Introduction
Myntra is a major Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. Myntra Com is the second biggest org chain worldwide and is well-known not only because of its designer cloths and on similar lines its accessories but likewise because of its amazing services and efficient delivery. The business model of Myntra involves its business plan, Revenue model, its competitors, SWOT Analysis, and many more.
Myntra witnessed quite a successful run before it was acquired by Flipkart in May 2014 for Rs 2000 crore, cash and stock deal to help the latter tap into the fashion space. It sells high-quality clothes, branded footwear, bags and backpacks, beauty and personal care products, home and living accessories and more. Myntra has a wide range of fashion products from brands all across the world and appeals to young and old Indians, with a special focus on Gen Y or the millennials and Gen Z.
Business Plan
Myntra operates on an aggregator business model (B2C) of premium brands. Myntra earlier operated on a B2B business model prior to switching its business model to B2C. The business model of Myntra is primarily based on procuring current season merchandise from all its associate brands and making them available on its eCommerce portal as soon as they are available in the respective retail brand outlets.
Myntra is a B2C eCommerce fashion brand.
Myntra – Competitors
- Bewakoof
- Shein
- Ajio
- Amazon
- Snapdeal
- GoRootz
- Naaptol
Revenue Model
The major source of revenue for Myntra is commission. It generates income from a fixed commission of 4% – 5% which it charges depending on the category and the brand of the product.
Myntra has raised over $399.8M in funding over 13 rounds. The latest funding was raised on September 24, 2021, led by its parent organization, Flipkart.
SWOT Analysis
Strengths
1.Quality & Product Innovation
Myntra Com is a fast-growing company and has constantly valued their clients by providing them quality.
2.Reliable Suppliers
The providers of Myntra Com are trustworthy and reliable. Additionally, they are providing the finished products to them on time which secures the supply chain management procedure.
3.Strong Captured Marketing& Promotional Advertisement
They have actually captured the minds of its consumers through their psychological and strong message ads.
4.Quick & Fast Delivery System
Myntra is preferred for its fast delivery. Also, they supply shipment in the active delivery timeline. Hence, they never get late.
5.Pricing Range
All of Myntra items are offered to customers in sensible and budget-friendly rates. The clients can get different sizes and offers of the org of various products.
6.Customer Services
Social network managers of Myntra offer 24/7 help on their sites and social media platforms through which they interact with customers. It develop a good relationship among the customers and the franchisees.
7.Strong Brand Equity
Every client of Myntra acknowledged it through its valuable services which is making strong brand name equity.
8.Highly Skilled Employees
Myntra organization has ensured training and advancement programs for its employees to improve their proficiencies. The knowing programs help the organization to boost their performances and enhance their skills.
9.Strong Distribution Network
Myntra have kept its distribution network which is the most essential strength, now they have expand their circulations in every corner of the world to maintain its prospective market globally.
WEAKNESSES
1. Franchise Related Issue
Myntra is facing problems because of dis-loyalty of its franchise staff members. As there are number of franchise and it becomes hard to manage each employee who cheats.
2. Operational Difficulties
As the franchisees lie in every corner of the city, it becomes extremely difficult for Myntra to deal with its operations.
3. Need Of High Technology
The company visions not consult with the technology they are utilizing now. Thus, they require to invest more in their technologies to standout in competitive market.
4. Net Income
Myntra have actually evaluated that their net incomes are not matching to its really financial estimates and predictions. The company has to deal with its sales to increase its net performance and incomes.
OPPORTUNITIES
1. New Environment Policies
The brand-new environment policies can create excellent OPPORTUNITIES for Myntra. With the smooth environment policies they can gain more gain from innovation.
2. Success Mantra Of Myntra Com
Myntra has broadened its market internationally. There are more than 85 nations according to statistical information having Myntra outlets and franchisees. They prepare practically 1.5 billion corporation on daily basis for several outlets.
3. Demographic Changes
The middle class clients can likewise manage Success Mantra Of Myntra Com. They have segmented their market according to demographical division.
4. Population Of Asian Countries
Countries like India, Pakistan and China have high demands for Myntra. The company should focus on building high customer loyalty in countries where they are preferred over other competitive brand.
5. New Preferences In Success Mantra Of Myntra Com
Myntra can add more flavors in their company, they can add flat business as well as there are numerous fans of those type of pieces.
6.Changes In Economic
The customers are having high getting powers since the ratio of work in Asian and Europe countries are high. The incredible element of Myntra is that it can not be affected by the getting powers of customers.
7. Lower Inflation Rate
In some nations the inflation rates are low. This helps the business to control their expenditures and rates.
THREATS
1. Direct And Indirect Competition
Myntra have threats of competitors. Its direction competition there consists of just org producing sectors where as in-direct competitors includes multiple online product delivery apps.
2. Competitive Advantage
Myntra have proper channels in Middle East, Europe and Asian nations.
3. High Cost
Myntra’s current operations and productions involves many functions which are costly. They can work on cost-minimizing methods to prevent this hazard.
4. Lack Of Long Term Contracts With Suppliers
Myntra providers provide them with quality products and accessories. This can be a major THREATS to business that can affect its production.
Conclusion
Myntra is undoubtedly one of the best online fashion retail stores in India. It delivers products on time and, their return policy is the best. They focus highly on the convenience of their customer and never disappoint them.
