E-Business model of Myntra
In its capacity as an e-commerce site, Myntra gives different companies and vendors a venue to present and advertise their clothing and accessories. Myntra company work on merchandise model.
Strength
Enormous mark existence: In the internet-based style sector, Myntra has made a name for business.
Strength and ability have improved as a result of the combination with Flipkart.
maintaining its autonomy even after the acquisition.
Providing more than 1.5 lakh items across more than 1000 businesses
It can service more than 90,000 sites because to an effective supply chain and transportation capabilities. (TEAM, 2023)
Connections with prestigious apparel businesses that are proprietary to the organization have enabled it to produce patterns that are both distinctive and highly desirable after.
Technology ability: Myntra operates with efficiency and impeccable customer service because to its sophisticated technology framework. (Minhaj, 2023)
Weaknesses
Returning and Customer Service: Because of the very nature of internet-based fashion selling, there are difficulties with returns resulting from differences in the quality of the goods or sizing. To keep consumers happy, Myntra must consistently solve these issues.
Commodities that are False or Copycat: Maintaining the realness of trademarked goods and removing commodities that are counterfeit or reproduction from the online store is a continuous problem that can have an impact on customer confidence.
Restricted Offline Footprint: Although Myntra is largely an e-commerce site, it may not be as accessible or engaging for consumers who prefer in-store purchasing methods due to its small offline representation. (Shelke, 2023)
Great deal of clashes: Myntra's percentage of the market is threatened by the fierce rivalry it encounters from both local and foreign online merchants.
Dependency on outside corporations: If collaborations are cancelling the organization's dependency on alliances between businesses puts it at danger of compromising special benefits. (Minhaj, 2023)
Competitive strategy and digital business strategy of Myntra
The following are some of Myntra's digital and competitive business strategies:
unique Agreements and Company Alliances: In order to provide distinctive products and advertising partnerships, Myntra has strategically partnered with well-known regional and global fashion labels. Myntra distinguishes out in the competitive landscape and draws in a wider consumer base by giving them a selection of distinctive and popular merchandise.
Individualized user Knowledge: Myntra places a strong emphasis on customization by curating individualized merchandise suggestions, customized promos, and fashion tips through machine learning and user intelligence. The goal of the above approach is to give every client an individual buying experience, which will increase involvement and increase sales conversions.
Mobile-driven Policy: Myntra has implemented an approach that focuses on in response to the increasing trend of m-shopping in India. The organization offers clients an effortlessly buying encounter and simple entry to its range of goods through the development of an easy-to-use smartphone application with a smooth and transparent layout.
Networking and information: Myntra is aware of how important it is to keep clients interested in your business after they leave. To promote a network that is focused on manner, the organization has created cantered around material projects including "Myntra Insider" and "Style Blog". Customers can communicate with others who share their interests and get style suggestions and movement updates via these channels. (adm, 2023)
Recommendation
To strengthen its multichannel footprint, Myntra should look into partnering with local merchants more, perhaps through temporary shops or shop-in-shop ideas. There's more possibility to close the divide among the internet and offline sources by utilizing technology like QR codes and on-site digital adventures.
It is important to remember that Myntra's digital and competitive business strategies are subject to change over time in response to emerging technologies, buyer needs, and economic conditions. Maintaining an edge over competitors in the fast-paced world of electronic commerce requires constant monitoring and adjustment.
Digital marketing strategies and options
Let's move on to Myntra's marketing strategy now that we have a thorough understanding of the company's history and expansion. Myntra's STP Research will be the first topic of discussion.
Segmentation, Targeting, and Positioning Segmentation: Trendsetters consumers who want to purchase from home, regardless of their stage of life.
Target market: The corporation's intended demographic consists of youthful, middle-class, sophisticated internet customers who are on the lookout for the finest offers and high-grade material.
