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Myntra was established by Mukesh Bansal and Sankar Bora in February 2007. The other key members are Ashutosh Lawania, and Vineet Saxena. All of them are IIT/IIM alumni, and have worked for several start-ups. Myntra is headquartered in Bangalore and has been funded by Venture Capital funds like IndoUS, IDG & Accel Partners.[5] The company started off in the business of personalization of products, and soon expanded to set up regional offices in New Delhi,Mumbai and Chennai. It began its operations in the B2B (business to business) segment with the personalization of gifts, which included T-shirts, mugs and caps to name a few.
However, in 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products.
From 2007 to December 2010, Myntra.com was in the business of online demand personalization. [6] The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses, coasters and many such products with photographs, one-liners and slogans.
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“ She followed all my directions. It was really easy to contact her and respond very fast as well. ”
In three years, Myntra became one of the India’s largest on-demand personalization platform for products and gifts with over a 50% market share [7] Myntra [8] offered personalized jerseys of several cricket and football teams such as Team India, IPL teams, national football teams, and Premier League football teams. New business focus and products
Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Inc., Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FILA, John Miller, Indigo Nation etc. to offer a wide range of current season merchandise from these brands [9] Myntra currently offers products from more than 350 Indian and international brands.
[10] These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more.
There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. [11] [12] [13]In July 31, 2012 Bollywood actorKalki Koechlin launches Myntra’s ‘Star N Style’ feature.[14] -------------------------------------------------
Myntra.com 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. All these products are offered to customers on MRP. [15] In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another angel investor. In November 2008, Myntra raised with it’s A funding of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. [16] In the second round of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-US Venture Partners, Myntra raised $14 million.
Towards the end of 2011, Myntra.com raised $20 million in its third round of funding led by Tiger Global.[17] Myntra launched a brand campaign with its first TVC in July 2011. The commercial 'juxtaposes new-age fashion with old-world grit' and positions Myntra as a 'fashionable new age' brand. [18] [19] [20] [21] Myntra's second campaign, with the tagline "Ramp It Up", was launched in October 2011 with a TVC. The new ad scored high on fashion quotient and the core message was to communicate the launch of the Autumn Winter 2011 collection on Myntra.com.
[22] In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to to build brand awareness and promote online shopping. [23] In June 2012, Myntra launched its third campaign. Created by Taproot, the communication emphasises the benefits of buying online, and is titled 'Real life mein aisa hota hai kya'.in which they offer free shipping,cash on delivery,30 day return & 24 hours dispatch [24] Myntra continued the 'Real life mein aisa hota hai kya' theme in its next campaign in October 2012 and extended it to showcase its wide catalog and hassle-free Returns Policy.[25]
In the last round (Nov 2010), Myntra raised $14mn and in 2008, raised $5mn from NEA-IUV, IDG Ventures and Accel. Myntra started as a custom gifting service and later morphed into an online store fashion store selling lifestyle products. The latest round of $20mn funding (Series C) will be used to build its logistics service (they have already started their own logistic service) and expansion into new categories. Myntra.com targets Rs 500 crores revenue for the next fiscal Myntra.com, the largest online retailer of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the financial year 2012- 2013. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a 10 fold growth in 2011 and is relatively, the fastest growing company in the e-commerce space in India.
Mr. Mukesh Bansal (Founder & CEO) said, “Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in Fashion/Lifestyle space. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13 which will further strengthen Myntra’s leadership position in the lifestyle category.
This is an exciting category with the total market size projected to be over $100 billion in 5 years with mid single digit portion being online, making this, possibly the largest online category in India.” He further added, “We have built the largest catalog in fashion & lifestyle category with over 200 brands, have very extensive supply-chain capabilities including world-class warehouse in multiple cities and our own logistics network in large cities. We will continue to invest aggressively in our technology platform, supply-chain and the Myntra brand to rapidly scale the business.”
Myntra.com is ranked among the leading e-commerce companies in India and is the largest online retailer of lifestyle and fashion products. The company was started by a group of IIT/IIM graduates in 2007 and is headquartered in Bangalore. Funded by top tier Venture Capital Funds, Myntra is among the best funded e-commerce companies in the country today. Myntra, which started as an online destination for personalized products back in 2007, has expanded into broader lifestyle and fashion retailing.
Today, Myntra is the largest online lifestyle retailer with over 200 national and international brands under its banner. Myntra has brought in a new level of professionalism and technology enablement to the e-commerce space in India. For consumers, this translates to superior experience, broader product selection and unmatched efficiency, thus adding to a better purchasing decision. The company's unique offerings include the largest in-season product catalogue, 100% authentic products, cash on delivery, and 30 day return policy, making Myntra the preferred online shopping destination in the country.
* There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. To offer a wide range of current season merchandise from these brands. Myntra currently offers products from more than 200 Indian and international brands. These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders likeMyntra has tied up with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo Nation etc.
* Inkfruit.com. dilsebol.com, Blue Bus Tees, Scopial.com, Myntra undoubtedly enjoyed the first mover advantage in the online retailing business. But Myntra’s success has been replicated by other companies that have now become competitors for Myntra. Some of them are Diff between tradional bssness n e bussness
Traditional businesses and e-businesses both require you to have a business license. Registering your business name with the state registrar, acquiring a federal tax ID number, researching local zoning and licensing regulations, purchasing insurance pertinent to your needs and establishing banking relationships are critical steps in setting up shop in either venue. While telecommunications equipment, office supplies and a marketing/advertising budget are necessary expenses in both traditional and electronic commerce, a traditional business model has the added overhead of a monthly lease, utilities, staff salaries and benefits, exterior/interior maintenance costs and security systems. An e-business run from a home office utilizes resources that already exist and which are then prorated as deduction
If the weather is bad, the parking is a challenge or the hour is late when inspiration strikes to buy something, an e-business that is open 24/7 often has more appeal to customers than a brick-and-mortar shop located across town and only open five days a week from 10 to 4. Shopping for goods electronically doesn't just save customers time and energy; it can also save them from paying sales taxes, provide them with more outlets to comparison-shop and eliminate the feeling of being pressured or followed around by a salesperson. Many customers, however, prefer the ability to personally inspect the merchandise, ask for advice and assistance and be able to take their purchases home immediately rather than having to pay shipping costs and wait for delivery. A traditional business satisfies those needs in addition to fostering an environment of trust through personal conversation and face-time. ns for tax purposes.
Myntra: Online Shopping. (2016, Sep 28). Retrieved from https://studymoose.com/myntra-com-logo-essay
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