Through smart strategies and innovative approaches, Myntra is a leader in the Indian online fashion market. Let's see how Myntra succeeds in this area of tough competition
Strategies for success
- Exclusive Brands and Private Labels: Myntra's in-house brands like Roadster, Mast & Harbour and Moda Rapido offer unique styles as well as more.
- Tech-Driven Shopping Experience: Features like M-Express enable delivery within 24-48 hours, and the mobile-optimized app ensures a smooth shopping experience.
- Diverse Catalog & Partnership: Myntra offers all categories of products, from premium international brands to budget-friendly local brands. It has also established a partnership with the Ministry of Textiles to promote handloom products.
The competition
Even as top fashion brands like Amazon, Ajio, Nykaa Fashion, Urbanic and others are giving a big challenge to D2C brands, Myntra continues to lead with 35-45% market share and over 50 million active users.
Income and expenditure
In the financial year 2023, Myntra earned a revenue of Rs 4,500 crore, but suffered a loss of Rs 782 crore that year itself. Myntra earns revenue through transaction fees, private labels, advertising, logistics and consultancy services.
Major expenses
- Product - ₹2,165 Cr
- Advertisement - ₹1,758 Cr
- Employee expenses - Rs 631 crore
Evaluating activities
Myntra tracks and analyses their records through Gross Merchandise Value (GMV), Customer Acquisition Cost (CAC), Repeat Purchase Rate, Average Order Value (AOV) and Net Promoter Score (NPS).
Opportunities and Risks
The growing competition from Ajio and Nykaa Fashion is a tough challenge for Myntra. However, Myntra is moving ahead by facing market challenges and leveraging new opportunities through strong brand, tech-driven strategies and customer focus. When the company pays more attention to this with the increase in revenue through Quick Commerce using M-Express delivery. Apart from this, environment-conscious customers are also benefiting from Myntra.
