In the ever-evolving realm of fashion, Gen Zs are asserting their influence, playing a key role in the evolution of the industry by asking for enhanced digital experiences and distinctive style offerings. This edition of Myntra Tech Threads marked a jubilant celebration of the burgeoning and transformative fashion, beauty, and lifestyle sector, driven by the needs of Gen Zs and propelled by state-of-the-art technological solutions.
Myntra Tech Threads 2023, the Annual Brand Summit of the e-commerce major, brought together hundreds of leading global, domestic and D2C brands to celebrate all things the business of fashion.
The event witnessed eminent speakers from renowned brands such as SUGAR, Madura Fashion, adidas, Noise, Arvind lifestyle, shedding light on young consumers shaping the future of fashion, their shopping preferences, and the tech-led innovations by brands to cater to them and how these are redefining shopping in India.
Nandita Sinha, the CEO of Myntra, in her keynote, spoke about the transformative journey of Myntra over the past five years, referring to it as a generational shift. She attributed this successful shift to the collaborative synergies with brand partners that drive customers’ love and appreciation for the offerings brought to them by Myntra, while touching upon the significant global shifts, such as the rise of generative AI, influencer economy, new-age content formats such as reels, and a pivotal role of Gen Z in this transformative journey. She also highlighted Myntra’s adaptability and forward-thinking approach, specifically in tech-pivoted offerings like FWD, Myntra’s Gen Z-centric platform.
“Our success is a reflection of our commitment to evolving alongside our partners and consumers, embracing change while staying true to our vision,” said Nandita.
Building homegrown brands for youth
In a panel discussion centered on “Building Homegrown Brands for Youth,” Nandita Sinha, CEO Myntra, Vineeta Singh, CEO and Co-founder, SUGAR Cosmetics and Amit Khatri, Co-Founder, Noise illuminated the transformative landscape of fashion, beauty and lifestyle catering to the discerning tastes of digital-first Gen Z.
“India is on the cusp of growth,” Nandita said, forecasting a surge in digital shopping led by the youth, contributing substantially to the burgeoning realm of fashion e-commerce.
Singh elaborated on her brand catering to young consumers, focusing on Gen Z’s inclination toward authenticity and inclusivity. “Gen Z consumers seek transparency and authenticity, going beyond product-centric marketing,” she said.
Khatri, a trailblazer in the smartwatch industry, echoed Singh’s sentiment of brand authenticity and transparency to resonate with Gen Z. “For Gen Z, authenticity is paramount. They seek brands that align with their values,” he affirmed.
Building fashion for young India
Vishak Kumar, CEO Madura Fashion, Shailesh Chaturvedi, MD and CEO Arvind Fashions Ltd and Neelendra Singh Managing Director and General Manager India, Sharon Pais, CBO Myntra discussed the diverse evolution of brands to address Gen Zs distinct needs. In the panel Vishak touched upon the evolving landscape of brands, specifically addressing the unique preferences of Gen Z. He emphasised “Authenticity and depth of information is what this generation needs. Inclusivity and the ability to deal with different kinds of people without judging, again, is very important for them.”
Chaturvedi spoke on the importance of continuous evolution in fashion and commerce with an equal emphasis on all the customer cohorts.
Talking about the shift in perception of sports fashion, Neelendra Singh highlighted consumers’ focus on lifestyle over mere performance: “post-pandemic, sportswear signifies a lifestyle, where progress surpasses perfection.”
The panel stressed upon the importance of brands adapting to the diverse consumer needs and leveraging contradictions as opportunities for brand growth and resonance with the ever-evolving fashion-forward Gen Zs.
How to connect with the GenZ consumers
Myntra’s transformation serves as a distinct indicator of its grasp on the digitally savvy consumer. By leveraging their technological expertise and a deep understanding of this demographic, Myntra is adept at offering fashion offerings that resonate with this consumer.
Sharon Pais, CBO, Sunder Balasubramanian, CMO, and Raghu Krishnananda, CPTO, Myntra delved into Myntra’s technology-first approach and how the brand is integrating innovation with fashion insights for the fashion-forward generation, thereby crafting a distinctive presence amidst the crowded e-commerce landscape.
This year, Myntra introduced a series of innovations to elevate customer experience. Myntra Minis, engaging videos spanning 5 to 30 seconds across different themes, drive deeper engagement with consumers. Additionally, features like MyFashionGPT, My Stylist, and Maya – a conversational chatbot – are innovative tools enhancing the platform’s appeal and trend-setting capabilities.
Cracking the Gen Z Mindset: Insights and Perspectives
Insightful discussions led by Shyam Unnikrishnan, Bain and Co., and Nikhil Taneja, Co-Founder of Yuvaa, highlighted the significance of understanding and engaging with Gen Z. Despite comprising only 25 per cent of India’s population, Gen Z already accounts for about half of social media users, said Shyam Unnikrishnan from Bain and Co.
Taneja described Gen Z as rebels with a cause, emphasising the balance between their 9 to 5 jobs and their 5 to 9 pursuits. Ayesha Kanga, model and actress who rose to fame with Netflix series, Class 2023, stressed the importance of brands appealing to Gen Z authentically, recognizing their preference for genuine connections over conventional marketing.
Unforgettable gala evening
The event radiated vibrant energy as the fashion show, featuring showstoppers like Ayesha Kanga, Sushant Divgikar (aka Rani Ko-HE-Nur), and Chintan Rachchh, walked the runway to showcase a spectrum of colours and dynamic styles, blending trend-setting Western and Indian wear from Myntra.
The event also serves as a platform for Myntra to recognise and felicitate the top-performing brands. The awards ceremony recognized and celebrated the exceptional achievements of these brands in fashion, lifestyle, and beauty, marking another standout feature of the event.
