Myntra, the online shopping website will now shut down permanently.
The online fashion website will operate only through mobile phone apps. The website will become a complete mobile-app based retailer and move all operations to its mobile app.
Myntra was acquired by Flipkart last year for a whopping Rs. 2,000 crores.
Analysts say that Myntra collects 80% of its traffic from mobile and 60% sales happen through mobile applications. Flipkart plans to take up the stats upto 90% by the end of this year.
Mukesh Bansal the CMO of Flipkart and the Co-Founder of Myntra said that the app is gaining rapid popularity because the shopping pattern is very impusive. Myntra will become a major mobile platform for the company in the near future.
Myntra is near to complete sales worth Rs. 2,000 crores in gross merchandise value. Out of the total gross merchandise value, the e-tailer makes around 5% to 20% depending on the category.
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In the fashion and apparel category Myntra's greatest rivals are Amazon and Snapdeal. Amazon has recently started its fashion category and Snapdeal is preogressive on its way to a $1 Billion sales mark.