Professional Documents
Culture Documents
Introduction
History
Myntra was established by Mukesh Bansal, AshutoshLawania, Imran khan and
VineetSaxena in February 2007. All for are IIT alumni, and have worked for several start-ups.
Myntra is headquartered in Bangalore and has been funded by Venture Capital funds like
Tiger, Kalaari, Premji Invest, IDG&Accel Partners.
From 2007 to December 2010, Myntra .com was in the business of personalization of
products online. The products ranged from T-shirts, mugs, greeting cards, calendars, keychains,
diaries, etc. However, in 2010, the company repositioned itself and expanded its catalogue to
retail fashion and lifestyle products.
Reebok, Puma, Adidas, Basics, Lee, Levis, FILA, CAT, Timberland, Steve Madden, Biba,
FabIndia etc. to offer a wide range of current season merchandise from these brands.
Myntra.com currently offers close to 50,000 products from more than 600 Indian and
international brands. These include shoes for running, tennis, football, basketball, and fitness,
along with casual footwear from world renowned industry leaders like Nike, Puma, Converse,
Supra, Adidas, 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, Steve Madden and Red Tape to name a few.
Myntra.com also stocks T-shirts for men and women from popular brands like Jealous21,
Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Puma, Adidas, Reebok, kook n Keech,
Lotto and many more. The website has also launched Being Human and Fastrack watches. In
July 31, 2012 Bollywood actor KalkiKoechlin , launched Myntras Star N Stylefeature.
In 2013, Myntra acquired San-Francisco based Fitiquette, a developer of virtual fitting
room technology.
In November 2013, Bollywood star Hrithik Roshan joined forces with online shopping
portal Myntra.com to exclusively launch and manufacture his active lifestyle apparel and casual
wear brand HRX.
Business model
Myntra.com is an aggregator of many brands. Its business model is 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 a funding of $5 million from NEA-Indo US Ventures, IDG
Ventures and Accel Partners.
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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, Mynra.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 fashionable new age
brand.
Myntras 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 emphasizes the benefits of buying online, and is titled Real Life Mein AisaHota
Hai Kya.in which they offer free shipping, cash on delivery, 30day return & 24 hours dispatch.
Myntra continued the Real Life Mein AisaHota Hai Kya theme in its next campaign in
October 2012 and extended it to showcase its wide catalog and hassle-free Returns Policy.
In February 2014, Myntra raised additional $50 million funding from Premji Invest and
few other Private Investors.
Value Proposition
Myntras 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% authentic products, cash on delivery; EMI facility and 30 day return policy
make Myntra.com, the preferred shopping destination in the country. To make online shopping
easier for its customer, a dedicated customer connect team is on standby answer their queries
24*7.
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Brands
Myntra.com understands its shoppers needs and caters to them with choice of apparel,
accessories, cosmetics and footwear from over 500 leading Indian and international brands. It
deals with two types of brands Private Brands and External Brands, Prominent External brands
include Adidas, Nike, Puma, Catwalk, Inc 5, United Colors of Benetton, FCUK, Timberland,
Avirate, FabIndia and Biba to name few.
Myntra also has its private brands like Anouk, D Muse, Dressberry, ETC, Gossip, HRX, Kook N
Keech, Mard, Mast, &Harbour, Mirage, Roadster and Sher Singh.
Core Values
Customer satisfaction is hard to achieve and even harder to maintain. Folks at Myntra take a
proactive approach to understand the customers pain points and wow points to excel in customer
satisfaction. To ensure that the underlying philosophy of the company does not get diluted, the
company has found a unique technique to instill its 10 core values into the employees.
a
Customer Vow
Myntra will aspire to be a truly customer centric company where the customer
needs to be literally wowed with the experience at every touch point. Everything we do,
every decision we take must be with the customer at the center of everything. We will
think through how each of our actions affects customer experience and we will not
compromise on this for anything. We will be truly committed to delighting the customer
where they can completely trust the brand and start to expect the unexpected from us in
terms of our willingness to go the extra mile. We will do whatever it takes to make
cant be further improved. This will require us to challenge individual and organizational
c
smallest things so that small things add up to long term competitive advantage.
