E Commerce Term Paper - Retailing Essay Example
E commerce Case Study On DOA: 05-10-2012 DOS: 09-11-2012 Submitted By: Name: Tehzeem Rasool Roll No: A19 Reg No: 11011988 Section: K3R06 Submitted To: Ms: Navjyot Kaur Acknowledgment I am very thankful to everyone who all supported me, for I have completed my project effectively and moreover on time.
I am equally grateful to my teacher [Navjyot kaur]. she gave me moral support and guided me in different matters regarding the topic. She had been very kind and patient while suggesting me the outlines of this project and correcting my doubts. I thank her for her overall supports.. Lastly, I would like to thank my parents and my partner who helped me a lot in gathering different information, collecting data and guiding me from time to time in making this project. Contents of Case Study * Beginning of MYNTRA. COM * Industry/Service * Products * Competitors * Capabilities * Revenue Model * Value Chain Analysis Competitive Advantage * Conclusion Introduction Myntra. com is India’s largest online shopping destination for fashion and lifestyle products. Myntra was announced as winner of the Red Herring Global 100 Winner 2010 & awarded as “Pride of India 2009-2010” for exceptional business growth by IDG Ventures. The company started off in the business of personalization of products, and soon expanded to set up regional offices in New Delhi, Mumbai & 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.
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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. Mission Their major goal is to be committed to delivering the best shopping experience and customer service. Myntra has launched many campaigns and a campaign with TVC was its first. Myntra second campaign was with the tagline “Ramp It Up”. In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to build brand awareness and promote online shopping. Beginning of Myntra was established by Mukesh Banal, 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 :- * T-shirts, * mugs * and caps * 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 ompanies in India. In the last 3 years, Myntra has become the most popular destination for personalized products in the country. * Started: February 2007 * Milestone 1: In October 2007 Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another angel investor. * Milestone 2: In 2008 they touched 1000 daily visitors mark. * Milestone 3: In 2009 they touched 4000 daily visitors mark and were awarded “Pride of India 2009 2010” award for exceptional business growth by IDG Ventures. Milestone 4: In 2010 Myntra was the Red Herring Global 100 winner. * Milestone 5: By 2012 February Myntra was shipping 10,000 products every day. * Vision: To become India’s largest online lifestyle products retailer. Industry/Service * Myntra. com is into the e-commerce (online shopping) business. It is an online retailer of fashion and lifestyle products in India. * Products :- * From 2007 to December 2010, Myntra. com was in the business of online demand personalization. The products ranged from * T-shirts, * mugs, * greeting cards, * calendars, Key chains, diaries, coasters and many such products with photographs. * 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. Products * Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, 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 like * There are also casual and dressy footwear for women from Catwalk, Carlton London and Red Tape to name a few. Competitors * Myntra undoubtedly enjoyed the first mover advantage in the online retailing business. But Myntra’s success has been replicated by other companies that have now become competitors for Myntra.
Some of them are * Scopial. com, * Blue Bus Tees, * dilsebol. com, * Inkfruit. com. Capabilities * Order Processing and Delivery: Myntra attempts to order and ship every order within 24 hrs. It offers free shipping within India on all products It can ship internationally to all major countries. * Technological: Myntra maintains its website which provides the only means by which a customer can make a purchase. * To maintain, upgrade and improve the website and the user experience, Myntra employees many computer science engineers and experienced professionals.
Marketing * Myntra has successfully used social networking websites Facebook and Twitter to expand its customer base. * Myntra positions itself as a fashionable new age brand. It launches major marketing campaigns every year. In February 2012, Myntra rolled out an OOH (out of home) campaign across 2 cities to build brand awareness and promote online shopping. * Myntra has used mostly viral marketing and internet for its popularity coupled with occasional discounts and referral discounts. It can be given a rating of 3/5. Revenue 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. It is a Business to Customer (B to C) revenue model. Value Chain Analysis * Firm Infrastructure -The basic requirement of Myntra was for the office to reflect youthfulness, freshness, and vibrancy while incorporating fashion as the overall theme.
