The rapid growth of India’s creator ecosystem has captured the attention of both metro and non-metro audiences, with millennials and Gen Z emerging as key participants, says Sunder Balasubramanian, CMO, Myntra.
Balasubramanian highlights Gen Z as a significant growth driver in 2024. With over 60 million already shopping for lifestyle products online, this demographic represents a vast and expanding market. As more Gen Z consumers join the workforce, their purchasing power and influence are expected to grow even further.
In a conversation with Storyboard18, Balasubramanian delves into the key trends poised to shape the industry in 2025 and shares insights on the evolving consumer landscape.
Edited excerpts:
What were the key highlights for you and your teams in 2024?
2024 has been a remarkable year for Myntra, marked by significant milestones and growth. Our Monthly Active Users (MAU) reached an all-time high of 70 million, reflecting robust Brand Health Metrics growth across metro and Tier 2 cities. This underscores the strength of our Customer Value Proposition and its increasing resonance with our diverse audience.
We also witnessed a phenomenal 2X growth in Gen Z customers, rising from over 8 million in mid-2023 to 16 million in 2024. This is a promising indicator of sustained growth potential in the years to come.
Also, 2024 was a transformative year in solidifying our position as a comprehensive lifestyle destination, in addition to strengthening our core. Our Beauty category is growing faster than the market, while our Home category has been trending at an impressive 70% in the second half of the year, further expanding our footprint in these high-potential categories. Ahead of the festive season, we also forayed into the premium gifting category with 70k options across segments.
What defining trends stood out for you in 2024?
The year witnessed customers increasingly gaining access to a growing array of choices, largely fueled by the proliferation of social media. For brands, the challenge is no longer just about visibility but about consistently capturing and holding customers’ attention. At Myntra, we have addressed this by clearly defining the role of each channel and ensuring distinct and consistent messaging.
The rapid growth of India’s creator ecosystem has engaged both metro and non-metro audiences, especially millennials and Gen Z. Myntra collaborates with 10,000 creators monthly. The Myntra Creator Fest further supports this ecosystem, with creators helping brands move consumers seamlessly from aspiration to purchase. We have also introduced ‘The Ultimate Glam Clan,’ designed for Gen Z, which empowers everyday consumers to become creators by sharing product reviews, aligning with Gen Z’s desire to actively shape fashion trends and have a voice in the fashion landscape.
Gen Z also emerged as a significant growth driver in 2024. With over more than 60 million already shopping for lifestyle products online, this demographic represents a vast and growing market. As more Gen Z consumers enter the workforce, their influence will continue to strengthen. With FWD, our Gen
Z-focused offering, we’ve already seen strong momentum in trend-driven fashion growth, reinforcing our appeal to this dynamic audience.
How did the rise of AI and generative AI impact your industry this year? Can you sum it up in 3-5 points?
The emergence of AI and generative AI in 2024 has significantly reshaped the industry, and we have harnessed this shift to enhance the shopping experience for our customers.
● AI-Driven Performance and Data Insights: As a digital-first business, we have extensively utilised AI in performance marketing and data science. AI-driven ad solutions from major social media platforms have been central to optimising marketing efforts, while robust data science capabilities internally have helped derive actionable insights and improve decision-making.
● Generative AI for Content Development: While still in its early stages, generative AI is being explored in marketing, particularly for content creation. These experiments are helping us understand its potential for scale and efficiency.
● Enhanced Consumer Experience with MyFashionGPT and Maya: On the consumer experience front, AI has taken assisted buying to a whole new level, by understanding customer choices and making sharp recommendations. Our MyFashionGPT, a conversational search feature and Maya, an AI-powered chatbot designed to reduce decision fatigue and provide personalised recommendations across millions of styles have seen promising adoption. Similarly in Beauty, Myntra’s AI Skin Analyser has been assisting shoppers to find the right product combinations tailored to their unique needs.
● Social Commerce and Engagement: Myntra has leveraged social commerce with features like ‘Spot it, Get it’ on FWD and Myntra Minis. The Spot and Shop feature on FWD allows users to discover and shop trends while browsing social media, engaging influencers like Viral Bhayani. FWD’s tailored experience caters specifically to Gen Z, enhancing our connection with this growing demographic.
What disruptive trends will take the spotlight in 2025?
Personalisation will remain a pivotal focus for consumers, with brands needing to showcase a deep understanding of individual preferences while offering tailored solutions.
Technology Transforming Consumer Behavior: Innovative technologies such as virtual try-ons, conversational AI-powered assistants, and video-assisted buying are set to redefine how consumers shop.
The Rapid Growth of Social Commerce: Social commerce is poised for major growth in India. This trend is bridging aspiration and commerce. Social Commerce will further shape how consumers discover, interact with, and purchase products. We are tapping into this wave through our creators and affiliate shopping program. By combining the power of creators and product discovery, we are driving our positioning to be a key player enhancing the lifestyle shopping experience in India’s social commerce boom.
What is your New Year’s resolution/s on a professional and personal front?
On a personal front, it would be to read more. Professionally, I want to learn to use and create impactful content using Gen AI.
Read More:2025: The Year Of…: Meaningful substance and authentic experiences, says Nestle’s Chandan Mukherji