Online fashion marketplace, Myntra, had its grand sale ‘End of Reason Sale(EORS)’ on 2nd and 3rd July with discounts of upto 80% on regular products. The marketplace had more than 2,000 labels on sale during the two-day period and expected over 10 Million customers on the website.
Being the fourth season of the EORS sale, the company expected record breaking sales and purchases, and that indeed happened. One cannot discount the fact that Myntra’s website contributed to the sales as well, considering the company relaunched it recently.
The e-commerce site witnessed 20 Lakh orders by the end of the first day itself and about 5 Lakh app downloads a day before the sale started. 90% of the orders came from the app itself, while the rest 10% came from its desktop and mobile version.
Myntra also joyfully reported that they have exceeded their 20x daily sales target, and reached almost 23 times the target set. That’s a whopping 40 Lakh orders, worth over Rs. 500 Crores in two days, a really big deal for a fashion marketplace in India.
“Myntra’s ‘End of Reason Sale’ is getting bigger and better, each passing season. It is by far, the largest fashion sale event in the country with an ever increasing number of customers coming on board. The current traction, we have also exceeded all of offline sales put together for the top men’s and women’s wear brands as well yesterday,” Ananth Narayanan, CEO – Myntra, said.
Unlike regular sales, EORS is a kind of sale where a lot of styles are heavily discounted just for two days, exactly like the Black Friday sales in the US. However, we all know heavy discounts come at a price and Myntra does not want to lose money at this stage.
Narayanan mentioned that Myntra is looking to make more profits by focussing on unit economics cost. The company is also looking to standardize its operations in various cities and improve its net promoter score.
EORS might have ended, but you can still grab some styles at up to 70% off, but do not expect your favourite product to be any cheaper than the last weekend.