Follow your Passion / Do what you Love
Every person in the team has some unique strength, interests and point of view.
We will build a culture where each person is able to follow his or her passion and is
involved in the work that genuinely excites them. We will encourage every person to be
clear about their strengths, the areas where they can add the best value and what aligns
with their long term career goals and objectives. The quality of output and the
commitment is directly proportional to how each one has bought into whats being done
and this is best achieved by aligning goals around peoples strength and interests. As an
organization, Myntra will invest effort in understanding a person holistically and
providing an environment where people can pursue their interests in alignment with
organizational goals.
Data drives decisions
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business.
h Do More with Less
Our ability to maximize the ROI from every rupee spent will be one of the most
important factors determining our long term success. There are always multiple ways to
spend money and a lot of choices available on when to spend it. No matter how big or
small an expense is and no matter how good our financial health is, we will build a
culture where each expense is scrutinized by the person making the call and is approved
only when one is sure that this is the best possible way to spend the money. We will also
strive to think creatively of alternatives so that we can get the job done with as little as
possible. This may require unconventional thinking, reusing what we already have, barter
arrangements with our partners, using seconds where first hand doesnt make a big
i
difference etc.
Continuous Learning & Growth
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With the pace the world is moving at, what we know today becomes obsolete in a
matter of months. Every person in the company needs to continuously sharpen their skills
and retool themselves so that one is always prepared for the challenges of tomorrow. If
we are not learning and growing, we are falling behind and this requires conscious effort
outside of the work deliverables. There are a number of things that happen every day in
terms of new information, new innovations, and new tools etc. - many of those things can
inform how we go about doing things here in a better way. We will want everyone in the
company to keep upgrading their skills by going through structured training programs to
complement their skill-set and acquire new skill-sets so that one is able to contribute
j
Recognitions
a Awarded 'Fashion e - retailer of the Year 2013' by Franchise India Indian e - Retail
b
Awards
Awarded 'Best E-commerce Website for 2012' by IAMAI India Digital Awards
Awarded 'Images Most Admired Retailer of the Year: NonStore Retail' for 2012
by Images Group
selling price.
Contribution to Myntra: 2.8% and Around 4 Crores per month.
Major Brands: American Tourister, Tommy Hilfiger, Skybags, Pronto, Flying
Machine.
To find out the way customers shop backpacks in an offline store to optimize search.
To find out the issues faced by customers of Myntra when they buy backpacks.
To create sales campaigns in order to justify the recommended attributes/ filters will be
beneficial to the article type.
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Chapter 2
Literature Review
Dr.Jeff Tanner and Mary Raymond[1] in their book Marketing Principles note that
high-involvement decisions carry a higher risk to buyers if they fail, are complex, and/or have
high price tags. A car, a house, and an insurance policy are examples. These items are not
purchased often but are relevant and important to the buyer. Buyers dont engage in routine
response behavior when purchasing high-involvement products. Instead, consumers engage in
whats called extended problem solving, where they spend a lot of time comparing different
aspects such as the features of the products, prices, and warranties. If the customer needs a
particular type of backpack, he/she may need to get information on different alternatives. If what
he/she already knows about backpacks doesnt provide enough information, he/shell probably
continue to gather information from various sources. Frequently people ask friends, family, and
neighbors about their experiences with products. Internet shopping sites such as Amazon.com
have become a common source of information about products. However, customers also often
consult non-neutral sources of information, such advertisements, brochures, company Web sites,
and salespeople. Evaluative criteria are certain characteristics that are important to you such as
the price of the backpack, the size, the number of compartments, and color. Some of these
characteristics are more important than others.
