Established in 2007 by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, Myntra is an Indian e-commerce company of fashion and casual lifestyle products, headquartered in Bangalore, Karnataka. The initial focus of the company was on personalisation of gift items. By 2010, Myntra shifted its focus to the online retailing of branded apparel.
Back in 2007, Myntra was in the business of on-demand personalisation of gift items. It mainly operated on the B2B (business to business) model during its initial years. Between 2007 and 2010, the online portal allowed customers to personalize products such as T-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles. Myntra provided home delivery within 3 days time. Within the initial 3 years, Myntra became India’s largest personalisation platform with more than 50% of the market share.
In 2011, Myntra expanded its catalogue to include fashion and lifestyle products and moved away from personalisation. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands. Myntra offered products from 350 Indian and International brands by 2012. Myntra also had casual wear for men and women from brands. The website saw the launch of Fastrack watches and of Being Human, the brand.
In May 2014, Myntra.com merged with Flipkart to compete against Amazon which entered the Indian market in June 2013 and other established offline retailers like Future Group, Aditya Birla Group and Reliance Retail. 2014 saw the merging of Myntra with another Indian e-commerce giant Flipkart.com in an estimated deal of 2000 crore (US$310 million), though nothing in terms of value was officially disclosed by any of the company. Merger was majorly influenced by two large common shareholders, Tiger Global and Accel Partners. Myntra still continues to function and operate independently to increase its market share from 50 to 70 per cent of the market share. In 2014, Myntra’s portfolio included about 1,50,000 products of over 1000 brands ranging from international brands to designer brands and distribution area of around 9000 pincodes in India.
The Success that Myntra has seen over the years can be credited to the high quality logistics facility that they have. 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.
Thanks to the leadership with astute business mindedness running the show, 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.
“We want to be the largest fashion and lifestyle retail in India, and whenever someone thinks of buying apparel, footware or any other fashion and lifestyle item they should think of Myntra first. Even if they’re buying offline, they should check it out online on Myntra first and then buy it”says Mukesh on his grand vision for Myntra.
Myntra also has planned 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.
The Core Philosophy of the Company:
As per Sachin Arora, the Cheif Customer Experience Officer at Myntra,
We focus on providing the best experience to a customer when they come up with problems or questions or suggestions. We fondly call our team-mates interacting with the customers, ‘champions’. They follow the golden rule of trying to get into the customer’s shoes in all situations.
Moreso, that they have scribbled and inculcated the below core value points in all their workplace as well:
1. Customer Wow
2. Pursuit of Excellence
4. Do things differently
5. Follow your Passion
6. Data drives decisions
7. Respect, Equality and Transparency
8. Do More with Less
9. Continuous Learning & Growth
10. Work Hard, Play Harder
No wonder it was Awarded ‘Best E-commerce Partner of the year 2011-12’ by Puma India.
With this customer centric approach and the quality service and products that they have in offering for the customers Myntra is surely on the track to tremendous success in days ahead.