, while those costing above Rs. 1,000, will attract 12 per cent.

At present the total tax incidence is around 8 per cent depending upon the states.

 

IT export to grow at 7-8%, 1.5 lakh jobs to be created in 2017-18: Nasscom

Indian IT exports will grow by 7-8 %, unchanged from previous year’s growth, despite protectionist voices in major markets like the US, industry body Nasscom said today.

The $ 156 billion Indian industry — the biggest job creator in the organised sector — is also projected to add 1.3-1.5 lakh new jobs during 2017-18 compared to a net hiring of 1.7 lakh in the previous fiscal.

In a first, the industry body had deferred giving the growth forecast in February and had instead postponed the same to April-June quarter.

Speaking to reporters, Nasscom president R Chandrashekhar exuded confidence that the outlook is positive despite the political and economic uncertainties in key overseas markets that may impact client spending.

“We expect export revenues to grow by 7-8 %, not hugely different from last year (7.5 %), notwithstanding the headwinds we talked about (H1-B visa curbs in the US, protectionism and Brexit),” he added.

The domestic infotech industry is expected to grow at faster pace of 10-11 % (in dollar terms) in 2017-18.

“We definitely see the industry to be net hirer of as many as 1.3 to 1.5 lakh people in the year ahead. This industry continues to be a substantial hirer and a substantial creator of new jobs. At the same time, there is a churn in the industry too,” Chandrashekhar said.

He said as the industry is currently driven by the digital revolution, Nasscom has decided to re-skill about 1.5 to 2 million IT professionals to equip them for future requirements.

IT sector

“Nasscom is working with its partners, members to establish a comprehensive digital platform. You will be hearing about this more during the months ahead. We expect 1.5 to 2 million people amongst the workforce to be re-skilled in the next 4-5 years.”

The size of the Indian IT industry is pegged at $ 154 billion, including $ 11 billion incremental revenues added in the previous fiscal, according to Nasscom.

“Uncertainty impacted the businesses. Whether it is BFSI segment or healthcare, all segments confronted by the uncertainty delayed the decision-making in the quest for stability. That translated into low opportunities for IT industry,” the Nasscom chief explained.

Chandrashekhar, however, was optimistic about growth of the domestic IT industry, backed by some of the Centre’s initiatives such as aiming for one trillion dollar digital economy.

Replying to a query, he said the Indian IT industry is all set to move beyond the markets it is heavily dependent on and expand footprints to newer geographies such as Continental Europe, Japan, China and Africa.

The US and the UK account for almost 80 % of the country’s IT export revenues.

Compared to Nasscom’s guidance of 7-8 % growth, Infosys expects its revenues to rise 6.5-8.5 % in constant currency (and 6.1-8.1 % in $ terms), while Cognizant has guided for 8-10 % rise in topline in constant currency terms.

Keshab Panda, MD and CEO, L&T Technology Services, said he is confident of double-digit growth.