Myntra-Project.docx
- 1. 0 CONTENTS Page No CHAPTER -1 1-4 • INTRODUCTION • OBJECTIVESOF THE STUDY • SCOPE OF THE STUDY • METHODOLOGYOF THE STUDY • LIMITATIONS OF THE STUDY CHAPTER -2 5-21 • COMPANYPROFILE • BENEFITSOF ONLINE ADVERTISING • SWOT ANALYSIS CHAPTER -3 22-29 • DATA ANALYSIS & INTERPRETATION CHAPTER -4 30-34 • FINDINGS • SUGGESTION • CONCLUSION • BIBLIOGRAPHY CHAPTER -1 INTRODUCTION Myntra is a one stop shop for all your fashion and lifestyle needs. Being India's largest e-commerce store for fashion and lifestyle products, Myntra aims at providing a hassle free and enjoyable shopping experience to shoppers across the country with
- 2. 1 the widest range of brands and products on its portal. The brand is making a conscious effort to bring the power of fashion to shoppers with an array of the latest and trendiest products available in the country. Supply chain management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers(Harland, 1996). Supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption (supply chain). Myntra was established by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena in February 2007. Myntra’s headquarter is in Bangalore, with regional offices in New Delhi, Mumbai and Chennai. It began its operations in the B2B (business to business) segment with the personalization of gifts, which included :clothing, footwear, cosmetics In 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products. Myntra.com is ranked among the top 10 e-commerce companies in India . In the last 3 years, Myntra has become the most popular destination for personalized products in the country. Myntra.com is into the e-commerce (online shopping) business. It is an online retailer of fashion and lifestyle products in India. It began its operations in the B2B (business to business) segment with the
- 3. 2 personalization of gifts, which included :- clothing, footwear, cosmetics In 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products. Myntra.com is ranked among the top 10 e-commerce companies in India . In the last 3 years, Myntra has become the most popular destination for personalized products in the country. • Myntra pioneered the personalization of sports jerseys and offered sports jerseys of several cricket and football teams such as Team India, IPL & FIFA . These jerseys could be personalized with a name and number of the customer’s choice. Online advertising, also called online marketing or Internet advertising is a form of marketing and advertising which uses the Internet to deliver promotional marketing messages to consumers. It includes email marketing, search engine marketing (SEM), social media marketing, many types of display advertising (including web banner advertising), and mobile advertising. Like other advertising media, online advertising frequently involves both a publisher, who integrates advertisements into its online content, and an advertiser, who provides the advertisements to be displayed on the publisher's content. Other potential participants include advertising agencies that help generate and place the ad copy, an ad server which technologically delivers the ad and tracks statistics, and advertising affiliates who do independent promotional work for the advertiser.
- 4. 3 Online advertising is a marketing strategy that involves the use of the Internet as a medium to obtain website traffic and target and deliver marketing messages to the right customers. Online advertising is the use of internet as an advertising medium where promotional messages appear on a computer screen. Since the communication software or the browser reveals sufficient information about the site’s visitors, online advertising can be custom-tailored to match user preference. Many common online advertising practices are controversial and increasingly subject to regulation. OBJECTIVES OF THE STUDY To find out the mode by which the customer became aware of myntra.com • To reveal the satisfaction level of the customer • To improve the services provided by the company for motivatingthe customer • To analyze the customer perception regarding the price of theproducts SCOPE OF THE STUDY Finding out the strengths and weakness of the Myntra. COM • Finding the number of future purchases • Finding the customer satisfaction and their means of awareness of Myntra.com • Finding the position among the competitors
