Service Marketing

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  • Topic: Dot-com bubble, Venture capital, Dot-com company
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  • Published : January 16, 2013
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Services marketing
Sucessful e com website- Myntra.com
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About myntra:
Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in February 2007. All three are IIT alumni, and have worked for several start-ups. Myntra is headquartered in Bangalore and has been funded by Venture Capital funds like IndoUS, IDG & Accel Partners.[6] The company started off in the business of personalization of products, and soon expanded to set up 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 T-shirts, mugs and caps to name a few. However, in 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products. From 2007 to December 2010, Myntra.com was in the business of online demand personalization. [7] The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses, coasters and many such products with photographs, one-liners and slogans. In three years, Myntra became one of the India’s largest on-demand personalization platform for products and gifts with over a 50% market share. Myntra [9] offered personalized jerseys of several cricket and football teams such as Team India, IPL teams, national football teams, and Premier League football teams. New business focus and products

Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Inc., Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FILA, John Miller, Indigo Nation etc. to offer a wide range of current season merchandise from these brands [10] Myntra currently offers products from more than 350 Indian and international brands. [11] These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more. There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. -------------------------------------------------

Business model
Myntra.com is an aggregator of many brands. Its business model is based on procuring current season merchandise from various brands and making them available on the portal at the same time as in respective retail brand outlets. All these products are offered to customers on MRP. In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another angel investor. In November 2008, Myntra raised with it’s A funding of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. In the second round of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-US Venture Partners, Myntra raised $14 million. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding led by Tiger Global. Myntra launched a brand campaign with its first TVC in July 2011. The commercial 'juxtaposes new-age fashion with old-world grit' and positions Myntra as a 'fashionable new age' brand.  Myntra's second campaign, with the tagline "Ramp It Up", was launched in October 2011 with a TVC. The new ad scored high on fashion quotient and the core message was to communicate the launch of the Autumn Winter 2011 collection on Myntra.com. In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to to build brand awareness and promote...
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