MYNTRA – India’s Largest Fashion & Lifestyle Store
Myntra is an Indian Electronic commerce company based on fashion and lifestyle products. It’s one stop shop for all fashion needs. The company was founded in 2007 by Indian Institute of Technology graduates. Myntra is a top Indian fashion website for purchasing lifestyle products. Myntra is also a world's fastest growing e-commerce website.
In 2014, Myntra merged with Flipkart. Fashion is the highest margin category and it demands differentiation. Flipkart that includes its Fashion which serves the masses, Myntra which serves professionals with premium fashion and Jabong for youngsters and students. In 2016, Myntra got a two precious awards. The company was awarded with INDIA'S MOST ADMIRED & VALUABLE POWER BRAND AWARD. And second one is, Myntra positioned in top 4 startups in India's startup Ranking.
Myntra has tied up with over 500 leading fashion and lifestyle brands in the country. Examples, Adidas, Arrow, Nike, Lee, Wrangler, Levis, Jealous 21, Biba, Fabindia, US Polo, etc. Myntra left its mark of innovation through online coupons. Myntra focuses mainly on customer's comfort. Myntra offers ease of purchasing fashion and lifestyle products through online store. Myntra also offers the largest in-season product catalogue and 100% authentic genuine products with Cash on Delivery to attract customers.
Like flipkart, Myntra also provides 30 day return policy to increase trust of the company and value customer’s satisfaction. Myntra's main effort to bring the power of fashion to its customers. They have developed in-house application as Style Studio, a virtual dressing room aimed at making online shopping and interactive experience for customers. Myntra's fashion property is “Star N Style” is an effort to bring the youth icons and direct brand connect with its customers.
OPERATIONS AT MYNTRA:
Logistics is an important aspect of e-commerce company. Myntra's model for success is its hybrid logistics models. It distributed the operational logistics between themselves and third-party service providers based on geography.
Myntra sells a fashionable item and currently offers products from more than 350 Indian and international brands.
UPCOMING OFFERS IN 2019:
Myntra's trendy offers are waiting for the trendy people.
|May 12th to 14th||Summer sale|
|Jun 22nd to 25th||Myntra EORS|
|Aug 13th to 15th||Independence day sale|
|Sep||Big Billion-day sale|
|Oct 25th to 27th||Diwali sale|
|After Nov 15th||End of Season sale|
Heart of Myntra's private brands business is a denim and apparels brand. Myntra and its private brands business assume even more importance as fashion, with a gross margin of between 20% and 60%, is expected to become one of the biggest categories for online retailers by 2020. Private brands are a huge differentiator, they will not be available elsewhere. Most people tried building in-house brands have treated those products like labels.
Myntra has also started selling its private labels on Jabong which it had acquired last year for $70 million. Myntra parent Flipkart has also launched two private labels Metronaut and Divastri. A major reason for these companies introducing their own brands is that they offer thicker margins and better inventory management. Amazon which is trailing behind Flipkart group in fashion business, has also launched two private labels Myx and Symbol for its fashion business here.
Myntra is an aggregator of many brands. Its business model is based on procuring current season merchandise from various brands and making them available on the portal at the same time as in respective retail brand outlets. It is Business to Customer (B2C) revenue model.
MARKETING AND SALE:
Marketing and sales are a core activity of Myntra. Through proper marketing, Myntra is creating awareness among customer & enhancing their online shopping experience.
In marketing Myntra has successfully used social networking websites like Facebook, Pinterest and Twitter to expand its customer base. Myntra positions itself as a fashionable new age brand. Because it launches major marketing campaigns every year. Myntra has used mostly viral marketing and internet for its popularity coupled with occasional discounts and referral discounts.
Myntra has launched a new marketing campaign and highlighting the product offerings like free home delivery, cash on delivery and 30 day return policy.
It also launched a new tech application called the virtual trial room. Through this application, customers can view themselves in their desired apparel via an interactive web cam.
MYNTRA - SWOT ANALYSIS:
SWOT means Strengths, Weaknesses, Opportunities, Threats.
STRENGTH: Myntra has a strong funding, variety of products, innovative services.
WEAKNESSES: Limited market share growth.
OPPORTUNITIES: Selling private labels can increase their margin, bridal collection to tap the big wedding market in India.
THREATS: Successful competitors, Fashion segment is becoming popular leading to increased competition.
VALUE CHAIN ANALYSIS:
The basic requirement of Myntra is youthfulness, freshness, and vibrancy while incorporating fashion as the overall theme.
HUMAN RESOURCE MANAGEMENT:
It is such a support activity that can make or break any organization in the long run. It is one of the employee friendly organization. The firm focuses on work life balance.
Myntra deals and allows online retail to be possible by hosting the website in with the customer can browse through online catalogue, choose what you want to buy, make the online payment and receive the products at your doorstep.
Myntra offers executive support to help their customers. They clarify and help their customers on all issues and queries like products, offers, payments, warranty and return policies etc.