Myntra wins India’s Most Admired & Valuable Power Brand Award 2016 at 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2016
Myntra’s Double Bonanza, ILC Power Brand Awards & Over 7000 Orders in a minute& over 3 million products with The fourth edition of Myntra’s End of Reason Sale (EORS)
Myntra received India’s Most Admired & Valuable Power Brand Award 2016 at 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2016
The leading e-commerce major “Myntra” achieved Milestones & Accolades in the first week of july where Myntra was declared winner in the top branding award category surpassing all leading e-commerce brands in a nation-wide competition that kept the nation voting for sixty days. Network 7 media Group, asia’s most analytical news media in mainstream segments announced the coveted recognition at a power packed gatherings which included who’s & who’s of india’s business establishments, fashion, jewellery,politics, social entrepreneurship, medicine & infrastructure. Over 350 influential leaders of the country congregated in mumbai on 1st July at the historic 7th annual award ceremony.Ms. Gunjan Soni, CMO & Head of International Brands, Myntra received the award in a glittering award night.Dr.Lalit S. Kanodia, the founder and Chairman of Datamatics Group of Companies & Mrs. Sandra Rajnikant Shroff of United Phosphorus Limited were the Chief Guest of the Program & felicitated the awards to Myntra. Myntra surprised the stage with a Delivery boy present with Gunjan to receive the award.
Accepting the recognition, Gunjan Soni said ” The award reflects the commitment of the entire family of Myntra to be a leader in the online space with cutting edge technology & be the trend-setter. We at Mantra do understand the aspirations of the growing customers & each day we experiment new strategies to meet the customer satisfaction, delivery deadlines, original & quality products significance & thrust. This award is the reflection of our continued service as a reliable partner of Indian masses”. Satya Brahma, Chairman & Editor-In-Chief of Network 7 Media Group said ” The rise of Myntra as a power Brand in indian online space will continue in coming years as the process technologies, recruitment staff selection, training, quality checking & periodic check of customer feedbacks are world-class & the award signifies Myntra’s growth as a Brand Leader in the indian online space”.
The Success at The fourth edition of Myntra’s End of Reason Sale (EORS)
The fashion e-tailer exceeded its target of achieving 20x the daily sales target, with actual performance at 23x.The two-day (July 2 and 3), heavily discounted sales format offering discounts ranging 30-80 per cent was an attempt by the e-tailer to attract offline shoppers who wait for End of Season sales which typically stretch 6-8 weeks. Myntra concluded the sales with over 3 million products ordered by discount-happy shoppers, attracting an unprecedented 37 million visits and a high 30-per cent share of first-time buyers. The company claims to have processed about 7,000 orders per minute at peak during the two-day sale.
Myntra is India’s leading e-commerce platform for fashion and lifestyle products. A one-stop destination for trendy apparel, footwear and accessories, the company has partnered with over 2000 leading brands to offer shoppers from the latest in fashion and lifestyle wear. Myntra’s mobile platform transforms the way customers shop for fashion online, by capturing user’s lifestyle & context in a unique manner and making it more personalized and social. It connects fashion lovers with their favorite brands, celebrities and influencers of similar taste and engages them with the latest in fashion content, new trends and collections. In addition to popularising trends in the urban market, the brand has also witnessed an enthusiastic reception from Tier II and III cities who have limited access to fashionable brands and account for around 60% of its business. With the mission to help people look good, Myntra works on constantly expanding its reach and improvising its offerings to cater to the needs of Indian shoppers. Few of its offerings include the most extensive in-season product catalogue, 100% authentic products, Cash on Delivery and a 30 day Exchange / Return policy, making Myntra the most preferred shopping destination in the country.
Myntra has been constantly working towards enhancing customers shopping experience at every level of contact. Here are few initiatives and developments that took place in the last 12 months which has impeccably enhanced the customer experience, making Myntra a popular destination to shop online.
Effective Technology Application to enable ‘Social & personalized shopping’
Myntra has been on the forefront of technology application and innovation and continues to invest heavily in this aspect. To build a personalised shopping mobile experience, Myntra launched features such as ‘Style Forum’, ‘Profiles’, ‘Shots’, ‘Fashion Feed’ among others.
‘Style Forum’ brings shoppers closer to the real world experience of asking for the opinion of their friends or help from style experts. ‘Fashion Feed ‘ on the landing page provides users fresh content every time they open the app and also allows them to follow conversations of particular interests or follow friends for regular updates. ‘Profiles’ allow brands and fashion influencers to create their own presence and showcase collections. Another feature, ‘Shots’ allows shoppers to share their style statements by posting pictures of outfits, selfies, shoes, accessories, makeup & more from their phone gallery or camera and also tag Myntra products to it.
All technology products and applications have been built in house by a team of qualified engineers.
Deep Relationships with brands to bring best shopping experience at great price
Myntra has been steadily growing its base with more and more national and international brands partnering to offer their products. The company currently commands of over 2000 brands and 2,30,000 styles to offer its customers. Myntra has also strengthened its international brand segment, allowing consumers to experience the latest in fashion globally, in India by offering over 25 reputed international brands, with most of them being exclusively retailed at Myntra.The ‘Myntra Annual Brand Meet’ held last year hosted over 800 brands to discuss how technology will build and transform the future of fashion. Every year this platform helps Myntra & its brand partners address the changing customer needs, supply chain highways & new innovations in technology in order to create new shopping experiences for customers.
