Myntra Success Story: The Story of Revolutionizing Online Fashion

Image credit: Finshots

The fashion world is driving people with all the charm and attraction that has gone through a significant transformation in the past decade, and one of the major key driving forces is Myntra, globally known as one of the biggest fashion and lifestyle e-tailers. The fashion icon platform and differently owned brands started as a personalized gift-selling platform in 2008, but now it has covered all long success paths and been renamed as one of the best online shopping platforms, giving online shopping experiences for fashion-conscious Indians.

Myntra Success Story is not a one-day work as the platform works on its progress to build this much of the name and fame in India. The company has a long range of shopping collections and branded apparel. Myntra has a significant impact on the Indian e-commerce industry, which is going to be in the limelight as one of the biggest e-commerce, which will grow to US$ 111.40 billion by 2025. 

The success story of Myntra includes all the ups and downs in which it folded its strategies of market and branding. Well,  this article is all about Myntra’s journey and its key strengths that have helped it to be one of the important e-commerce platforms in a highly competitive market.

Myntra Success Story: Early Days

Myntra is well known in the Indian market for offering the biggest brand of clothes and fashion clothes under the key drivers in the e-commerce industry, but this was not all when it started its career. Myntra was founded by three founders, Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena, in 2007 for gifting and selling personalized gifts. This company shifted towards the e-commerce world in 2010, when it also started delivering clothing, bags, beauty products, and much other stuff related to the fashion industry. 

Soon the company boosted their capability and made strategic partnerships with some of the national and international brands, which started selling their fashion articles using the platform Muntra. Today the company has taken over more than 500 Indian and international brands and has made its platform a one-stop-shop for fashion-conscious Indians.

The company’s focus shifted towards providing it as the best platform among all, which covers most of the different and best varieties of top-selling merchandise under the single tree of the best networking space. Setting its position as the key strategic game changer in India in its e-commerce industry, as today it covers almost 9000 pin codes that are making it easy for people living in tier 1 and tier 2 cities to enjoy the premium fashion experience. The company has become an important fashion-delivering platform from house to house.

Myntra Founders

Myntra is the largest e-commerce platform which is among the top contributors in the fashion industry and ready to give the trending fashion clothes and other products. Who thought this startup had become an icon of the country? Well, here are the three founders of the company Myntra:

Mukesh Bansal

He is the founder of the Myntra platform which was initially started as a startup company. He is also the CEO of the company which has been one of the best entrepreneurs in India and listed in the list of the best 40 entrepreneurs released by Fortune Magazine.

Ashutosh Lawania

He is among one of the co-founders of one of the largest e-commerce platforms which also has the experiance of working in two other companies before founding this one. 

Vineet Saxena

Vineet Saxena is among the co-founders of the largest fashion branding platform which is also the home of several fashion-related clothing and products. Being a first generation entrepreneur he has also been involved in various startups. Some of the startups went wrong but some like Myntra went high ranking.

Key Steps in Myntra Success Story

All the successful brands and companies have their successful strategies and strengths, like their business strategies, marketing research, and important partnerships that worked to build these brands, like Myntra, as a key e-commerce platform for delivering fashion merchandise in India and other parts of the world. Here in this article, we will delve into those strategies and key strength points that make a general platform the country’s biggest e-commerce platform after Amazon and Flipkart.

1. The Power of Personalization

Attracting the users to its unique brands of clothing and fashion items with the help of understanding their needs, problems, and relationships under the Myntra platform has worked as a key step to achieving this much success and building a story of revolutionizing the fashion industry. The company has paid attention to detail, and the data of the fashion world has made it one of the biggest fashion article providers in the Indian e-commerce industry. 

The entire journey of the platform ensures every single detail about the user’s experience, like marketing and catalogue exploration to search, personalized recommendations, adding to a bag or wishlist, and offering the best post-sale support. Muntra has worked to offer the best and softest experience to the users so that it can build a strong relationship with fashion lovers and its people.

Among the various strategic moves of the company Myntra, its personalization strategy is based on deep user profiling and has been a growth factor in the company, which also helped the company to understand that fashion is above assuming it as just the clothes people wear. Fashion is all about showing identity and expression, which helped Myntra run effective marketing strategies and manage its ad policies, including working on the intermediate loading pages that help the users.

