Alnoor M Peermohamed
16:08 26th Sep, 2014
Myntra: Wearables Can Disrupt The Fashion Retail Space
Buyers of fitness apparel and accessories would be customers of the health boosting benefits that wearables offer
E-commerce is one of the fastest growing sectors in the Indian technology space, given the sheer volume of consumers gaining access to the Internet each year. Fashion retailer Myntra is one of the most popular online buying platforms, but is looking at avenues which were once under traditional electronics, to boost its growth.
The company which was recently bought by India's largest e-commerce player Flipkart, claims nearly one-third of all its sales come from the 'sports category. While fitness oriented fashion products are always popular, it can also be inferred that there's a growing need for products that promote healthy lifestyles.
Wearables are as much an offshoot of the electronics industry as they are of the fashion trade. It has often been argued that unlike smartphones which rest on a desk or in a users pocket for most of the time, wearables have to be beautiful as they're worn on the body. Moreover, wearables in their current form of devices that help users be more productive and stay fit.
Myntra has recognized the potential market for wearables in the fashion space, and recently tied up with an Indian manufacture of fitness trackers, GetActive. The company brings forth its USP of helping people look better, rather than merely selling clothing and accessories, in order to market the product which is aimed at promoting health and fitness.
Sports, youth and health & fitness will drive growth of the e-commerce space according to Myntra, at least when it comes to selling fashion products. Wearables also opens the door for the company to gain in on the exploding market for online sale of electronics. Recently, exclusive tie-ups between smartphone manufacturers and e-commerce companies has been highly successful.
According to Mukesh Bansal, co-founder and CEO of Myntra, the wrist is currently the hottest piece of real-estate in the fashion and electronic sectors. With the likes of giants like Google, Apple and Samsung outing their wristwear, consumers in India are bound to take notice of global trends and invest in these devices.
Moreover, the company feels it's the perfect platform to sell any device related to health and fitness, given the already existing data set of buyers interested in fitness wear. Myntra's move only goes to show that wearables are more interdisciplinary than other electronics, prompting manufacturers to develop not just functional pieces of kit, but also ones that people don't mind been seen wearing.
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