This E-Commerce Site Is Selling Clothes On EMI Starting At Rs 51/Month. Hurry!
As the competition is increasing in the E-commerce industry, many e-commerce sites are coming up with newer schemes and incentives to give their sites a much-needed makeover.
The e-commerce website Myntra is looking for different ways to widen its customer base and compete with the brick and mortar retailers. Myntra is the first online fashion retailer that has extended its approach to customers.
The company will now offer EMI’s of as little as Rs 51/- a month for the purchases of clothes and other products on its platform. Myntra is the first online fashion retailer in the country to offer EMI’s on clothing.
The Myntra EMI offers an Equated Monthly Instalment option like the one typically offered on credit card purchases of high-value items. The Myntra EMI is available for products sold on Myntra which are worth Rs. 1,300 or even less. Now you can buy any clothing, apparels or accessories on Myntra, and pay later with the easy instalment option.
With their one of a kind, new feature Myntra is hoping that this move will help it to broaden its appeal to its customers and at the same time will provide an opportunity to explore a new domain of buyers who want to try and experience expensive brands and clothes.
The Myntra EMI is basically an Equated Monthly Instalment option, the one that is usually offered on credit card purchases of high-value items. The Myntra EMI is available for products sold on Myntra which are worth Rs. 1,300 or even less. Now you can buy any clothing, apparels or accessories on Myntra, and pay later with the easy instalment option.
For this new offer, the e-commerce site Myntra has joined hands with multiple Indian banks which include HDFC Bank, ICICI Bank, Citibank, State Bank of India (SBI), Kotak Mahindra Bank, Amex, HSBC and many others. The banks will charge a 13 to 15% of the interest on the purchases, which can be paid over a period of 3 to 24 months.
Since the acquisition of Jabong by Myntra 2 years back, the company is finally come up with a way to increase the differentiation between the two platforms. Hence, the EMI option is not available on Jabong, as Myntra is trying to turn Jabong into an exclusive platform for private labels.
Jabong and Myntra have a combined base of 12 million customers. Myntra will continue with its offline retail model, and is also planning for a franchise-based business for its global brands with third-party sellers.
Myntra is planning to target buyers in Tier II and Tier III cities who like to spend more strategically and spread their expenses over a period of time. The new Myntra EMI will help the online fashion e-commerce company to widen its customer base and compete with the brick and mortar retailers.