Stephen Griffiths[2], in his report, Mobile Retail Apps and Sites: Designing a Better
Experience for Shoppers published by Google talks about the key principles and considerations
of mobile application user experience - i.e. the important things to think about - when assessing
Smartphone apps, in order to identify what and how to improve the user experience, optimize
conversion and better measure app performance. The content was divided into five sections,
namely, 'Adopt', 'Use', 'Transact', 'Return' and 'Usability Hygiene'.
Adopt covers the importance of home screen and navigation, splash screens and tips.
How getting users into the content / substance as quickly as possible, will let them use,
assess and experience its value to them
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Use is about making conversion decisions easier by enhancing and improving search,
product screens and cross device functions to help users find what they want quickly and
easily, in order to satisfy their needs and drive conversion.
Return focuses on topic related to self service, canceling, returning, post purchase
notification and interactions
Usability Hygiene focuses on usability hygiene, or the basics that need to addressed to
optimize conversion, and avoid interrupting or forcing users to think about things that
should be simple. You need to work hard to meet the expectations of users who are
becoming more accustomed to high quality apps, published by brands that invest time
and effort creating, testing and optimizing services, to deliver usable, robust, and
sometimes delightful user experiences.
Peter S. H. Leeflang & Josefa Parreo-Selva[3], in their research paper Cross-
category demand effects of price promotions define Cross-selling as the art of enticing
customers with goods or services that are related to what they are already buying. They also
conclude in their research that Retailers benefit from cross-category promotion effects if the
cross-category complementary effects are greater than the cross-category substitution effects.
P. B. Seetharaman[4] in his work of Models of Multi-Category Choice Behavior
reveals that demand interdependencies exist between unrelated categories, including those that
are not a priori perceived as complements or substitutes.
Jiang, Cuiqing[5] in his research Hybrid collaborative filtering for high-involvement
products: A solution to opinion sparsity and dynamics observes that High capital value
goods that are purchased only after long and careful consideration, such as a car, truck, appliance
(called high-involvement products) are increasingly being purchased online. For these products
accurate recommendations are very important. Collaborative filtering (CF) is a commonly used
approach for recommending products based on known preferences of similar users.
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Chapter 3
Data Analysis
Table 1: Data analysis of Surveys conducted with two questionnaire
Questionnaire 1 - Potential customers
Questionnaire 2 - Existing customer
Sample Size - 50
Sample Size - 78
Age group
18-22
64%
18-22
54%
22-26
36%
22-26
46%
Customer's Evaluation on Ease & Comfort in
product search in App
Rating
3.013
Information needed to make Buying decision(7 point scale, Characterized by weighted
mean)
Size
6.79 Liter Capacity
5.88
Liter Capacity
4.54 No. of Compartments
6.15
No. of Compartments
6.59 organizer compartment
4.53
Organizer compartment
4.95 Side stash pockets
3.46
Side stash pockets
4.70 Presence of Rain Cover
5.23
Water resistance
Laptop Compatibility
5.48
6.86
Back Panel
Ergonomic shoulder straps
4.60
3.58
5.51
3.41
Back Panel
Ergonomic shoulder straps
Adjustable Shoulder straps
Presence of Wheels
Other Technical features
With S/M/L
With Liter Capacity
Both
Very Important
Important
Neutral
Less Important
Least Important
Importance of Design
38% Very Important
28% Important
8% Neutral
16% Less Important
10% Least Important
Legend
Approv
ed
With
Held
Rejecte
d
3.94
42.30%
10.25%
47.43%
Overall
41.40%
11.71%
46.87%
62.82%
37.18%
60.94%
39.06%
29.49%
43.59%
3.85%
8.97%
14.10%
32.81%
37.50%
5.47%
11.72%
12.50%
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Designs that entice customers into buying (5 point scale, Characterized by weighted mean)
Solids
4.52 Solids
4.41
Graphic Prints
4.79 Graphic Prints
4.27
Geometric Prints
4.55 Geometric Prints
4.29
Logo Printed/ Embroided
4.39 Logo Printed/ Embroided
4.14
Animal Print
2.94 Animal Print
3.10
Floral Print
3.21 Floral Print
3.03
Print Inspired by Travel
2.79 Print Inspired by Travel
2.85
Camouflage print
2.55 Camouflage print
2.55
Contrast Color detailing
3.91 Contrast Color detailing
3.41
I go for them
They earn my consideration
They never entice me
24.36%
35.90%
39.74%
25.78%
36.72%
37.50%
3.1 Recommendations
The surveys conducted, which predominantly had customers of group 18-22, revealed the
following:
