flipkart's fashion unit myntra bets on artificial intelligence to drive growth - smart tech

by:ITATOUCH     2019-06-26
flipkart\'s fashion unit myntra bets on artificial intelligence to drive growth  -  smart tech
Mumbai/Bangalore (Reuters)-
Fashion portal Myntra, part of top e-commerce in India
The goal of commercial group Flipkart is to leverage smart technologies such as artificial intelligence to enhance the consumer experience, as it hopes to drive growth and make profits in the next fiscal year. India’s e-
With the growing size of the business market, it is expected to grow to $188 billion in a decade.
The world's fastest 2 billion people log in to smartphones and PCs
The Internet service market is growing.
Players like Flipkart and Myntra took a page from Amazon's script to provide cash --
They started to enjoy discounts when they were launched in 2007, but now they are increasingly adjusting their products and experiences to capture the rapidly growing Indian market.
Improving consumer experience through technology is the key to promoting long-term development
Ambarish Kenghe, product director at Myntra, told Reuters in a phone interview on Thursday.
"It's a bit like (cricket)test match -
If you stay on the court, the game will begin . "
"To create a good consumer experience, things will change. ” Bengaluru-
Myntra, acquired by Flipkart in 2014, is using customer data to create personalized stores and curate apparel collections based on fashion trends.
"We have invested a lot in machine learning and artificial intelligence," said Ajit Narayanan, chief technology officer at Myntra . ".
"We know very well what the consumer is doing, and we know very well what kind of products we sell.
Myntra will also launch a mobile app
Next week, chat-based support services will be provided to customers, enabling users and brands listed on the portal to interact to help shoppers personalize the experience.
Since mobile phones are the company's main business channel, most innovations will contribute about 80-
According to Narayanan, the income is 85%.
Myntra executives said the company expects to make a profit in the fiscal year 2017 --
The goal is to double its annual gross merchandise value (GMV)
It was $2 billion by March 2018 and is currently $1 billion.
The company declined to share actual revenue figures.
Earlier in 2016, Myntra acquired its rival Jabong for $70 million, creating India's largest online fashion retailer.
Myntra, Jabong and Flipkart account for 70% of the online fashion market in India.
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