E-commerce Business Report - Myntra.com - Free Essay Example

INTRODUCTION Myntra.com is into the e-commerce business. It was started by a group of IIM and IIT students in 2007.Its headquarters is at Bangalore. It is an online retailer of fashion and lifestyle products in India. It is the largest online fashion store in India with 30% market share It began its operations in 2007 in the Business to Business (B2B) segment with the on-demand personalisation of gifts, which included clothing, footwear and cosmetics. In 2010,Myntra shifted its strategy to a B2C (Business to Customer) firm, expanding its catalogue to fashion and lifestyle products. Myntra is ranked among the top 10 e-commerce companies in India. In the last 3 years, Myntra has become the most popular destination for personalised products in the country. Myntra has tie ups with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Lee, Converse, Lotto, FIFA, John Miller, Indigo Nation etc. Myntra currently offers products from more than 200 Indian and International brands. In May 2014,Myntra merged with another Indian e-commerce giant Flipkart to become a formidable force against the competition from Amazon ,an international online business firm. BUSINESS ADDRESS Myntra.com Maruthi Chamber, Annex Building ,Rupena, Agrahara, Hosur Road, Bangalore 560068 Phone: 080-67996666 WEBSITE URL www.myntra.com DISCUSSION 1 In order to withstand the competition and attract new customers ,an e-commerce company has to launch different innovative marketing techniques. In 2011,Myntra launched its first and quite stylish TV commercial which was both before and ahead of its competitors. In terms of branding, Myntra has better communication and is more focused in positioning than any other online store. All their ad campaigns, celebrity style tips and collections inspired from blockbuster movies establish their online fashion store status. When we place an order, we will get confirmation message and mail. Myntra has i ts own shipping and facility to track orders. Products are brand new and of top quality. They deliver products in sealed packages. If the customers are not satisfied with the product, they can return it free of cost and the money will be credited to the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s account. Myntra provides accurate measurement instructions for their customers which makes it easier for them to choose appropriate size. The product get delivered in 3-4 days, In addition to this Myntra provides up to 55% discount on certain brands with the help of coupons to attract customers. It also provides cash on delivery facility which most of its competitors lack. Other services provided by Myntra includes EMI facility and 30 day return policy. (theyoungbigmouth.com/2013/01/14/my-experience-with-online-shopping-myntra/)Myntra launches major marketing campaigns every year. In February 2012, Myntra launched an OOH (out of home) campaign across 2 cities to build brand awareness and promote online sho pping. Myntra has successfully used social medias like Facebook and Twitter to widen its customer base.( https://www.slideshare.net/PrachiJain14/e-commerce-ppt-on-myntracom?next_slideshow=1) 2 The website of Myntra is designed in a colourful and attractive manner. When we open the website of Myntra, Special offers and new launches of that day welcomes us. Webmaster is responsible for the provision of web services to the organisation. It includes setting up and maintaining the server software and the home page for the organisation. Myntra.com daily attracts over 600000 visitors and processes 8000 orders everyday, delivering to more than 10000 post codes. In the last financial year, Myntra earned revenues of Rs 4 billion. The company expects that to increase to some Rs 9 billion in the current year. 3 Myntra runs on an inventory model. It partners with brands such as Timberland and Lee to buy stock, as well as producing its own line. It has the capacity to store 1.5 Mil lion units at 2 warehouses in Bangalore and Delhi. It is from these warehouses Myntra looks after everything from delivery to payments. Its planning to set up another one in Mumbai with the same capacity. To overcome the problem of poor infrastructure in India, Myntra invested in delivery for 3 years.400 people works for its in-house delivery service in top 20 cities in India. It also has tie ups with 10 courier services, integrating their systems, monitoring packets and intervening when necessary. Payment by cash on delivery is used in more than 70% of orders.at first, there were problems with cash lost in transit or customers refusing to pay.but now the delivery people carry hand held card machines. In case of technology, most of the people in India use mobile devices to access internet and Myntra.com is currently developing apps for smartphones and tablets. Its technology allows online retail to be possible by hosting the website in which the customer can browse through the online catalogue, choose what he wants to buy, make online payment and receive the goods at his doorstep.( https://www.slideshare.net/PrachiJain14/e-commerce-ppt-on-myntracom?next_slideshow=1) In 2012, Myntra developed an in-house application called à ¢Ã¢â€š ¬Ã‹Å"Style studioà ¢Ã¢â€š ¬Ã¢â€ž ¢, a virtual dressing room aimed at making online shopping fun and interactive for shoppers.(https://up.tie.org/article/56/my-story-session-mr-mukesh-bansal-co-founder-ceo-myntracom-19-12-2012) WEB TECHNOLOGIES USED Client-side programming language: JavaScript(Lightweight object oriented scripting language) Mark up Language: HTML(Hypertext Mark up Language) Character encoding:UTF-8(8-Unicode Transformation Format) Site Elements: External CSS(External Cascading Sheets define style rules in a CSS file) Traffic analysis tool: Google Analytics Top level domain: .com Content Language: English (https://w3techs.com/sites/info/myntra.com) CONCLUSION Fashion is a great market in India. Started off as a B2B model for personalisation of gifts items in 2007,today Myntra is the primary B2C online destination for fashion and lifestyle products in India. Myntra now holds a wide customer base. Myntra has launched many innovative techniques to capture Indian fashion market. It includes TV commercials, discount coupons,30 day return ,cash back facility etc. Product purchase from Myntra is very easy and less time consuming process. Its products are 100% original and authentic. It helps attract more customers towards Myntra. To function effectively within the poor infrastructure facilities of India, Myntra has developed a highly effective delivery system and ensured the timely delivery of products to its customers. It has 2 large warehouses to store products ready for sale in Bangalore and Delhi. Payment method of cash on delivery is the main highlight of Myntra. There are other modes of payment available like credit card and debit card payment.Moreove r,it has launched a mobile app with android platform to make purchase and payment easy. Above all, recently Myntra has joined hands with Flipkart which is another e commerce giant in India. This helps both the firms to compete together against Amazon, an international e commerce giant. It also helps both Myntra and Flipkart to increase their market share when joined together. In a nutshell, all these above factors contributes to the competitive advantage of Myntra in the Indian market. REFERENCE www.myntra.com https://www.slideshare.net/PrachiJain14/e-commerce-ppt-on-myntracom?next_slideshow=1 .https://up.tie.org/article/56/my-story-session-mr-mukesh-bansal-co-founder-ceo-m(https://w3techs.com/sites/info/myntra.comyntracom-19-12-2012 https://w3techs.com/sites/info/myntra.com https://theyoungbigmouth.com/2013/01/14/my-experience-with-online-shopping-myntra/ https://www.slideshare.net/anshidua/anshum-myntra-final