Flipkart’s fashion unit Myntra, is now attempting to deploy AI in a bid to boost business and drive growth. The company is investing heavily in machine learning and AI and is attempting to create personalized stores for each users that opens the app.
Speaking with Reuters, Ambarish Kenghe, Myntra’s head of product said,
This is a little bit like a (cricket) test match – you stay on the pitch and the runs will come. Create great consumer experiences and things will move.
Well, the comparison to test match is certainly apt. The company has so far been making investors wait for profits. However, there is hope that it will give a better showing in the coming future.
And creating these great experiences is exactly what Myntra is focusing on at the moment. The company is deploying all the customer data it has gleaned so far to create personalized stores. It is also deploying the same technology to curate its clothing lineups based on fashion trends.
Speaking on the topic, Ajit Narayanan, Myntra’s Chief Technology Officer (who has taken office very recently) said,
We are investing a lot in machine learning and AI. We precisely know how consumers behave, we precisely know what kind of products sell.
Myntra is now readying to put all that data to good use. The company will also launch a mobile app-based chat support service next week, that will let users and brands interact with each other, thus helping personalize the shopping experience for shoppers.
The company hopes that by making the shopping experience better and by deploying the power of AI to offer customers what they actually want, it will be able to boost revenue. We will have more details upon how the company actually plans to do all this soon.
Myntra is hoping to turn profitable by sometime next year. The company currently has a Gross Merchandise Value (GMV) to $1 billion and hopes to double it by March 2018.
Leveraging advanced technologies is certainly a more sustainable way to grow as compared to burning cash by offering discounts. The fact that Indian startups and now investing their money carefully as compared to earlier, when they seemed to be spewing it everywhere (leading to investors becoming more cautious) are hopefully, signs of the growing maturity within the ecosystem.