Miinto, an ecommerce fashion platform from Denmark, has sold products for almost 700 million Danish kroner, which corresponds to about 94 million euros, last year. This is an increase of more than 40 percent compared to the previous year.
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Miinto is an online platform that connects local, physical fashion stores to online customers. The company was founded in Denmark in 2009, but soon expanded its operations to Norway, Sweden, Poland, the Netherlands, Belgium and Switzerland.
Aside from the expansion, Miinto also boosted its growth even more, by having former Fashion Week director Camilla Frank join the team and by opening a new vintage shop. “And all that is showing in the results”, the company comments.
Trading volume increased by 30%
Miinto didn’t share any revenue results, but it did reveal that from August 2017 to the end of July last year, Miinto’s trading volume increased by 30 percent and amount to 67 million euros. “However, the investments also had an impact on the bottom line, where a deficit of over 6.3 million euros was reported.” But, the company says this result isn’t surprising at all, given its long-term growth strategy.
‘Customers value a personal touch from the store’
For the last fiscal year, which ended last month, Miinto sold products for 94 million euros, which is an increase of over 40 percent compared to the year before. The company says this happened thanks to a strong focus on trading volume and personal customer service. “Rather than just having the goods delivered from a warehouse, customers value a personal touch from the store that packed the item.”
Miinto currently has almost 2,000 partner stores connected to its ecommerce fashion platform. But according to Camilla Frank, head of fashion at Miinto, the lack of more products and partners remains the biggest constraint for further growth.