- 5. 4 • Finding out the perception of the customers about Myntra.com • The main target is stronger supply chain and aggressive acquisitions. METHODOLOGY OF THE STUDY The data used for the present research work is secondary data. The data were collected from the official website of Myntra and other website. The relevant literature was gleaned from books, website and magazines. LIMITATIONS OF THE STUDY • The Limit in accessing the population for collecting data. • The lack of time to carry out a survey. • The lack of funding necessary to carry out a survey. • The lower priority for carrying out a survey because of competing urgent tasks. CHAPTER -2 COMPANY PROFILE Company Name: Myntra Founder – Mr. Mukesh Bansal Myntra is an Indian fashion e-commerce marketplace company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007 with a focus on personalization of gift items. By 2010, Myntra shifted its focus to the online retailing of branded apparel. In May 2014, Myntra.com acquired by Flipkart to compete
- 6. 5 against Amazon which entered the Indian market in June 2013 and other established offline retailers like Future Group, Aditya Birla Group and Reliance Retail. Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, Myntra was in the business of on-demand personalization of gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands HISTORY OF MYNTRA Myntra.com, an Indian e-trade organization of design and casual lifestyle items, had it’s headquarter situated in Bangalore. Built in 2007 by Mukesh Bansal alongside Ashutosh Lawania and Vineet Saxena, Myntra was in the trade of on-demand personalization of gift items. It basically worked on the B2B model amid its introductory years. By 2010, Myntra moved its center to the web retailing of branded clothing. Somewhere around 2007 and 2010, the online entrance permitted clients to customize items, for example, T-shirts, mugs, mouse cushions, timetables, watches, teddy bears, pendants and so forth. After just 3 years, Myntra turned into India's biggest personalization stage with more than half of the market share . In 2011, Myntra extended its index to incorporate style and way of life items and moved far from personalization. Myntra tied up with different well-known brands to distribute an extensive variety of most recent stock from these brands. Myntra
- 7. 6 offered items from 350 Indian and International brands by 2012. Myntra likewise had easygoing wear for men and ladies. The site saw the dispatch of Fastrack watches and of Being Human, the brand. In May 2014, Myntra.com converged with Flipkart to contend with Amazon which entered the Indian market in June 2013 and other established offline retailers like Future Group, Aditya Birla Group and Reliance Retail .In 2014, Myntra's portfolio included around 1, 50,000 results of more than 1000 brands extending from worldwide brands to designer brands and diffusion zone of around 9000 pin codes in India. phones which could be a conceivable thought process with reference to why it has wandered totally into smart phones. Pros/cons-Traffic from the smart phone application may have developed from about zero to 70% in the space of one year however that didn’t essentially imply that desktop traffic had declined. So while mobile activity may have been developing really fast, it was quite possible that desktop traffic had additionally stayed stable if not expanding. The other real reason that Myntra decided to clarify the move was the potential for the cell phone to offer a more customized affair for the customer. Value proposition Myntra's value proposition revolves around giving consumers the power and ease of purchasing fashion and lifestyle products online. Offerings such as the largest in-season product catalogue, 100%
- 8. 7 authentic products, cash on delivery and 30 day return policy make Myntra, the preferred shopping destination in the country. To make online shopping easier for you, a dedicated customer connect team is on standby to answer your queries 24x7. Mission: Use technology to democratize fashion & lifestyle and help people look good. Myntra is a meritocratic, non-hierarchical and fun workplace. Our employees are empowered with a high degree of ownership and accountability. Vision: To make the world a more stylish, colorful and happier place. ADVERTISEMENTS – The challenge for the advertisements is to communicate the unique benefits myntra.com offers by transposing those advantages on real life shopping and to educate and captivate the audience on the positives of what the realm holds. They lately came up with an outdoor campaign named “shop online” to spread awareness about the brand and to showcase the gazillions of national and international brands being retailed under one banner
- 9. 8 Myntra came up with Television commercial lately which is Above- The-Line advertising. The first TVC ad was created by Taproot India with the theme “Real life mein aisa hota hai kya?” highlighting the various benefits of online shopping like free home delivery, cash on delivery and 30 day return policy. Myntra also unfurled OOH (out of home) campaign to build awareness.
