SoftBank-backed Meesho is targeting a three-fold increase in orders during the upcoming festive season as it will leverage Meesho Mall for the first time to attract consumers to buy directly from brands and authorized retail partners. The company launched an in-app brand store, Meesho Mall, last year to allow brands to sell directly to consumers.
Since its launch last year, Meesho Mall has seen a monthly growth of around 30% and has processed around 1 crore orders in the last six months, said Dhiresh Bansal, chief financial officer of Meesho.
“We believe that malls will be an important monetization lever in the future. We also expect 3x order growth during the festive season. True to its vision, Meesho Mall aims to double the accessibility, affordability, selection and experience for customers and its various stakeholders,” Bansal said in a statement.
The company had recorded a 68 per cent increase in sales on a year-on-year basis during its five-day festive season sales, with around 3.34 crore orders.
Currently, Meesho Mall has partnered with over 400 national and regional brands including renowned names like Bajaj, Biotique, boAt, Decathlon, Bewakoof, Himalaya, Mamaearth, Milton, Paragon, Philips, Plum, Sirona and WOW Skin Science , among others.
The company said the mall sees over 25 lakh unique users transacting every month.
“Meesho Mall will be a catalyst for several emerging and established brands looking to reach a wider audience across the country,” the statement said.
According to market research firm Redseer Strategy Consultants, Meesho was the second largest contributor in terms of order volume during last year’s festive sales.
A recent report by the company predicts that online sales during the upcoming festive season will increase by 18-20 per cent and reach Rs 90,000 crore this year.