It was the business idea of a bunch of IIM/IIT graduates that saw the light of day in 2007 and look what we have here today, Myntra.com, a leading online shopping platform in the world of fashion and apparels or should I say a new entrant in the market of jewellery, home decor and sportswear as well. A string of four awards was sufficient to tell the success story, added to the list are now some new promises to rejuvenate the online shopping experience of Indian customers. Let's have a look.
In order to meet the needs of tier II and tier III cities that contribute to 40% of its market, Myntra.com recent announcement talks of soon to be launched private labels. "We are keen to offer products through which we can control price, quality and offer the right products to consumers," says Ashutosh Lawania, co-founder and head of marketing, Myntra.com. This step aims towards making the average amount spent per customer on the shopping site from Rs. 1100 to Rs. 2000.
A new home to variety of sports inspired apparels, high-end ethnic wear, home decor and jewellery after the acquisition of Exclusively.in and shersingh.com, Myntra is also to take the charge of Sher Singh's New York design studio and we can expect waves of the latest fashion trends to drench the Indian lifestyle for sure. Recently, Gitanjali group has announced its tie up with Myntra.com intending to boost the sales of online jewellery retail in India and the customers get to choose from nine brands Asmi, D'damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini, World of Solitaire on Myntra.com
Hardly breaking its stride after the acquisitions, Myntra has entered into a tie up with Breakbounce, streetwear fashion brand for Gen Y. Speaking about this, Mr. Sanjeev Mukhija, Managing Director, Breakbounce said, "Breakbounce is a street-wear fashion brand for youth. In line with the change in consumer behaviour towards online shopping, we decided to make our entry in an unconventional manner by launching online first. Myntra.com makes a perfect fit as a retail partner as we have similar sensibilities and objectives towards Breakbounce." Now that Breakbounce has become a hot favourite among the youth already in less than a week, one can see this collaboration working out well for both the partners.
The successful launch of second edition of Star N Style saw bollywood star Chitrangada SIngh showcasing the collection of over 500 brands. Speaking on the occasion, the actor said, "Myntra helps people from remote locations to overcome their lack of fashion opportunities. It is a one-stop shopping destination for people who want to update themselves with the ongoing fashion trends and don't have any access to do so."
Talk of innovation being the key to survive the competition in the market and here Myntra.com is ready with the options of gift cards, gift wrap and children's day special bachpan style. Flaunt your childhood style statement and take home a gift voucher worth Rs. 1000, the idea turned out to be a big success with perfect coordination of Facebook, twitter and pinterest.
The future plans include focusing on cash on delivery option to make the shopping experience more customer friendly and increasing options for the fairer side; presently men's category contribute to over 70% of the sales. While Mr. Lawania talks of considering the IPO route in this journey towards to a Rs. 500 crore turnover, he sees no need of raising money within twelve to eighteen months. The way each of its new step is coming off with flying colors, one can expect the success story of Myntra.com to hit the headlines again and again in near future.