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Digital Marketing Strategy for Myntra - Assignment

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Assignment for Certificate Program - Digital Marketing: Customer Engagement, Social Media, Planning & Analytics by Columbia Business School Executive Education and Emeritus Institute of Management.

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Digital Marketing Strategy for Myntra - Assignment

  1. 1. Individual Assignment Innovative marketing initiative using the Connect strategy; for a real company in the fashion industry - By Shrishti Gupta
  2. 2. fashion e-commerce in India – market study 1999 2005 2007 2008 2010 2011 2012 2013 2014 2016 2020 2015 2017 Indiatimes shopping Rediff shopping ebay.in Flipkart.com Infibeam Future bazaar Shoppers stop govasool Snapdeal.com Tradus Yebhi Yepme Firstcry Babyoye Fashion&you grabmore Shopclues.com Zivame.com Homestop 18 Craftsvilla.com Bestylish.com Zovi.com Edabba.com Mirraw.com Indiarush.com Jabong.com Junglee.com Fashionara.com Koovs.com StalkBuyLove.com Limeroad.com Amazon sites Clovia.com voonik.com Ajio.com Forever21.in Flipkart acquires brand Myntra for INR 2000 Cr. Flyrobe.com Abof.com Amazon Fashion Myntra buys majority stake inHRX Myntra acquires Jabong in $70 Mn discount dealMyntra.com Online fashion portals account for 4-5% of the total fashion market, comparable to sales from department stores put together. Fashion e-commerce in India is expected to multiply nearly 4 times to $12-14 Bn. Growing to ~12% of the market share Online fashion industry in India totalled $3 Bn. Snapshot of the fashion e-commerce industry in India  A joint study by BCG India & Facebook India confirms that by 2020, most people will shop for fashion online: almost 30% of new shoppers expected to buy apparel & footwear. Source: BCG Report 2017 #DigitalErra Report 2016
  3. 3. fashion e-commerce in India – market trends 2016 2020 (P) Total Indian fashion market In USD Bn 68 – 70 100 – 116 3.5 14 Total online fashion market In USD Bn Online fashion market, comparable to sales from department stores put together, will increase to 11- 12% by 2020, multiplying nearly 4x to $12-14 Bn.  E-commerce platforms such as Flipkart & Amazon have diversified into fashion category to increase its product offerings online.  Recent acceptance & expansion of niche online fashion platforms such as redpolka.com, craftsvilla.com, zivame.com  Offline apparel majors such as Tata, Reliance, Arvind Mills, Raymond and Aditya Birla Group are going online to expand market share The growth of online fashion retail  More than 30% of the total online commerce revenues comprises of apparels market; fashion category falls under top 3 purchases online  Limited penetration of branded brick and mortar stores among non urban consumers is increasing the demand for online retailing  Fashion retail businesses are spending increasingly to stay relevant to its TG via e-commerce Source: BCG Report 2017 #DigitalErra Report 2016
  4. 4. fashion e-commerce in India – market distribution Top Players New Entrants Fashion Accessories 40% Footwear 9% Apparel 47% Lingerie 4% The online Indian Fashion catalogue is dominated by Apparel (47%) Market Players NEW IN MEN WOMEN SEASONAL KIDS SPORTS LINGERIE Top Categories Unique Categories Keywords  Following Myntra's takeover of Jabong, Flipkart now controls ~70%of total online fashion market in India  Myntra & Jabong are expected to collectively receive about 15 Mn visitors every month; offering ~60-70% share of the branded apparel market online Source: BCG Report 2017, #DigitalErra, Economic Times, Business Standard
  5. 5. fashion industry – myntra.com Snapshot of brand: myntra.com Myntra is an Indian fashion e-commerce marketplace company headquartered in Bengaluru, India.  2007: The company was founded by IIT graduates with a focus on personalisation of gift items. It mainly operated on the B2B model allowing customers to personalize products such as T-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles.  2010: Myntra shifted its focus to the online retailing of branded apparel.  2011: It expanded its catalogue to include fashion and lifestyle products. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands.  2012: Myntra offered products from 350 Indian and International brands. It also saw the launch of Fastrack watches and of Being Human, the brand.  2014: In May, Myntra.com merged with Flipkart to compete against Amazon which entered the Indian market in June 2013, in an estimated deal of INR 2,000 crore (US$310 million).  2014: Myntra's portfolio included about 1,50,000 products of over 1000 brands ranging from international brands to designer brands and distribution area of around 9000 pincodes in India.  2015: In May, Myntra moved on to app-only business model wherein customers can only buy and transact in their site through smartphones. The move came after the site claimed that 95% of Internet traffic on their site came mobile and 70% sales were generated through smartphones.  2016: However, the company retracted its app-only model in an attempt to win back lost customers since the move to app-only strategy generated mixed reviews and saw 10% dip in sales. Source: Wikipedia, Myntra.com, Business Standard
  6. 6. myntra.com – business objective digital presence across channels ~ 49K subscribers ~ 61 Mn total video views ~ 3.6 Mn followers & likes ~ 2.5K followers > 10 Mn app downloads ~ 400K followers ~ 132K followers ~ 18 Mn Unique Visitors Myntra.com has a strong digital presence; yet it needs an omni-channel strategy to stay relevant & connected with its customers  ~ 50% purchases in fashion catalog of myntra.com is Apparel category  ~ 38% Apparel catalog is mostly dominated with Ethnic wear category  ~ 58% Fashion Accessories sub category is dominated by Jewellery items across the myntra catalog Increase sales of branded clothing & fashion accessories across categories Increase customer interaction with brands for both men & women users Increase average spending per customer by encouraging advocacy & connect strategy Source: Business Standard, multiple 1 2 3
