Online shopping is like a stressbuster for many of us. From making the most of quarantine celebrations this year to sending your far resided loves ones some gifts, we can't deny that online shopping is our helping hand in all our urgent wishes.
While the breakthrough of online platforms has always been a trend, fashion e-commerce has taken a valuable place in the market. Undeniably, the Indian online fashion market has seen the rise of various online shopping platforms, but it was Myntra, which started the fashion e-commerce in the country.
As we talk about the growing love for online fashion stores, let's see the journey of Myntra, your favourite shopping guide. Read on to know more!
The Beginning of Myntra
It was Mukesh Bansal, a man with a software background, who along with Vineet Saxena and Ashutosh Lawania launched Myntra in 2007. Although software and business was not a new combination, yet there was something unique about Myntra that brought immense success for it. Before launching Myntra, a hub for online shopping, Mukesh worked as a product manager and engineer with around four different startups.
Myntra came out as the first online B2B fashion store in the country. As said by the team in many interviews, the best team, the best technology, and the best infrastructure, Myntra owned the name of the biggest fashion e-commerce platform in India.
From T-shirts to mugs, Myntra became the one-stop solution for all generic products and changed the way people shop. After ruling the generic products segment until 2010, Myntra pivoted its lifestyle segment from 2011.
The Journey To The Top
In 2011, the platform went to sell brands like Being Human and Fastrack on Myntra. The move showed a rigid stand of Myntra in the online fashion world. With more than 350 brands, Myntra was the first corporation to get international brands on large scale sales. The year 2014 came as the transforming element for Myntra as Flipkart acquired the company.
As it grew year by year, the company was able to include about 1,50,000 products from multiple brands in its portfolio. By 2015, Myntra reported a total coverage of 9000 pin codes across India and around 1000 brands as working partners. As the technological space paced up in India, businesses made changes to adapt, so did Myntra!
Myntra launched its mobile application in the market and grew with its operations. Myntra acquired its rival performer Jabong.com in 2016. The corporation is steadily working as the best online fashion platform. Myntra, in 2017, partnered with Ministry Of Textiles to promote handloom industry of India.
The Successful Practices
Myntra has attained success right from day one, and the reason has been its well-laid strategies and adaptability. It changed its marketing and promotions from time to time, whenever needed. The shift from B2B to B2C model expanded the operations at the peak moment. Logistics, a significant concept for Myntra, has helped the company to grow because of their approach of Hybrid logistics model.
With a clear thought and business model combined with adaptability and well-knitted strategies, Myntra has become an icon in the industry!
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