29 December, 2023
Last updated on 29 December, 2023
Written by Content Team
Myntra Business Model in 2024: How Myntra Works?
Explore the intricacies of Myntra business model in this comprehensive blog. How Myntra has revolutionized the fashion retail landscape.
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.
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 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.
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.
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.
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.
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.
Myntra business offers different athlete programs like the Myntra partner program, which provides a commission for every sale generated.
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.
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!
Q. How did Myntra evolve its business model over the years?
A. Myntra initially focused on personalized gift items, later transitioning to retail clothing. In 2014, it joined forces with Flipkart, becoming a marketplace. Desp briefly shut down its website in 2015, but Myntra adapted, reviving the site and expanding its marketplace strategy.
Q. What impact has Myntra had on fashion trends?
A. Myntra has significantly influenced fashion trends by offering a platMyntra'sor browsing international brands conveniently. Its dynamic e-commerce approach resonates with the fast-forward generation, impacting and shaping the latest fashion trends for the Gen Z audience.
Q. What components make up Myntra's marketing strategy?
A. Myntra’s marketing strategy encompasses various components, including content marketing, social media marketing, paid advertising, affiliate marketing, email marketing, influencer marketing, and search engine optimization. This diverse approach contributes to the brand's overall success.
Q. How does Myntra utilize content marketing in its strategy?
A. Myntra maintains an active blog covering a wide range of fashion-related topics. This blog serves as a source of information, creating audience segments and broadening appeal. The content marketing strategy enhances engagement and customer connection.
Q. What role does technology play in Myntra's SEO strategy?
A. Myntra employs technology in its SEO strategy by incorporating phrases, keywords, and relevant tags in its site content to enhance search engine rankings. The strategic use of descriptions and tags creates valuable backlinks from high-quality web pages, contributing to improved ranking.
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