The Marketing mix of Myntra analyses the 4Ps of Myntra, which includes the Product, Price, Place, and Promotion of Myntra. Myntra.com is associated with e-commerce and the fashion industry. It was founded in 2007, and its founders were graduates of the Indian Institute of Technology. Myntra.com is of Indian origin and, in 2014, merged with another e-commerce giant, Flipkart, to compete against the following competitors.
About Myntra.Com
- Type: Online fashion and lifestyle retailer
- Industry: E-commerce
- Founded: 2007
- Founders: Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania
- Headquarters: Bengaluru, Karnataka, India
- Area served: India
- Key people: Nandita Sinha, CEO
- Number of employees: Over 8,000
Table of Contents
Myntra Product Strategy
Myntra.com is a marketplace with a bouquet of nearly 150,000 products from more than 1,000 International and Indian brands. It started its operations with a B2B e-commerce business model but also offered its customers a few personalized products, like calendars, watches, mugs, and mouse pads.
It has adopted a B2C business model and operates via its website, social media platforms, and mobile app. Its products are for men, children, and women and include
- Topwear – Casual shirts, formal shirts, t-shirts, sweaters, suits, coats, sweatshirts, jackets, kurtas, Kurtis, saris, blouses, dupattas, shawls, jumpsuits, dresses, waistcoats and tunics
- Bottom Wear – Track pants, shorts, formal and casual trousers, shorts, jeans, leggings, salwar, jeggings, skirts, capris and churidars
- Activewear and sportswear- Active t-shirts and swimwear
- Accessories- Smart wearables and watches
- Sports equipment
- Innerwear- Lingerie, sleepwear, loungewear, boxers, vests, thermals and trunks
- Footwear- Casual shoes, sports shoes, formal shoes, sandals, heel and flats
- Cosmetics and personal care products- Shampoo, soaps, moisturizer, aftershave lotion, aftershave cream, and face wash
- Luggage and trolley
- Fashion accessories- Belts, wallets, mufflers, helmets, ties and cufflinks
- Home and living products – Bed sheets, pillows, pillow covers, quilts, curtains, cushion covers, bath towels, table covers, showpieces, wall décor, candles, and vases
Myntra is a popular online fashion and lifestyle retail platform in India, known for its convenient shopping experience and offering a wide range of products.
The product mix of Myntra in 2023 is as follows (Source)
- Apparel: This is a significant category for Myntra, featuring a wide range of domestic clothing brands for men, women, and children. This includes ethnic wear, western wear, formal wear, casual wear, and sportswear.
- Footwear: Myntra offers a diverse selection of footwear, including shoes, sandals, flip-flops, and boots for all genders and ages. They have options for various occasions, including sports, formal, casual, and party wear.
- Accessories: This includes a wide range of items such as watches, jewelry, handbags, sunglasses, belts, and wallets. These accessories are available for men and women and vary from budget to luxury brands.
- Beauty and Personal Care: Myntra also houses a significant collection of beauty and personal care products, including makeup, skincare, haircare, fragrances, and grooming essentials for both men and women.
- Home and Living: They offer home decor items, furnishings like bed linens and curtains, tableware, and kitchenware.
- Gadgets: This includes fashionable tech accessories like phone cases, headphones, and smart wearables.
- Kids’ Items: Besides clothing and footwear, Myntra offers toys and baby care products.
- Sports Equipment: They have a range of sports gear and fitness equipment catering to various sports and fitness activities.
It’s important to note that Myntra’s marketing strategy and product mix can vary and evolve, and they often add new categories and brands to keep up with market trends and consumer preferences. For the latest and most specific details, visiting the Myntra website or app would provide the most current information.
Myntra Place Strategy
Myntra.com is an Indian company with a presence spread over nearly 9,000 locations in India. Its headquarters is in Bengaluru in Karnataka, and regional offices are in Chennai, Mumbai, and New Delhi. The company knows how critical seamless logistics is, as it can make or break an e-commerce portal. Hence, Myntra.com has adopted the Hybrid-logistic business model, which would help them gain recognition and penetrate further areas.
Third-party distributors were allotted to help the company with their operational logistics and marketing mix. Its strong and widespread distribution network includes an efficient supply chain and a capable delivery service so that goods reach customers safely and within the allotted timeframe. Its merger with Flipkart has increased its distribution channel and helped it to penetrate and reach additional markets. Besides the online platform, Myntra.com offers its loyal customers a personalized experience via mobile shopping.
