A month after Flipkart and its online fashion store Jabong launched their loyalty programs, fashion e-tailer Myntra has now come up with a fashion-centric loyalty program called Myntra Insider.
Myntra Insider is based on engagement and consumer behaviour and primarily aimed at increasing sales. Users along with getting early access will be rewarded for giving reviews and ratings on the platform. The program is expected to have 1 crore users in a year.
“The more users come, the more hooked they are and then buy more. This will lead to more retention, more repeat visits and less uninstall,” Ananth Narayanan, chief executive of Myntra-Jabong told ET.
Myntra also has partnered with firms such as BigBasket, PhonePe, Zomato, TataSky, BookMyShow, EROS NOW, Zoom Car and Gaana among others.
Of late, e-commerce firms have shown an affinity towards building loyalty programs. And Indian consumers have shown a decent hunger for such programs.
Last month, Flipkart had launched a loyalty program called Flipkart Plus. Within five days of its launch, Flipkart claimed to have amassed 1 million members and garnered Rs 1,250 crore in revenue through its loyalty program.
Amazon has about 13 million users tied to its loyalty program Amazon Prime. It charges Rs 999 annual or Rs 129 monthly subscription fee. Besides offering free and fast deliveries, it offers a bouquet of original video content.
After the success of Gold, food tech unicorn Zomato had launched ‘Piggybank’ for online ordering. Its rival Swiggy also had launched subscription Swiggy Super.
Meanwhile, Myntra gross merchandise value rate has touched $1.9 billion from $1.2 billion for FY 18. By the end of this fiscal, fashion e-tailer eyes to hit profitability. Flipkart-owned entity has planned to open 100 offline stores by 2020.
