It is a known fact that with each passing day, online shopping is becoming the most sought after option by shoppers. They sure have several advantages over the brick-mortar shops. What makes online shopping even more popular is the heavy discounts the buyers get through the online coupons and promo deals. Just a couple of days back India’s largest online fashion retailer Myntra, sold goods worth more than Rs. 90 crore during its single-day sale!
Undoubtedly the irresistible Myntra coupons and discounts did play a major role in helping Myntra get so many online orders, yet what cannot be overlooked is the fact that the whole team of Myntra worked diligently towards providing its customers their orders without any delay. In fact their recent sale saw such a high demand that the firm ran out of stock in some categories and preferred to source goods from its parent site Flipkart and other offline vendors, instead of just cancelling the orders. Myntra’s intense advertising as well as heavy discounts has in fact forced many offline stores to start their end-of-season sales much earlier than they were scheduled. Along with this, Myntra’s latest plan to offer its 10 privately owned brands of garments on other sites and could even set up stand-alone stores at high end malls. This kind of popularity has surely raised questions if Myntra is a serious threat to offline stores such as Lifestyle International Pvt Ltd and Shoppers Stop Ltd.
Undoubtedly such developments have surely put several offline stores in a fix. Many in fact are going out of their way to lure the customers. But to conclude that Myntra is a threat to offline retailers is an over-statement. Today what matters most to the customers are quality products at the best prices, backed with great customer service. And these are the points where Myntra or for that matter several online stores have an edge over offline stores. Myntra’s success today is not just because of their promo deals and discount codes, but it has more to do with understanding the specific requirement of each and every client. Also one cannot ignore the ease which online stores provide to their shoppers.
In fact this is one of the best situations for customers, as online stores like Myntra have provided them with great bargaining power – something which the offline stores failed to do till date. Thus in order to remain in competition and hold on to their customer base, offline stores need to look for viable solutions to appease and attract the customers. One major factor to be taken care of is grievance redressal – an area which is handled superbly by the online store.
Thus though it is true that online stores like Myntra can pose a threat to offline retailers, what’s far more important is who is going to serve in a better manner in the long-run. Both offline store and online store have their own sets of advantages as well as disadvantages. Today the situation demands that they work on their pulse point, keep innovating and keep improving their services. At the end it is not the “type” of store that matters, but the “experience” which it gives to its customers that will decide the fate of the store.