India’s Largest Online Fashion Store
Company Name: Myntra
Founder – Mr. Mukesh Bansal
Myntra is an e-commerce company of India with specialization in fashion. With its headquarter in Bangalore, Myntra was founded in 2007 to sell gift items and in 2014, it was acquired by Flipkart. Myntra always remained a one-stop solution for all fashion related articles, with both B2B and B2C solution.
How the Journey started
The journey of Myntra started in 2007, with the basic funding of Accel Partners. In 2008, Myntra raised five million dollars and started its business in full scale. IDG Ventures, NEA Indo –US ventures all supported them to raise 14 million dollars in the second round funding in the same year. Finally in 2014, Myntra made a grand entry into the market after a collection of 310 crores.
The journey from Foundation – The Launch
- The journey of Myntra started from 2007 when Mr. Mukesh Bansal with Vineet Saxena and Ashutosh Lawania was backed up by Erasmic Venture Fund. They opened the first e-commerce B2B fashion store in India. Initially, they worked on the B2B platform. Myntra was a one stop solution for personalized gift items with products like T-Shirts, Mouse Pads, Mugs, and other general products till 2010.
- In 2011, Myntra decided to divert from personalized products to lifestyle segment. This is the year when they launched brands like Being Human and Fastrack Watches on their platform. It marked their rigid stand in the fashion world on the online platform.
- In 2012, it recorded to offer fashion elements from 350 brands, from India and was the first to get International brands on a large scale.
- 2014 remained the year of transformation for them, as Flipkart took over their company. It recorded a total coverage of 9000 pin codes in India, with 1000 brands as their working partner. In 2015, it recorded to include 150000 products in their online portfolio.
- Change is inevitable and Myntra’s steady success remained in the market, for their acceptance of this change. In the year 2015, they moved on to the app mode for mobile users. With an initial research and survey, they found out 90 percent of users are using the mobile platform. Myntra came up to the decision and applied the same to get immense success. 2015 is also the year when Myntra acquired a Bangalore based Mobile App firm – Native5. This acquisition expanded their online presence to a greater level, in the Indian market.
- In 2016 Myntra acquired its rival fashion platform, Jabong.com and established their supremacy in the online fashion world of India. 2017 is another year when Myntra proved its presence in the market by partnering itself with Ministry of Textiles. With this partnership, they started to promote handloom industry over the online platform in India.
Marketing Strategy of Myntra that brought them Immense Success
➢ Myntra has been founded by some IIT passed out graduates in the year 2007. It was not the first company in India to work on the e-commerce platform. So, the competition was high. The strategy it pulled up for success had been their marketing mix. They worked on the niche of garments and fashion. Gradually they covered all segments of the same and created a completed coverage of all lifestyle items. It made them a brand in Indian Market by 2014.
➢ Technology has been another great area that Myntra worked on. Starting initially at the online platform, they continued to upgrade themselves with technology. Understanding the trend of users, they switched to Mobile app version swiftly. It gave a big thrust to its competitors by 2016.
➢ Logistics had remained the key success area for Myntra too. They expanded fast to cover around 9000 Pin codes in India and thus created a sensation to its competitors. The distance between physical buying and buying from an e-commerce platform can be shortened with a highly nurtured logistics. Myntra ensured the same to retain its supremacy in the Fashion world of India.
➢ In terms of promotion, Myntra never left out any platform for its success. However, their approach was not like the other competitors. A perfect strategy has been knitted every time by them in social network marketing. Marketing on Facebook, YouTube, and Twitter was focussed but was not made rigorous to disturb the users. Solution providing attitude has been maintained to reach users every moment. Most of the time, their advertisement strategy remained targeted at the core competency. They held over the competitors – and thereby placed their style statement prominently.
➢ In the case of physical marketing, Myntra never targeted to cover the Metropolitan cities with banners and hoardings. Rather, they took up the matter seriously and strategically. Personalized sports Jersey of Team India, IPL or FIFA has been a well-thought promotion plan from Myntra. It placed them differently above all its rivals.
➢ The inclusion of style icons in Advertisements and Promotion has not been ignored for expansion. But here too, they marked themselves different, by choosing the style icons. With most of the Bollywood superstars as their brand ambassadors, they also pulled in sports personalities.
➢ Their strategy of marketing, the promotion was backed up highly by the huge stock of over 150000 products from over 1000 brands. This made them awarded to be the best e-retailer in the year 2012 and again in 2013.
Summing up everything, a clear story of Myntra can be sketched – Success from day one! Yes, this has been possible only because of change adaptability. Myntra remained an icon on e-commerce platform in India, recognized for the random and rapid changes. It changed its strategy in marketing and promotions, from time to time and worked intelligently there.
It changed its platform from B2B to B2C at the right time, when the expansion was knocking at their door. They opened up the windows to the government for making a partnership, to giant e-commerce platforms like Flipkart. They actually offered for a merger and even to hundreds of brands to increase their gallery size.
In one word, they proved themselves as the leader of the e-commerce fashion world in the Indian market. Myntra is a perfect example for all companies with their clear message. They could make them realize that well-knitted strategy and flexibility in approach can easily transform a company to Monopoly.