- 10. 9 Benefits of online advertising .1 Cost The low costs of electronic communication reduce the cost of displaying online advertisements compared to offline ads. Online advertising, and in particular social media, provides a low-cost means for advertisers to engage with large established communities. Advertising online offers better returns than in other media. Online advertising rates are set through a combination of ad size, ad location, ad performance and market demand. 2 Measurability Online advertisers can collect data on their ads' effectiveness, such as the size of the potential audience or actual audience response, how a visitor reached their advertisement, whether the advertisement resulted in a sale, and whether an ad actually loaded within a visitor's view. This helps online advertisers improve their ad campaigns over time. 3 Formatting Advertisers have a wide variety of ways of presenting their promotional messages, including the ability to convey images, video, audio, and links. Unlike many offline ads, online ads also can be interactive. For example, some ads let users input queries or let users follow the advertiser on social media. Online ads can even incorporate games.
- 11. 10 4 Targeting Publishers can offer advertisers the ability to reach customizable and narrow market segments for targeted advertising. Online advertising may use geo-targeting to display relevant advertisements to the user's geography. Advertisers can customize each individual ad to a particular user based on the user's previous preferences. Advertisers can also track whether a visitor has already seen a particular ad in order to reduce unwanted repetitious exposures and provide adequate time gaps between exposures. 5 Speed Once ad design is complete, online ads can be deployed immediately. The delivery of online ads does not need to be linked to the publisher's publication schedule. Furthermore, online advertisers can modify or replace ad copy more rapidly than their offline counterparts. 6 Coverage Online advertising can reach nearly every global market, and online advertising influences offline sales. 7. Deliverability and flexibility Internet ad is delivered in relative 24 hours a day, 7 days a week and 31 days a month.
- 12. 11 .8 Tracking Marketers can track how users interact with their brand and earn what is of interest to their current customs and prospective. PROMOTIONS • Ad words: Ad words are Google ads on search engines, when people search for any product related keywords it appears. They have bought ad slots on various websites related to their products to tap the untapped market. For example facebook and inkfruit. Initially online websites pull off their promotions online which is low on budget and high on impact. • SEM (Search Engine Marketing): Myntra will go bankrupt if it will invest all their capital on ad words. SEM is the process through which a website gets traffic or visibility on search engines. Myntra is doing SEM through articles and link exchanges; they are very technical in nature and often needs experts. Myntra has developed Style mynt blog wherein they have provided customers with latest fashion styles of the season through their range of products. • Link exchange is an effective internet marketing system that makes it easy to increase traffic to your website. With increased link popularity comes increased search engine ranking and if channelized efficiently, it can become cash cow for the company. It gets company direct traffic, helps in
- 13. 12 building relationship with other websites and search engine optimization • The promotion codes have been made to lure customers through discounts and coupons. • From online to Tele: With increasing cash flows and IPO funds, Myntra came up with Tele Vision Commercials and also they are doing viral advertising by outdoor campaigning, e-mails, hoarding placement and cross campaigning. The journey from Foundation – The Launch • The journey of Myntra started from 2007 when Mr. Mukesh Bansal with Vineet Saxena and Ashutosh Lawania was backed up by Erasmic Venture Fund. They opened the first e- commerce B2B fashion store in India. Initially, they worked on the B2B platform. Myntra was a one stop solution for personalized gift items with products like T-Shirts, Mouse Pads, Mugs, and other general products till 2010. • In 2011, Myntra decided to divert from personalized products to lifestyle segment. This is the year when they launched brands like Being Human and Fastrack Watches on their platform. It marked their rigid stand in the fashion world on the online platform.
