Myntra.com is one of India’s rapidly growing e-commerce portal with the focus on fashion and lifestyle. The company has created a niche in the area of online shopping and a subtle trust from people. Now people look for new fashion values, and Myntra has a vital role to play in increasing their fashion sense. Myntra surely matches the success story of any entrepreneur you can think of.
How It All Started
The company started as an online seller of personalized merchandise and even invested on kiosk selling key chains and t-shirts. With popularity and added profits, the company started to conglomerate bigger known brands. Also, there weren’t much people on board at that time. The hiring bar increased with the increase in the workforce. Earlier there were many employers who can’t even receive their customers well. From the very beginning Myntra never looked into the technology background for sales performance. From the very first day, Myntra looked upon the vision of the company and its clarity in terms of goals and metrics, following up key initiatives and keeping a vigilant eye on the consumer experience front.
Logistics Management – The Biggest Challenge
Logistics was a big challenge when it came to quench customer’s satisfaction. It is also an 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. This is also because finding a reliable third party service providers who could provide world class delivery experience is quite difficult. Myntra.com takes utmost care of its supply chain management, and hires delivery agents with high delivery experience. Myntra has always believed that greatest contributions are made keeping in mind the larger picture as to what the brand stands for through the time of making short term progress. Another area of emphasis is laid on the rigorous hiring and evaluation criterion for employees and delivery agents so as to provide a high quality in delivery experience.
Main Ideology behind Myntra
Even Myntra’s investors have provided great mentorship to the board, making it the largest online fashion and retail destination in India. The main driving force behind Myntra’s success is to infuse an idea into the minds of people that whenever they wish to buy any apparel, footwear or any other fashion and lifestyle item they should think of Myntra first. Even if they’re buying offline, they should check it online first. Also, offering great deals & myntra coupons was the part of plan; so that when customer comes to store and finds the product at such reasonable rates, then he ends up buying the product at Myntra. The coupon codes and information about latest deals are easily accessible through coupon websites like couponlava etc. Myntra also has tie-ups with celebrities through associations with movies and events as they represent fashion sense and it is a marketing strategy that they will employ more often in the future.
Present Scenario & the Future Ahead
With level headed leadership and astute business mindedness running through its leadership team, Myntra’s success in the recent past in not surprising, and is a force to reckon with in the race of e-commerce supremacy in India. Their annual revenue at the time of inception was not more than Rs.7 crores and by the end of 2012 they were eyeing a roaring growth of Rs.500 crores. With a growth rate of over 46% of Indian e-commerce industry Myntra has still some milestones to create.