1. Customers prefer to have inputs of both Size and Liter Capacity
2. Also, Organizer compartments are counted one among the major compartments when no.
of compartments is counted. This helps in keeping the no. of tabs down in the application
and thus customer experience is not affected.
3. Design of backpacks is also a very important factor influencing the purchase decision of
backpacks and four designs are found to be enticing to the customer namely, Solids,
Graphic prints, Geometric Prints and Logo Print/Embroided.
a. Contrast color detailing which may have not been among the most enticing
design, they facilitate better understanding into color combinations that sell. Thus
they can also be mapped in the future for better understanding and buying.
4. Meanwhile, Collections, which play a huge role in enticing customers in other fashion
product categories, do not attract attention in backpacks category. Yet, they can be
mapped for better Product/ Brand push in the future.
5. Information Required for making purchase decision:
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Liter Capacity
Organizer Compartment
Side Stash Pockets
Back Panel
Least Important
When the survey 1 with potential customers was conducted, weighted mean on the
information required revealed three sets of information that customers want. Very important
set is that whose weighted mean is 5.00 & above, Neutral set has weighted mean of 4.00 to
4.99 and Least Important set has weighted mean of 3.99 & below.
In order to make a decision on the Information in the neutral set, weighted means from
survey 2 of existing customers were taken into consideration. Survey 2 revealed that Liter
capacity is very important besides Size and Water resistance which is already existing and
No. of compartments and Rain cover deemed very important from survey 1.
Thus the following filters were recommended to be added:
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1.
2.
3.
4.
5.
6.
17
18
Chapter 4
Campaigns and Targeted Marketing
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20
21
Design
Solids
Prints
Logos
Total
PDP
ATC
Table 3 : Various counts, Sold quantities and Revenue for different designs of backpacks
Clicks
List View
PDP Count
ATC count
Qty Sold
ASP
Revenue
41231
41231
23274
1764
185
957
177045
102356
102356
68861
7623
643
1017
653931
24276
24276
13109
589
96
913
87648
167863
167863
105244
9976
924
962
918624
Product Description page
Add to Carts
Travel Fest as a whole brought revenues of 79 Lakhs on two campaign days on the portal.
Of the total sales, 47% of the sales were by the backpacks which amount to 37.13 Lakhs.
The suggested part of the layout Shop by design in backpacks yielded around 24% of
the backpack sales.
Out of the designs, prints are the better performing collections.
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these customers and they were timed around 16:30 hours because it is the phase of higher
activity for the category and also the portal as a whole.
Table 4: Top 10 customer segments for Backpacks
Region
Age Group
Gender
Affiliated Product category
Price Range
Delhi& NCR
18-22
Male
Casual Shoes
1500-2500
Mumbai
18-22
Male
Shirts
1500-2500
Bangalore
22-26
Male
T-shirts
1500-2500
Ernakulam
18-22
Male
Casual Shoes
1000-1500
Pune
22-26
Male
Shirts
1500-2500
Chennai
18-22
Male
Shirts
1000-1500
Thrissur
22-26
Male
Casual Shoes
LT 1000
Kolkatta
22-26
Male
T-Shirts
1000-1500
Hyderabad
18-22
Male
Casual shoes
1500-2500
(159719)
(146827)
Chandigarh
22-26
Male
Casual shoes
1500-2500
The Push and In-App notifications were sent to the above customer segments. A very
fragmented customer segment with as much exclusivity as possible was created in-order to
ensure that the probability of failure is reduced. At the organization, for accessories category
historically, Segments with many small mutually exclusive sets have yielded more ROI than a
segment with one huge set of customers.
