Myntra, AJIO rebound as fashion shopping surged in 2020

By Nishant Arora New Delhi, Dec 24 : With the novel coronavirus bringing the world to its knees early this year, India went into various stages of lockdowns. Retail stores/malls/high-end streets went silent, frequent and not-so-frequent shoppers hid inside their homes and it appeared as if 2020 would spell doomsday for the Indian businesses.
Nearly 10 months later, the scenario is strikingly impressive for the online retailers and fashion shopping platforms who raked in record moolah post lockdowns amid festive cheers, as Indian masses went into the ‘revenge shopping’ mode, also infusing life into the smaller online players other than Amazon and Flipkart.
The festive online sales in India beat industry estimates to clock $8.3 billion (nearly Rs 61,253 crore) in the October 15-November 15 period — an impressive growth of 65 per cent (year-on-year).
The gross merchandise value (GMV) numbers increased from $5 billion last year to $8.3 billion this year, riding on the massive orders coming from smaller cities and towns, according to homegrown consulting firm Redseer.
Flipkart and Amazon grabbed the biggest chunk of the total sale (Flipkart Group even accounted for 66 per cent share of the total sale) as usual but when it comes to the real success story at the tail end, it was the fashion-centric e-commerce platform Myntra and Reliance-owned AJIO that wrote a brand new chapter this year.
An integral part of the Flipkart Group, Myntra has seen Kidswear registering highest growth among all categories in 2020. The kids’ category saw a whopping 90 per cent growth over the last one year.