Myntra has a winning non-hierarchical culture that encourages ideas and innovations to flow smoothly within the organisation.
The company continues to roll out benefits & progressive HR initiatives aimed at making the company a great workplace for employees, especially during important life events. For instance a six month paid maternity and paternity leave besides providing an Adoption Assistance. Platforms such as hack nights and coffee corner sessions encourage employees to ideate and share out of the box ideas to grow the business and enhance customer experience.
Myntra has built one of the most fashionable offices in India. The two buildings have been designed as an ode to the World of Fashion to inspire creativity among employees.
Recognized as a Power Brand for its customer centric approach
Myntra is today recognized as a customer obsessed power brand among its consumers, with the brand recall at 90%. This can be attributed to a superior customer experience on the back of most progressive and innovative marketing campaigns. Over the last year, various campaigns such as Roadster’s ‘The Road is Waiting’ & ‘Pocketman’ which revolves around outdoor companion for the young have won many awards including Bronze at Effies. Even Anouk’s ‘Bold is Beautiful’ series which presented the four facets of choices in the lives of the modern Indian women was awarded ‘E-Commerce Disruptor of the Year’ by Bloomberg TV, ‘The Abby’s’ in Gender sensitive category, among others.
Last year, Myntra launched a fashion brand ‘Moda Rapido’ powered by artificial intelligence. The brand helps consumers discover products according to the fashion trends and their particular tastes in style. To overcome sizing solutions, the company launched Shape ID guide ‘Shop by Shape’ solution through which customers are sure to find the best apparel to suit their body type along with the comfort of a Myntra style advisor offering suggestions based on their Shape ID. Myntra is aggressively focused on enhancing customer experience and achieved a 95% score for perfect order fulfillment which meant orders delivered on time to the right place, with the right product in the right condition on time. The company also received a 90% score for unaided recall of brand.
India Leadership Conclave 2016 Jury posed the questions to team Myntra & here are the answers.
The Question :
Describe the career highlights & top moments?
The Answer :
Myntra has witnessed a series of revolutionary events and achievements since its birth in 2007 as an online B2B product personalization platform. Later in 2008 – 2011, Myntra received series A,B, & C funding from IDG, Tiger and Accel Partners. In 2011, Myntra established its logistics arm, achieved over 1Mn registered users and crossed launch of over 150 brands and became the largest online retailer of fashion & lifestyle products in India in 2012. Starting 2012, Myntra launched in-house brands Roadster, Dressberry, Kook n Keech, HRX and others. In 2013, Myntra became the first eCommerce Platform to Launch ‘Product Exchange’ which till today has provided great convenience to consumers. In early 2014, Myntra raised funds from PremjiInvest and by May, Myntra and Flipkart merged to form 50% of market share in online fashion and both Myntra & Flipkart continue to operate independently.
In 2015, Myntra transitioned to mobile only platform and by mid-July, the company appointed Ananth Narayanan as its CEO. In late 2015, Myntra launched few more in-house brands including ‘All About You’ by Deepika Padukone. Through all these years, Myntra has been growing tremendously and is currently doubling in revenues each year and on course to become a billion dollar company by 2017.The company also had few top level executives such as Ananth Narayanan (CEO), Gunjan Soni (CMO & Head of Intl’ Brands), Ambarish Kenghe (Head of Product), Ananya Tripathi (Head of Strategy & Planning) join during last year.
The Question :
What are the unique differentiators of this Nomination that would merit this category to be considered for an award?
The Answer :
Myntra has been focused on building a brand that clearly differentiates it from the rest. As mentioned above, the brand’s key differentiator is being the largest and leading fashion etailer in India, offering consumers a curated collection of over 2.3L products from the best of fashionable brands.
A customer centric company, Myntra is focused on enhancing its online shopping experience at every touch point. The company’s NPS score stands as a testimony to the brand’s loyal customer relationships. Also brand’s impeccable quality of service, customer care teams and friendly exchange and returns policy makes it a popular destination for shoppers to shop online.
Another key differentiator is Myntra’s innovative and disruptive technology. As fashion is a very personal experience, Myntra constantly works towards transforming fashion shopping into a social and personalized experience and connecting fashion lovers with influencers, brands, celebrities and people of similar taste. The company has been at the forefront of technology application and innovation and will continue to invest heavily in this aspect.
Last but not least, Myntra’s winning culture has been the driving force behind company’s phenomenal growth & success. A company’s culture can have a powerful impact on its performance. Myntra’s culture provides employees opportunities to experiment and innovate, world-class infrastructure and engagement initiatives, work-life balance – creating one of the best workplaces for work & fun. It’s the company’s culture that binds employees together and it’s the hardest thing for others to copy.
The Question :
What is your Vision & where you want to see yourself in the year 2016?
The Answer :
Myntra’s vision is to be the largest fashion & lifestyle destination, helping 50 million Indians ‘Look Good’ by 2020. The company aims to achieve its vision by offering customers with best of fashion & lifestyle from Indian and International brands, the best-in-industry customer service and build a community for consumers to engage on daily fashion choices and moments.
In the year 2016-2017, Myntra will achieve the following aspirations
- 20 mn engaged users on the Myntra platform
- Highest Net Promoter Score (NPS) in the industry. NPS is an index that measures customer’s overall satisfaction with a company’s product/service and customer’s loyalty to the brand.
- Highest Top of Mind recall with the consumer in online fashion segment
- GMV(Gross Merchandise Value) run rate of USD 1 bn and on track to be profitable in next 18 months