Myntra Business Model in 2024: How Flipkart Works and Generates Revenue

Introduction

How we look at e-commerce platforms has drastically changed during the years of the revolution, bringing a behavioral change in humans. The change is more drastic than anyone has ever imagined. Therefore, from brick-and-mortar stores to popular online marketplaces like Myntra, Amazon, Flipkart, etc., the changes are exceptional.

The pandemics have accelerated the usage of online platforms. At the peak of COVID-19, the adoption of these online platforms has heightened because of its convenience. People like the way they get their favorite items delivered to their doorstep today without the hassle of going out to experience various problems.

Myntra Business Model and Evolution

The business model of Myntra is associated with an E-Commerce company that sells lifestyle and fashion items. The headquarters is situated in Bengaluru, Karnataka, India. The company was founded in 2007 and aimed to sell personalized gift items. Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania started this business in 2007. In the first few initial years, Myntra’s business was in the domain of on-demand personalization.

In 2010, the company started retailing clothes while trading customized items in the same period. In 2014, Myntra intersected with Flipkart and started to give competition to Amazon. In 2015, Myntra business decided to shut down its website while only operating it through its application. However, the business model suffered a loss of 10%, and that caused the website to be revived. The business uses the strategy of obtaining a larger marketplace.

Myntra Marketing Strategy

Myntra business model marketing strategy is a blend of several different components. And each of them has contributed to the firm's overall success. The marketing strategy includes social media marketing, content marketing, paid advertising, affiliate marketing, email marketing, influencer marketing, and search engine optimization.

1. Content Marketing

Myntra is to maintain an active blog for its content marketing strategy that covers a wide range of fashion trends and fashion-related topics. This blog contains multiple sources, which creates an audience segment while broadening its appeal.

2. Social Media Marketing

Myntra's social media strategy includes creating an active presence on all the major social media platforms, such as Instagram, Twitter, and Facebook. Therefore, this allows Myntra to promote discounts on new products and announce sales from time to time. Myntra also hosts social media campaigns such as #fitness or #MyntraHrx Facebook, which encourages them to buy fitness gear at a discounted price.

3. Paid Advertising

Myntra's business model also utilizes the power of paid advertising to promote the business website and products. Their strategy combines both paid and organic sources of marketing to reach a broad audience for its brand. Myntra also uses ad extensions like product listing to make their ad more informative and relevant for better potential customer reach.

4. Email Marketing

Myntra business uses an email marketing strategy to make connections to reach a wide range of customers and announce new discounts or sales announcements. Myntra uses a variety of different email templates for college customers to complete their purchases. They also maintain daily send-out of newsletter information on new products, exclusive discounts, and upcoming sales.

5. Affiliate marketing strategy

Myntra business offers different athlete programs like the Myntra partner program, which provides a commission for every sale generated.

6. Myntra Business SEO strategy

Myntra also uses SEO as your key component to create a marketing approach. They use phrases and keywords in their site content to ensure that their website ranks high in results. They also have a clear strategy to use descriptions and tags and relevant keyboards that create number pack links from high-quality web pages, which improves ranking.

Conclusion

Myntra's business model is so drastic that it has created an impact on the fashion trend with its various marketing strategies. The evolution of the Myntra business model is phenomenal, which created a prominent dynamic e-commerce industry. Head on to GoNukkad for professional advice!