Marketing Mix of Myntra tells the 4ps (Product, Price, Place, and Promotion) of the best E-commerce and fashion portals in India- Myntra!
The company was founded in 2007, and its founders were the Indian Institute of Technology alumni. Myntra.com is an Indian company that merged with another e-commerce giant- Flipkart, in 2014 to battle against their rivals.
Myntra’s marketing mix approach aids the company in establishing a competitive market position and achieving its business goals and objectives.
Let’s start with the Marketing Mix of Myntra to learn more about their product, price, promotion, and distribution approaches.
Product in the Marketing Mix of Myntra
Myntra is an online retailer that offers branded garments and products through its website and mobile apps. What began as a platform for customizing gift products has evolved into an e-commerce fashion destination with over 2000 foreign and domestic brands in its portfolio.
As a part of its Myntra Marketing Mix, the company provides a platform for buyers and merchants. Myntra also offers a number of other online shopping options, such as free home delivery, quick exchange and returns, and cash on delivery.
Myntra also sells a variety of products under its label. With brands like Roadster in jeans and casual clothing, Anouk in women’s ethnic wear, and Dressberry in women’s western wear, the firm is bringing fashion to the masses at an inexpensive price, meeting its primary service offer of “Convenient shopping experience at an affordable price.”
Myntra also works with celebrities to create fashion brands that are inspired by them, such as Deepika Padukone’s All About You for women’s ethnic and western clothing, and Hritik Roshan’s HRX for athletics.
Price in the Marketing Mix of Myntra
Myntra operates in a very competitive environment, thus it places a premium on low prices. Even though Myntra sells branded items, it operates on a substantially reduced-price basis. Discounting is done to attract more customers and build a loyal following. Myntra also hosts shopping festivals called End of Reason Sales, during which product prices are reduced by 60-80%.
Myntra is one of the most well-known fashion businesses on the web. Accel Partners, NEA-IndoUS Ventures, and IDG Ventures are among its investors. Myntra’s target customers are fashion-conscious internet shoppers and those of the middle class. It is up against strong competition from several companies, prompting the establishment of a competitive pricing strategy.
To attract clients and grow its market share, Myntra has always kept product pricing reasonable and affordable. It has also implemented a promotional strategy, offering a variety of incentives to entice people to visit its portal.
Place in the Marketing Mix of Myntra
Myntra is an Indian company with almost 9,000 outlets around the country. Bengaluru, Karnataka, is the company’s headquarters, with regional offices in Mumbai, New Delhi, and Chennai.
The organization understands the significance of smooth logistics, which may make or break an e-commerce platform. As a result, Myntra.com has chosen to use the Hybrid-Logistic approach, which will help them acquire awareness and expand their reach.
Customers make purchasing decisions after interacting with the app or website on Myntra. Each product’s specifics are listed in a well-organized catalog that is simple to navigate. An order is placed once the consumer makes a decision and pays online.
After the order is processed, Myntra logistics locates the nearest warehouse to the customer, and the goods are packaged and shipped to the customer. Customers can even pay cash at the time of delivery. Myntra has just begun to employ geo-tagging technology to find and access the stocks of ten of its partner brands’ warehouses.
Promotion in the Marketing Mix of Myntra
In its Myntra marketing mix, it employs both traditional and digital media in its promotional operations. It has leveraged traditional channels uniquely and successfully, from full-page End of Reason Sale advertising in newspapers to celebrities conducting their Diwali shopping on Myntra in TV commercials.
On the digital front, the brand leaves no stone untouched, employing new-edge technology like AdSense to provide consumers with personalized marketing. Social media channels such as Instagram,
Facebook, Twitter, and Pinterest are critical components of Myntra’s marketing strategy.
Myntra understands the importance of celebrity, and its collaborations with celebrities such as Kangana Ranaut, Lisa Haydon, Hrithik Roshan, and Ranveer Singh have aided in the creation of favorable brand visibility in the consumer market.
Aside from that, the brand constantly launches new promotional deals on its website. Customers are given promotional emails and updated about unique Myntra deals via customized in-app alerts.
I hope you have gathered all the vital information about the Marketing Mix of Myntra and the 4 P’s of Myntra. Stay tuned for more Marketing Mix Articles.