Flipkart’s fashion arm Myntra has acquired a Mumbai based end-to-end omnichannel retail platform Pretr for an undisclosed amount.
Founded in 2016 by Bhavik Jhaveri and Ankur Joshi, Pretr offers tech solutions like endless aisle, order management, clienteling, store analytics, amongst others to the retailers (see a video of how it works). Myntra said in a statement that omnichannel is a key priority for Myntra and this acquisition will help strengthen its footprint in this segment.
Omnichannel combines both offline and online retail – the physical store network that serves as customer touch points with the larger customer reach and convenience of online
It further added that with Pretr, a brand’s customers on Myntra will be able to see the brand’s inventory online and offline, and will be able to avail add-on services such as same day delivery, click and collect, and return or exchange at the brand’s offline stores. “Brands, in turn will be able to increase their sales, improve inventory utilization and offer richer customer experience across all nodes,” it added.
Users will be able to check the brand’s catalogue in its offline stores, including the stock available in other cities and will be able to pick the product later from that store or order it for delivery at their doorsteps. All the brick-and-mortar stores of Myntra’s private labels will be integrated with Pretr’s solutions. Besides that, through the partnership with Pretr, Myntra is looking at partnering with 50 brands in the next one year across all their stores, said Ananya Tripathi, Head Category Business and Chief Strategy Officer, Myntra.
Myntra’s Omni-commerce push
Myntra is trying to up its game in both offline as well as online shopping space. In June, it opened a self-checkout store called Roadster Go for its private label Roadster. Located in Bengaluru, the store is RFID (Radio-frequency identification) enabled, which will allow customers to pick up their products without any assistance, along with allowing self-checkout. At the time of this announcement, Myntra’s CEO Ananth Narayanan had said that the company is looking at 50 Roadster Go stores across the country by 2020.
In October 2017, Myntra along with its partner, Barcelona-based fashion brand, Mango had opened its first brick-and-mortar store in Delhi. The e-tailer had bagged omnichannel distribution rights of Spanish fashion brand Mango in February this year. As part of the alliance, the companies will set up 25 Mango stores in five years. The companies had said they expect to see about 250% growth in business and a 50:50 split between online-offline sales in a year.
A month before that, Myntra bagged distribution and management rights of the international fashion brand Esprit. The company also began managing 15 Esprit offline stores in the country.
While announcing the addition of Mango venture Myntra CEO Ananth Narayanan, said that the fashion e-tailer is looking out for more such partners for omnichannel presence in the country. He said that Myntra is expecting 10-15% of business from such partnerships in the next five years.
Narayanan said that offline presence boosts online sales for an e-tailer. Citing its private label brand Roadster’s first offline store in Bangalore in Bangalore in March 20017, he said the online sale of the brand grew by 4% after the brick-and-mortar store opened up.