Positioning: Exciting clothing retailers at reasonable prices are the main goal of Myntra, an online retailer serving India. (buildd, 2023)
Recommendations
Material promotion: On the company's website, blog, and social media platforms, Myntra produces and disseminates original material. The information provided addresses a wide range of subjects.
Social media marketing: Myntra is quite active on Twitter, Facebook, and Instagram, among other social media sites.
Email marketing: In order to send out promotional emails, Myntra gathers email addresses from its users.
Paid marketing: Myntra makes use of sponsored content on social media, search engines, and other websites.
Mobile marketing: Myntra's mobile app lets users shop while they're on the go.
Customer reach
As per similarweb.com total reach is 76.03M. The global rank of the company is 446, country rank is 33 and industry rank is 9. The Monthly visits of Myntra 76.03M, unique visitors are 34.18M, pages per visit are 6.15, its bounce rate is 52.4% and its page’s view is 467.6M from November 23 to December 23.
Figure 1Myntra (similarweb.com, 2023)
Suggestions for improving customer traffic
Improve the website's search engine optimization to increase its exposure in organic searches.
Use social media advertising, interact with the audience, and share aesthetically appealing content to increase traffic. Develop customised and targeted email marketing campaigns.
Improve the responsiveness and performance of the website and mobile app.
Make an investment in content marketing to produce worthwhile and viral content. Blog entries, style manuals, fashion trends, and other items that complement Myntra's brand could fall under this category.
Investigate forming strategic alliances with different platforms or brands. Partnerships have the potential to grow Myntra's consumer base and expose it to new markets.
e-CRM and social network channels linked with the website
"A hassle-free and enjoyable shopping experience to shoppers across the country with the widest range of brands and products on its portal" is the stated aim and objective of Myntra. Giving customers the freedom and convenience to buy clothes and other lifestyle goods online is at the heart of Myntra's value offer. (Chaudhary, 2023)
One of the biggest online retailers of apparel and lifestyle items is Myntra. A thirty-day return strategy, EMI choices, cash on delivery, and an in-store inventory of goods are just a few of their services. During its launch, Myntra has won multiple awards, including Best E-commerce Website for 2012, Images Most Recognized Merchant of the Year: Non-Store Shopping, Best E-commerce Supplier of the year 2011–12, and Stylish e-Retailer of the Year 2013. It occurred to me to check out Myntra's support staff and social ranking. On social media, Myntra has a sizable following and active user. Facebook, Twitter, Google +, Pinterest, Instagram, and YouTube are the platforms they use in order to remain in touch with their followers. (Simplify360, 2014)
Cyber security measures
The industry-standard security mechanism for creating an encrypted connection between a website's server and a browser is called Secure Sockets Layer (SSL) encryption. This guarantees the security of the data transferred between the user and the website.
Gateways: In accordance with preset security standards, firewalls are used to monitor and regulate every network connection that comes and goes. They operate as a line of defence between unreliable outside networks and a secure personal network.
authentication with multiple factors (MFA): MFA requires users to present many forms of identity before allowing them to access their accounts, adding an additional degree of protection.
Frequent checks for safety and security assessments: Finding and fixing potential security problems is made easier by ongoing website testing and danger evaluation.
Data Cryptography: Important data, including monetary details and login data, should be secured in addition to SSL to prevent unwanted access.
Secure Payment Channels: To guarantee the security of money transactions, websites that sell goods must make use of reliable and secure payment gateways.
Frequent Software Updates and Patch Management: Improving security in general and addressing identified weaknesses are achieved by keeping all software components up to date.
Ethical Considerations
Privacy Policies: Upholding moral norms requires being transparent about the procedures used to gather, keep, and utilize user data.
Transparency: It is critical to give clear information regarding goods, services, costs, and any possible conflicts of interest.
Trust with Customers: Gaining and preserving customer trust through providing high-quality goods and services and guaranteeing the protection of their data.
Respecting national and international legal frameworks as well as regulations that control online sales.
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