The design team left no stone unturned in making this dream a reality. * Human resource management- is one such support activity that can make or break any organisation in the long run. It is a very employee friendly organisation. The firm focuses on work-life balance. * Technology- Its technology allows online retail to be possible by hosting the website in which the customer can browse through the online catalogue, choose what he wants to buy, make online payment and receive the goods at his/her doorstep. Procurement is important for Myntra as they deal in merchandising; they receive the finished goods from various brands, store them at their various warehouses and then ship them to the customer when ordered. * Outbound logistics is one of the critical activities for Myntra. They use a third party courier for their outbound logistics. It is their responsibility to give the demanded product to the third party courier as soon as possible. They then keep track of the lead time and try to reduce it with collaboration from the courier company. Marketing and Sales is a core activity of Myntra. Through proper marketing Myntra is creating awareness among customer & enhancing their online shopping experience. Competitive Advantage * Competitive advantage in any e-commerce business can be due to a cost leadership or product differentiation or both. * In the case of Myntra the competitive advantage is mostly due to cost leadership * In special cases it also enjoys competitive advantage due to product differentiation.
In case of IPL t- shirts the buyer can get his/her name imprinted on it. Also Myntra’s business model up till 2009 was of customized t-shirts and mugs etc which allowed it to have product differentiation. Myntra Awards Myntra. com was announced as a winner of the Red Herring Global 100 award. Red Herring announced its Global 100 awards in recognition of leading private companies from North America, Europe, and Asia, celebrating these startups’ innovations and technologies across their respective industries.
CNBC – TV18 awarded Myntra. com as one of the Hottest Internet Companies of the Year at the Mercedes – Benz CNBC – TV18 Young Turks Awards * CNBC – TV18 Young Turks Award as one of the “Hottest Internet Companies of the Year 2011-12” * “Pride of India 2011-2012” for Most Successful Fundraising by IDG Ventures * “Pride of India 2009-2010” award for Exceptional Business Growth by IDG Ventures * Red Herring Global 100 winner 2010 MyntraTeam
At the helm of Myntra’s success is a management team of experienced and high caliber senior management professionals from globally recognized organizations such as Microsoft, Google, Intel, Trilogy and SAP, to name a few. The company has an employee base of over 400+ employees from a mix of corporate, business and premier academic institutions like IIMs and IITs who love to have fun and balance work at the same time. Carrier of Myntra Myntra. com is ranked among the top 10 e-commerce companies in India and is scaling rapidly.
Myntra was started by a group of IIT/IIM graduates in early 2007 and is headquartered in Bangalore with regional offices in New Delhi, Mumbai and Chennai. The company is funded by top tier Venture Capital Funds and is now among the best funded e-commerce companies in the country. In addition to accelerated growth opportunities, we foster openness, trust and respect in the workplace. We’re a warm and fun-filled place to work; we’re passionate about sport and music, debate and design and about getting things right.
And while we are small, we are growing rapidly and our growth philosophy is to hire and retain the best. To this end, we offer all employees a culture of fun and learning, and a very competitive package of pay and benefits. Some highlights of our offer are as follows: * One of the best paying start-ups in the country * All Myntra employees are eligible to stock options to ensure they receive a meaningful stake in the company * 11 paid holidays in a year for employees to celebrate national events and festivals with their families, along with 24 days of paid annual leave to help maintain work-life balance.
Additional leave types that include paid paternity leave of up to 10 business days per annum and an option to work-from-home for women for a defined period at the birth of a child, in addition to standard maternity leave and benefits * Every employee is assigned two days of professional development opportunities per year in the form of trainings, certifications, seminar and conference participation opportunities etc. * Myntra provides medical insurance to all its employees. 100% of the premium for this is paid by Myntra.
This provides reimbursement per annum of up to Rs. 2 Lakhs per family including parents/in-laws. * All employees are eligible for Group Personal Accident insurance. Due to bodily injury or death as a result of an accident, GPA insurance provides benefit of upto Rs. 10 Lakhs per defined payment schedule. Myntra pays 100% of the premium. * We foster a culture of fun and transparency with events such as our Monthly All Hands Meets, Sports @ Myntra initiative, Founding Day Annual Celebration for employees and their families and lots more. We encourage the generation of smart ideas by our employees from across teams and levels – the best idea of the month receives an I pad! 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 its 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 build brand awareness and promote online shopping. In June 2012, Myntra launched its third campaign. Created by Taproot, the communication emphasises the benefits of buying online, and is titled ‘Real life mein aisa hota hai kya’. n which they offer free shipping, cash on delivery,30 day return & 24 hours dispatch. Myntra continued the ‘Real life mein aisa hota hai kya’ theme in its next campaign in October 2012 and extended it to showcase its wide catalog and hassle-free Returns Policy. Conclusion * Marketing and Sales is a core activity of Myntra. By looking at the popularity of Myntra we can conclude that Myntra is doing a much better job in Marketing & providing its services to customer.