Back in 2007, Myntra started off as a personalized gifting e-commerce brand. With time, it transitioned into a brand that connected Global Fashion players to the Fashion aficionados and enthusiasts of our country.
1. What do you need to learn from Myntra?
Whilst Flipkart and other eCommerce players conquered the market and caught the audience’s attention through a multi-vendor eCommerce site, Myntra found it easier to connect to the same amount of digital consumers by focusing on a personalized single vendor e-commerce platform.
What matters the most is Myntra’s idea to create a strategic blend of Market Experience & Consumer psychology, Technology and Content-Marketing to create a Fashion only e-commerce platform to compete against the multi-vendor and multi-sector e-commerce platforms.
2. How did Myntra do it all?
A.Market Experience & Consumer Psychology:
To understand this, you’ll need to know Myntra never started off as a consumer-fashion brand. It started as a personalized apparel brand and operated mostly on B2B front with very limited B2C operations.
It provided them with the experience to differentiate between the needs of brands and consumers in terms of Fashion. In 2011, when Myntra drafted into the consumer-fashion business, it perfectly knew about their target consumers because their prior market experience helped them streamline the target consumers and their needs.
For example, on B2B front of their operations, Myntra focused on providing brands with customized fashion solutions for their employees. This meant custom T-Shirts, WristWatches, Pens and every office consumable.
And, a part of this allowed them to enhance their initial operations as they started-off in the e-commerce industry by launching Fastrack watches and being human on their digital space.
Their years of corporate experience in customizing watches and t-shirts allowed them to understand the quality of the products preferred by the end-user which were the employees of the brands they customized the products for and by collaborating with the brands who provided the products of same if not better quality, they could gain a good amount of traction and consumer trust in their initial operational days.
In simple terms, the employees of the brands that used myntra’s customization services were the initial test customers that allowed them to project a potential market and its needs.
Myntra knew the business they were into and the technological tools they’d need to successfully
a. Optimize experience:
Myntra knew that the only way to optimize their experience was by implementing
- Sales derived Design:
Their platform design depends on the sales they generate and they showcase the products that are rated above 3 stars and are frequently purchased.
- Hassle-free purchase and returns:
Myntra understood the hassle that the consumers had to face while purchasing apparels online.
Meaning, the in-case of electronic appliances, the customers needed the specifications of it to understand and purchase it. But, in the case of apparels, it’s really difficult to specify its size and perfect fit. And, more often than ever consumers would return the clothes if not specified properly.
Thus, to optimize the experience Myntra started offering an online pictorial size chart for reference and started specifying sizes by catering down to 5-6 size categories.
b.Create an Omni-Channel Presence:
Mnytra works seamlessly across devices and provides the same experience of purchase on all the platforms.
As a matter of fact, Myntra temporarily shut down its website in the year 2015 as they felt that only their mobile app fueled their sales but later realized their mistake and restarted their website as shutting it down cost them a 10% loss in their sales.
Rather than completely focusing on paid advertising, Myntra also works to use the content as a marketing factor.
Their campaigns include working with fashion influencers and hosting a show about fashion that looks to hunt India’s raw and talented Fashion Influencers.
3.How to make a website like Myntra?
Myntra is a single vendor e-commerce platform that uses a blend of a CMS to manage the content and an automation system to streamline the process.
And to build one for yourself, you could either:
A.Build a standalone omnichannel digital space from scratch:
It is a rather efficient and custom-tailored method of building a digital space. But, the efficiency and the personalization come at an expense.
B.Integrate an existing CMS on top of your design and automate it to fit according to your needs:
This method allows you to cater across omnichannel platforms on the digital space with the same amount of design customization. This method is preferred as it ships with the set of tools required to build an e-commerce site at a reasonable price.
And, the automation on top of it can be easily customized. Here’s what you need to do it:
a.Domain and Hosting:
Domain and hosting are the digital equivalents to the address and the physical space of your store. GoDaddy and BigRock are two major players from where you can purchase the domain and hosting.
To save your time without compromising on quality, we’d recommend for you to prefer powerful open source platforms like WordPress or WooCommerce to develop your website on top of it.
c.Preferred Payment Gateway:
To ensure cust0mer comfort and proper payment clearance, we’d recommend for you to prefer a payment gateway which is reliable.
For instance, RazorPay, PAYTM for Business and CCAvenue are the most trusted payment gateways used in the market due to their flexibility and ease of processing on both the customer and the brand fronts.
For you to do it right, you need a developer who can build on top of WordPress or WooCommerce CMS and integrate your preferred payment gateway to make sure that your eCommerce website works across all the digital-platforms without any issues.
An automation system is used to connect every person responsible in the process of purchase to delivery and post-delivery services about the product status.
We, at Nexgen Innovators, could help you build just what you need.