- 14. 13 • In 2012, it recorded to offer fashion elements from 350 brands, from India and was the first to get International brands on a large scale. • 2014 remained the year of transformation for them, as Flipkart took over their company. It recorded a total coverage of 9000 pin codes in India, with 1000 brands as their working partner. In 2015, it recorded to include 150000 products in their online portfolio. • Change is inevitable and Myntra’s steady success remained in the market, for their acceptance of this change. In the year 2015, they moved on to the app mode for mobile users. With an initial research and survey, they found out 90 percent of users are using the mobile platform. Myntra came up to the decision and applied the same to get immense success. 2015 is also the year when Myntra acquired a Bangalore based Mobile App firm – Native5. This acquisition expanded their online presence to a greater level, in the Indian market. • In 2016 Myntra acquired its rival fashion platform, Jabong.com and established their supremacy in the online fashion world of India. 2017 is another year when Myntra proved its presence in the market by partnering itself with Ministry of Textiles. With this partnership, they started to promote handloom industry over the online platform in India.
- 15. 14 Marketing Strategy of Myntra that brought them Immense Success • Myntra has been founded by some IIT passed out graduates in the year 2007. It was not the first company in India to work on the e-commerce platform. So, the competition was high. The strategy it pulled up for success had been their marketing mix. They worked on the niche of garments and fashion. Gradually they covered all segments of the same and created a completed coverage of all lifestyle items. It made them a brand in Indian Market by 2014. • Technology has been another great area that Myntra worked on. Starting initially at the online platform, they continued to upgrade themselves with technology. Understanding the trend of users, they switched to Mobile app version swiftly. It gave a big thrust to its competitors by 2016. • Logistics had remained the key success area for Myntra too. They expanded fast to cover around 9000 Pin codes in India and thus created a sensation to its competitors. The distance between physical buying and buying from an e-commerce platform can be shortened with a highly nurtured logistics. Myntra ensured the same to retain its supremacy in the Fashion world of India. • In terms of promotion, Myntra never left out any platform for its success. However, their approach was not like the other competitors. A perfect strategy has been knitted every time by
- 16. 15 them in social network marketing. Marketing on Facebook, YouTube, and Twitter was focussed but was not made rigorous to disturb the users. Solution providing attitude has been maintained to reach users every moment. Most of the time, their advertisement strategy remained targeted at the core competency. They held over the competitors – and thereby placed their style statement prominently. PRODUCTS Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Lee, Converse, Lotto, FIFA, John Miller, Indigo Nation etc. To offer a wide range of current season merchandise from these brands Myntra currently offers products from more than 200 Indian and international brands. These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders. There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. WHAT IS E-BUSINESS E-business (or electronic business) is the term used to describe using the internet to operate your business. E-business represents only a fraction of worldwide business, but is one of the fastest growing
- 17. 16 sectors and provides entrepreneurs with excellent opportunities to enter the market. In a historical sense, the internet is a relatively new way in which to do business, with the growth of e-business taking off in the 1990's. The internet provides consumers with an increasing amount of ways to interact with businesses and has made buying and selling more competitive worldwide. The rate of globalization has been significantly impacted by the internet, making it easier for people and organizations separated by distance to communicate and interact with each other E commerce considered the following attributes:- Direct electronic interaction between two computer applications(application to application) or between a person using a computer . Interaction involves the completion of a specific transaction or part of a transaction The transaction crosses enterprise boundaries either between two businesses(B2B) or between a business and a consumer (B2C). Two ways of Transactions:- Buyer/ seller Transaction Producer/Consumer Transaction
- 18. 17 ERP SYSTEM ERP- ENTERPRISE RESOURSE PLANNING SYSTEM FRM- FINANACE RESOURCE MANAGEMENT SCM- SUPPLY CHAIN MANGEMENT HRMHUMAN RESOURCE MANAGEMENT CRM-CUSTOMER RELATIONSHIP MANAGEMENT MRP-MANUFACTURING RESOURCEPLANNING THE STRUCTURE OF THE ERP SYSTEM Enterprise resource planning (ERP) systems consist of different modules. A company can therefore decide which modules they need and only acquire them, not needing to purchase them all, The ERP systems on the market today have the same main structure, which is shown in the figure traditionally a system, must integrate three of the following core modules to belong to the ERP group; manufacturing, distribution ,finance, and human resources. At the heart of the ERP systems in the central database that draws from and feeds it into a series of application supporting diverse company function . Using a single database streamlines the flow of information throughout the business.