Mynta’s place strategy is as follows:
- Online Platform: Myntra primarily operates as an online retail platform, providing customers access to a wide range of products through its website and mobile application.
- Nationwide Reach in India: It has a vast distribution network that enables delivery to most parts of India, including major cities and many smaller towns.
- Warehouse Centers: Myntra operates several large warehouse centers across India, strategically located to facilitate efficient distribution and faster delivery times.
- Tie-ups with Delivery Services: The company collaborates with various courier and logistics services to ensure reliable and timely delivery of products.
- Localized Marketing and Merchandising: Myntra employs localized marketing strategies, tailoring its product offerings and promotional activities to suit customers’ preferences in different regions of India.
Myntra Pricing Strategy
Myntra.com is one of the most influential fashion brands in the online market. Its investors include IDG Ventures, NEA-IndoUS ventures, and Accel Partners. Myntra has targeted fashion-conscious, online shoppers and the medium-income group as its target customers. It faces intense competition from several companies, resulting in the implementation of a competitive pricing strategy. Myntra.com’s marketing strategy has kept product prices at reasonable and pocket-friendly rates to lure customers and increase its market share. It has also adopted a promotional policy and offers several incentives to draw its customers to its portal.
Myntra’s pricing strategy is a sophisticated blend of market-oriented and value-based approaches, reflecting its position as a leading fashion and lifestyle online retailer. Here’s a breakdown of the marketing mix of Myntra and its strategy:
- Competitive Pricing: Myntra employs competitive pricing to stay relevant in the highly contested online retail space. They often benchmark their prices against competitors, ensuring they offer comparable or better deals.
- Dynamic Pricing Model: Utilizing advanced algorithms and real-time market data, Myntra adopts a dynamic pricing strategy. This approach allows them to adjust prices based on demand, customer behavior, and inventory levels, ensuring maximum market responsiveness.
- Discounts and Sales Campaigns: Regular discounts and sales campaigns are a hallmark of Myntra’s pricing and marketing strategy. These include seasonal sales, festival specials, and exclusive brand promotions, attracting customers while maintaining a perceived value.
- Tiered Pricing for Brand Differentiation: Recognizing the diverse customer base, Myntra implements tiered pricing, offering products ranging from budget to luxury. This ensures they cater to a broad spectrum of customers, from price-sensitive buyers to those seeking premium brands.
- Psychological Pricing: the Myntra marketing strategy often uses psychological pricing techniques, such as pricing products just below a round number (e.g., ?999 instead of ?1000), a proven method to increase consumer appeal.
- Value-Added Services: They also enhance value through services like easy returns, customer loyalty programs, and personalized online shopping and experiences, which justify their pricing and help build a loyal customer base.
Through this multifaceted pricing strategy, Myntra ensures competitiveness and builds its brand as a customer-centric, value-driven retailer in the online fashion industry.
Myntra Promotion Strategy
Myntra.com has gained immense brand recognition because of intensive and aggressive marketing campaigns. It has launched ad campaigns with distinctive taglines like Ramp it Up and Real Life Mein Aisa Hota Hai Kya. Its ads are shown via print, electronic, and other social media channels and platforms like newspapers, television, Twitter, Facebook, and its website. Myntra offered personalized sports jerseys of football and cricket teams like FIFA, IPL, and Team India as part of its promotional strategy.
It has also adopted several schemes, as end-of-season sales, discounts, and periodic offers. Myntra.com realizes the impact of star power, and its association with celebrities like Lisa Haydon, Ranveer Singh, Kangana Ranaut, and Hrithik Roshan has helped it to create positive brand visibility in the consumer market. It has received awards and recognition like Pride of India 2009-10 and Red Herring Global 100 Winner in 2010.
Mynta’s promotion strategy is as follows:
- Digital and Social Media Marketing: Myntra’s marketing team extensively uses digital platforms, including social media, for targeted advertising and influencer collaborations, leveraging the power of an online presence to engage with a tech-savvy audience.
- Sales and Discount Events: The company regularly hosts high-visibility sales events and offers discounts, capitalizing on festive seasons and special occasions to attract loyal customers and boost sales.
- Brand Partnerships and Celebrity Endorsements: Myntra collaborates with famous fashion brands and celebrities for endorsements, utilizing their reach and influence to enhance brand visibility and appeal.
Some Recent Video ads and Print ads of Myntra are:
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