2: Live E-commerce and Social Factors

The company Myntra has been a growth driving factor in India’s e-commerce industry growth, and Myntra’s social and forefront live e-commerce in India made it one of the biggest fashion clothing and goods delivery companies. This feature of live streaming methods helps the customer to buy the products immediately, creating an impulse purchase and creating a sense of urgency while availing of the best offers and discounts in their incentives. 

Myntra Studio and Myntra Fashion Superstar are among the key initiatives taken by the company that work to attract high numbers of customers to its mobile and web platforms. The online platform of the fashion industry offers one of the best user-friendly interfaces and interactive, responsive designs that help it create a unique shopping experience that keeps users engaged users and reduces drop-off rates.

3: Size and Fitting Concerns

Size and fitting are among the top problems people face while making online purchases, and Myntra has worked impressively to tackle the issue by tailoring the best effort to make the fit clothes and also providing easy returns and exchanges that have helped it to build an ecosystem of trust and comfort with customers. The online store platform providing the best fashion merchandise in its fashion space also cares about the user experience, due to which it provides the best size measuring with “Myntra Size Finder,” which helps the users find out the best size clothes just to offer the quality experience to all the customers. 

4: Data-Driven Approach: Myntra’s Success Key Strength

The fashion tailoring platform is ready to offer the best experience to its audience with the help of using a data-driven approach to finding your perfect match and completing your purchase. The company is home to more than 25 million customers, and the company sells more than 500 national and international fashion products with more than 2 lakh styles. Myntra’s success can be attributed to its unique steps, like its data-driven approach that helps the company understand the customers’ preferences so that it can tailor its offering accordingly.

The company focuses on identifying the audience’s interests, needs, and feedback with the help of data analytics and became as evident in its personalization approach. This practice of the company helps to identify the customer’s fashion preferences, like the most demanding brands, styles, and sizes. Myntra’s algorithms help it to provide personalized recommendations to customers. With all this, Myntra is working to provide the best shopping experience among all its users and making it the best for your fashion-related problems.

Myntra’s data-driven strategies also help it to prepare the best marketing strategies, like catering the best solution for the customers and making the campaign ads, lines, and posters. Whether it is for getting the customer behavior and tailoring its marketing message accordingly or getting the details of the points in the market research, it is using data analytics to figure out the various problems like the audience demographics, preferences, and behavior.

Myntra Competitors

Myntra is one of the famous e-commerce platforms that offer some of the latest trending styles with various clothing and other fashion products. Well, the industry is filled with many other competitors which are listed below:

• Flipkart
• Ajio
• Nykaa
• Snapdeal
• Amazon
• Meesho
• H&M

Apart from the above important platform, many other platforms give tough competition to the Myntra e-commerce platform.

Myntra Funding Rounds

Myntra has several funding rounds and based on that the investors invest in one of the largest ecommerce platforms. The company has 7 funding rounds and is capable of generating total funds of $125 Million. The company has a total of 24 investors out of them 17 are institutional and 7 of them are angel. 

Myntra Partnerships, Tie-Ups, and Collaborations

The success story of Myntra also includes some important strategic and balanced partnerships, collaborations, and tie-ups with the top national and international fashion brands from all across the world. The famous tie-ups include top brands like Nike, Adidas, Levi’s, and many other such brand names, which helped Myntra ensure the availability of all the fashion goods and materials on one platform under the best discounts and rates. 

The successful brand story also has some of the renowned personalities and actors who have contributed their emotions to attract customers from all across the world. Currently, Myntra’s collaboration with a superstar of Bollywood, Hrithik Roshan, for his brand HRX listing on the platform helped both to gain super success, and his brand has become one of the highest-selling products on the Myntra platform.

Myntra is continuously working to evolve the various methods and strategies using which it can provide real-life valuable experiences to all its customers and audiences, which is what makes this platform unique.

Conclusion

Myntra is a fashion-oriented platform known for offering various fashion-related goods and materials helpful for people from all around the world, with its best-crafted and tailored fashion clothes, beauty products, and essential gear. The e-commerce company works to enhance the shopping experience of all users and fashion lovers from all across the world with the best-crafted fashion solutions. Its success can be attributed to its strategic partnerships and the special methods it used to compete with industry competitors like Flipkart and Amazon. With all its potential and strength, Myntra is heading as the best leader in the country to provide the best fashion-related goods to millions of its customers.