Thus a minor risk was hedged when the customer segment is targeted. Generally, Push
Notifications come at cost while In- App doesnt. It was noted that an ROI of 3-4 is expected for
cost involved in push notifications. Thus to entice the customers, discounts upto 50% were
provided.
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ROI
0.04
2.6
415269.4
3.33058
($)
(Rs)
TC In Rs.
The ROI of the campaign was above 3 which is an acceptable limit. The campaign has
revealed that graphic prints are one among the major trends in backpacks. Also targeting the
segmented markets has proven to be successful which earlier was an untested domain.
4.3 Suggestions
The attributes/filters to be added are: Liter Capacity, No. of Compartment, and Rain
Cover besides Size, Laptop Compatibility and Water Resistance which exist already.
Design is one chief filter that is recommended considering the trend and future potential.
Similarly, Contrast Color Detailing and Collection can be captured now to facilitate
notifications for risk hedging segments can be explore more often than not.
With the success of cross marketing with Yatra, a long term deal with one travel service
vendor can be an option to push sales and also it leads to capturing new customers.
Besides Long term partner for travel season, Indian Geography by itself provides many
short travel seasons. This market can be capitalized by cross marketing with vendors who
are well known in this segment. Eg: June September is the season of Biking and
Trekking to Leh- Ladak, to target these enthusiasts, an alliance with Thrillophilia or any
biking club would benefit the category.
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Chapter 5
Conclusion
25
Chapter 7
Reference
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Annexure
(b) 22-26
(b) No
1. Rate the following the information that is required to make a purchase decision on
backpacks: (Rate from 1 to 7 with 7 being Very Important and 1being Least Important)
a) Size
b) Liter Capacity
c) No. of Compartments
d) Presence of organizer compartment
e) Presence of Side stash pockets
f) Water resistance
g) Laptop Compatibility
h) Presence of Rain Cover
i) Back Panel
j) Ergonomically designed shoulder straps
k) Adjustable Shoulder straps
l) Presence of Wheels
m) Information on other Technical features
2. Generally how do you refer the size of the backpacks?
(a) With S/M/L
(b) With Liter Capacity
(c) Both
3. Do you count organizer compartment as one among the major compartments?
(a) Yes, Count it in no. of compartments (b) No, Count it separately.
4. How Important a factor is design in your purchase decision?
(a) Very Important (b) Important (c) Neutral (d) Less Important (e) Least Important
5. If Design Is very important / Important for you, Rate the following designs that always
entice you while purchasing.(Rate from 1 to 5 with 5 being Very enticing and 1being
Least enticing)
(a) Solids
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(b) 22-26
(b) No
3
4
5
6
b) No. of Compartments
c) Presence of organizer compartment
d) Presence of Side stash pockets
e) Presence of Rain Cover
f) Back Panel
g) Ergonomically designed shoulder straps
h) Adjustable Shoulder straps
i) Information on other Technical features
Generally how do you refer the size of the backpacks?
(a) With S/M/L
(b) With Liter Capacity
(c) Both
Do you count organizer compartment as one among the major compartments?
(a) Yes, Count it in no. of compartments (b) No, Count it separately.
How Important a factor is design in your purchase decision?
(a) Very Important (b) Important (c) Neutral (d) Less Important (e) Least Important
If Design Is very important / Important for you, Rate the following designs that always
entice you while purchasing.(Rate from 1 to 5 with 5 being Very enticing and 1being
Least enticing)
(a) Solids
(b) Graphic Prints
(c) Geometric Prints Stripes, Checks and other
(d) Logo Printed/ Embroided
(e) Animal Print
(f) Floral Print
(g) Print Inspired by Travel
(h) Camouflage print
(i) Contrast Color detailing in Zipper, Straps, Panels, Pockets.
Do popular collections of well known brands entice you to buy?
(a) Yes, I go for them
(b) Not much, they earn my consideration
(c) No, They never entice me
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