EBM ASSIGNMENT
MYNTRA
INTRODUCTION-
Myntra is a one stop shop for all fashion
and lifestyle needs. Being India’s
largest e-commerce store for fashion
and lifestyle products, Myntra aims at
providing a hassle free and enjoyable
shopping experience to shoppers across
the country with the widest range of
brands and products on its portal. The
brand is making a conscious effort to
bring the power of fashion to shoppers
with an array of the latest and
trendiest products available in the
country.
GROWTH-
1. The business began with three IIT -
Kanpur alumini- Vineet saxena,
Ashutosh Lawania and Mukesh Bansal.
In three years, Myntra was the
market leader started in 2007,as a
B2B platform for personalised gifts.
2. The company’s flagship “end of
reason” sale has helped to see
exponential growth in categories such
as active wear and fast fashion; the
premium category and other
accessories have contributed
significantly to the growth of the
organisation.
3. Myntra’s tech platform allowed it to
disrupt the way fashion is being
experienced. The technology enabled
it to estimate demand and plan
fashion, helping to cut costs and
reduce discounts. As per the data- an
Al platform, recognised patterns,
colours and customer fits and helped
myntra order garments that were
popular. Hence, the company claims
that Al has increased sales and has
decreased the manufacturing process
to less than 60 days.
4. The other important aspect of
Myntra’s growth is the availability of
the latest in global fashion. In
addition to these the etailer has in
place policies such as 30-days return
and “try and buy”- where a customer
can choose up to three sizes and
return ones that don’t fit them, which
are beginning to attract a lot of
offline and traditional shoppers.
5. As per the CEO, Narayanan says-
Myntra like other e-commerce firms
sees growth from smaller towns. Tier
with markets did exceptionally well
for us with a revenue. He says-”This
was primarily due to our efforts in
tapping into customer insights and
addressing the consumer need gaps”.
6. As per the report,Myntra remains the
only B2C e-commerce platform that
took the app only route, albeit for
just a year. After a year Myntra
shutted down its desktop website
based on the information that people
accessing the internet only via mobile.
Hence Myntra came up with a new
idea to grow its business i.e mobile
only not app only, approach works
better for e-commerce in India.
7. Here is a brief overview of Myntra’s
ten turning points, starting its
business in 2007 and making its
business grow.
In 2007 January- launched as a gift
personalisation platform.
In 2011 March- Became more familiar
to Indian customers and started
converting to market place model.
In 2014 May- Acquired by Flipkart.
In 2015 May- Launched goes app only.
In 2015 August- Ananth Narayan
takes over as CEO.
In 2016 May- Returns to desktop.
In 2016 June- Launches ‘Try On
Delivery’
In 2016 July- Acquires rival Jabong
In 2016 August- Crosses $ 1 billion
GMV run rate.
In 2016 December- Reports 80%
Annual Growth.
ANALYSIS OF THE SUCCESS FACTORS-
The leader of India’s online fashion
commerce Myntra had a lot of ups and
downs to make its business successful.
The main driving force behind Myntra’s
success is to make the minds of people
that whenever they wish to buy any
apparel, footwear or any other fashion
and lifestyle item they should think
Myntra first.
Myntra coupons are also the part of
plan because when customer comes to
store and finds the products at such
reasonable rates, then the customer
ends up buying the product at Myntra.
Myntra has also tie-ups with celebrities
through associations with movies and
events as they represent fashion sense
and it is a marketing strategy which
help to employ more often.
Logistics Management- The Biggest
Challenge Logistics is one of the biggest
challenge when it comes to deliver
customer’s satisfaction .
It is one of the important aspect of any
e-commerce company. Myntra’s success
belongs to a hybrid logistics model.
They have distributed the logistics
between themselves and third party
service providers on demographical
basis. Here the problem arises of
finding a reliable third party service
providers who could provide world class
delivery experience. Hence Myntra
takes utmost care of its supply chain
management and hires delivery agents
with high delivery experience.
Even Myntra’s investors have provided
great mentorship to the board, making
it is the largest online fashion and retail
destination in India. Another important
factor for Myntra success is HRX
factors. HRX stands for- Push Your
Xtreme. HRX is India’s first celebrity
brand extension project launched in
December 2010 and retailed exclusively
on the Myntra app.
SUGGESTIONS FOR FUTURE GROWTH-