- 19. 18 CUSTOMER RELATIONSHIP MANAGEMENT CRM (customer relationship management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. OLC: Right now Myntra is in the 2nd-3rd stage. Reason being the processes are still in progress. The Process Improvement Process is being implemented. For e.g. Myntra recently bought Fitiquette, a developer of virtual fitting room technology and a TC Disrupt finalist from Sep 2012. It intends to use Fitiquette’s core product on its retail site to drive more fashion purchases online. Moreover, acquisition is in full swing. There have been 2 recent acquisitions by Myntra- The first one in November 2012 when it acquired New
- 20. 19 York based Exclusively.in which has the private label vertical, Sher Singh. The most recent being Fitiquette- a virtual fitting room. SWOT ANALYSIS Strengths: • Serving markets through internet requires less infrastructure setup. • Fast delivery at low cost from dedicated warehouses. • Having a sound infrastructure funded by venture capitalists which is sufficient to • reach out any part of the country. • Dedicated client services through back end services by deploying 24 hrs call centre. Figure -OLC
- 21. 20 • Offer a lesser price from the close competitor offering similar services. Weakness: • Not much penetration of internet in the country. • Sports not taken much seriously in India. • Customers always like to get a feel of the product before buying. • Has to win the faith of the customers first regarding the delivery of the product Opportunities: • Untapped marketing platform. • Growth in interest of Indians towards fashion and lifestyle. • Dealings directly with suppliers which gives good margins in the country.
- 22. 21 Threats • Increased Competition • Government Regulations. • Technology Breakdown, Hacking. • Relationship with 3rd party logistics company CHAPTER -3 DATA ANALYSIS & INTERPRETATION Table No. 1: Table showing the age of respondents: Age no of respondents percentage below 18 15 30 18-30 years 13 26 30-49 years 12 24
- 23. 22 above 50 years 10 20 Total 50 100 Interpretation: From the above graph it is shown those 30% respondents are below 18, 26% are 18 and 30, 24% are 30-49, 20% above 50 years. It means the majority of people is below 18 years. below 18 18-30 years 30-49 years above 50 years total 0 20 40 60 80 100 120 no of respondents percentage
- 24. Table No. 2: Table showing the education background of respondents Educational background no of responden t percentag e nonmatriculate 4 8 matriculate 11 22 graduation 24 48 post graduated 11 22 total 50 100 no of respondent percentage
- 25. 24 percentage no of respondent Interpretation : From the above graph it is clear that 8% respondents are non-matriculate, 22% are matriculate, 48% are graduation, and 22% are post graduated. It means the majority of people are the people who are graduated i.e. 48% Table No. 3: Table showing occupation of respondents Occupation no of respondents Percentage 23 0 10 20 30 40 50 60 70 80 90 100
- 26. 25 Business 9 18 Service 11 22 Student 23 46 Others 7 14 Total 50 100 100 90 80 70 60 50 no of respondents 40 percentage 30 20 10
- 27. 26 0 percentage no of respondents others total Interpretation : From the above graph it is clear that 18% respondents are businessman, 22% are service, 46% are student, and 14% are others than them. It means majority of respondents are students Table No. 4: Table showing gender of the respondent Gend er no of responde percenta ge nts business service student
- 28. 27 Male 14 28 Femal e 36 72 Total 50 100 Interpretation: From theabove graph it is clear that, 28% of the respondents are male and 72% people are female. It means the majority goes to the female. Table- 5. Factors making advertisement more effective male female total 0 10 20 30 40 50 60 70 80 90 100 no of respondents percentage
- 29. 28 Interpretation: The main factor that makes advertisement more effective is the presence of film or sports star or any celebrity. Media and caption follows by it. The least important way in which advertisement can be made effective is the slogan. Table -6 Most attractive type of advertisement
- 30. 29 Interpretation: Table shows that online advertisement featuring discount coupons are the most attractive type of advertisement. Advertisement featuring additional purchase and gift with purchase follows by it. Advertisement featuring shipping discount is the lowest attractive type of the advertisement. CHAPTER -3 FINDINGS The following are the major findings of the study:
- 31. 30 • Majority of the respondents are male (65%) who are married (66%) and belonging to the age group of 25 to 35 years (70%). • Among the total respondents of the study, the majority of the respondents (40.5%) have their family size as four. • It has been observed that the majority of the respondents (48%) are qualified with a post graduate level of education. • On an average of 52% of the respondents are private employees. • Majority of the respondents (45%) are having annual income between 3 lakhs to 4 lakhs. • Based upon the study, the majority of the respondents (36.5%) access Internet from their home. • It is understood from the table, that majority of the respondents (48%) are spending less than two hours per day to access Internet. SUGGESTION The researcher has made personal contact with the respondents who have purchased products and services through online. It is concluded that most of the respondents have a good opinion about online shopping, though there are so many problems to be improved by the vendors and service providers.
- 32. 31 These suggestions are as follows: • As there are no proper laws for online purchases, they have to be implemented to prevent the anonymous intruders. This will help to maintain security and private information properly concerning the respondents. So the website developers and service providers should take necessary steps to overcome this problem. • Web based technologies upgrades creative conceptualization that would improve the response from technology savvy consumers. So the firms have to invest in such new technologies. • Internet environment has to be improved in the areas of art, dynamic and interactive techniques. This improvement will give more visual appeal. • The vendors and service providers should avoid hidden charges. This will help to avoid increase in price of product. CONCLUSION Summing up everything, a clear story of Myntra can be sketched – Success from day one! Yes, this has been possible only because of change adaptability. Myntra remained an icon on e-commerce platform in India, recognized for the random and rapid changes. It changed its strategy in marketing and promotions, from time to time and worked intelligently there. It changed its platform from B2B to B2C at the right time, when the expansion was knocking at their
- 33. 32 door. They opened up the windows to the government for making a partnership, to giant e-commerce platforms like Flipkart. They actually offered for a merger and even to hundreds of brands to increase their gallery size. In one word, they proved themselves as the leader of the ecommerce fashion world in the Indian market. Myntra is a perfect example for all companies with their clear message. They could make them realize that well-knitted strategy and flexibility in approach can easily transform a company to Monopoly E- Business signifies a complete new & profitable way to do business, providing the all requirements as desired. The Internet is equivalent to online world where all the resources are not fully exploited and where customers may gain advantages. Here corporations may upsurge their profits further and users may find the desired product or service easily without stress of shopping around. Customers keep coming back only if earlier shopping experiences have been pleasant and successful. In this intricate business world, the e-retailing will become tremendous business strategic concept. Most profitable method of business process in coming decade to the textile and garment industries BIBLIOGRAPHY Book & Author
- 34. 33 • Information Note to the Press (Press Release No. 33/2013) • Internet Marketing (Internet Marketing Acadamy), ISBN: 978-87-7681-815-9,1st Edition. • Kotler Philip, Keller and Kevin Lane, Marketing Management (14th edition), (2000 )PearsonEducation, Inc. • Seth Jagadeesh N and AtulParvatiyar, Customer relationship Management, (2004), Saga publication Inc. Newspaper • Times of India • India Today • Business India Website • http://www.myntra.com/ • http://retail.economictimes.indiatimes.com/news/etailing/myntr a-explains-itsone-hour-delivery-management-forsome-e- commerce-purchases/21950837 http://www.mxmindia.com/2012/07/well-continue-focus- oncustomer-delightsays-myntras-bansal/