  7. 7. myntra.com – core & advocate TG Core TG  Men & Women | Age 18 – 45 years | Residing in urban & metro cities | Online shoppers  Digital savvy users | Explorers | Spend time researching online before making a purchase  Financially independent | Increased spending power | Cash-on-delivery, payment wallet users  Customers who like to stay updated about the latest trends in fashion & industry  Brand lovers | Trend setters | Prefer different styles for different occasions Advocate TG  Bloggers & Vloggers who write about fashion  Page 3 & local fashion stylists who innovate newer styles & trends  Celebrities & influencers who endorse brands
  8. 8. myntra.com – digital innovation strategy Offer users to connect with one another on myntra.com and on its social media sites - encourage users to create fashion collages across brands, blog & vlog on styles, trends & tips and offer content to follow users, comment, like, & share Allow users to collaborate to make a fashion community, offer stylist hotline & other user-generated services to grow interactions with brands Know customer lifetime value to modify fashion products & tips & services offerings at every step in order to ensure the repeat customer activity Create relevant content across traditional, digital & social media platforms to target the different customers segments in their micro-moments With a user-friendly mobile app & 24X7 online & offline services – being accessible is key to ensuring myntra.com is the #1 destination for online fashion e-tailing Engage Customize Connect Collaborate Access
  9. 9. myntra.com – connect innovation strategy Connect Strategies Branded Fashion Collage Forum Gamification: Virtual Trial Room Value Add: Stylist Hotline Blogs, Vlogs & Fashion Reviews Customer Conversations 1 2 3 4 5 Offer virtual platform for users to try on branded apparels & accessories best fit for their size & style Offer forum to allow users to share fashion ideas: 360* collage of branded clothing & accessory for different looks Offer expert & user driven stylist hotline (online chat & offline on-call) to allow users to get the right tips & advice Extend users to not only review or rate products but also submit their blog, vlog & upload their own styling videos Tap TG across all social media and digital platforms – right in middle of their fashion & brand related conversations
  10. 10. myntra.com – strategies to connect users & drive sales (1) Create a forum that will allow myntra users to generate fashion collages of their favorite branded apparels and accessories – to create the perfect look for an occasion/ theme #hiking #skinnyjeans Allow users to follow one another & like, comment and share looks on their myntra homepage Most popular & voted look of the day/ week – will be bundled and offered on discount to users Users who have purchased the look, can contribute their personalized styled photos, blogs, vlogs & fashion videos
  11. 11. myntra.com – strategies to connect users & drive sales (2) Create a virtual trial room where users can try branded apparels and accessories as per their size & style in real time & make purchases Allow users to upload their existing pictures from gallery or real time pictures via webcam Virtually the users can test their apparel/ accessory size chart to thereby access recommendations Using analytics by past user searches and other user data, myntra to offer customized recommendations in the virtual trial room Myntra to offer user the possibility to connect with experts and other users on fashion hotline to get better suggestions on the products & brands before they make a purchase
  12. 12. myntra.com – strategies to connect users & drive sales (3) Design a customer centric omni-channel strategy to stay accessible and relevant to the customers at all stages of the digital journey with myntra.com Tap users in their fashion conversations and engage them with the brand leading them to make a purchase on myntra.com Offer customized recommendations at every step to stay relevant to the TG Engage with fashion influencers, celebrities & other experts in the fashion industry to enhance users engagement and connect on the platform Encourage users to collaborate and generate new product & service ideas for myntra.com Listen and learn at every step of the customer’s digital journey to make the most of the interactions with the brand
  13. 13. Support for Innovation Success (1/2) Myntra Team  Products & Innovation Team  Tech + UI/UX Team  Business Dev. Team  Social Media Managers  Customer Acquisition Strategy & Sales Team  & Marketing & Brands Team Customer Networks  Myntra Users  TG who are exploring fashion online  Online users who advocate fashion To look out of the organization & tap newer ideas & innovations for the brand To gather customer insights around online shopping behavior To create forums to allow users to connect & collaborate with each other To design strategies to keep the users engaged with the brand, staying above the defined targets To tap customers & their conversations on social & digital media To define targets & metrics, brand value & execute the marketing campaign To study the current and future market landscape and define business goals To encourage them to blog, vlog or upload their fashion styles to advocate the brands & products To engage them to create fashion styles & collages & connect-follow with other users socially To pick up fashion recommendations for users for better purchase experience
  14. 14. Support for Innovation Success (2/2) Strategic Partners  Branded & stylish fashion product companies  Fashion influencers & Advisors  Partner with TG focused online brands & services  Data analytic companies such as Custora and SaaS  Service agencies such as advertising To increase the product offerings to cater to larger TG and styles & tastes, thereby pushing more products & services To drive cross promotional selling within the same TG with attractive cross- branded discounts & privileges To support the fashion hotline service & promote wide range of brands To gather insights around customer behavior & predictions; strategize & roll out customized offerings for each TG segment To execute customer centric marketing strategies for the brand myntra.com
  15. 15. myntra.com – mapping success  Purchases made via fashion forums & vlogs As the user passes through each step of the marketing funnel, connect strategies will help identify the success of the campaign As myntra.com offers users to connect and collaborate with one another and the several branded apparels and accessories on the platform – drive lead generation to measure the conversion rate of this strategy to map the success of the digital campaign.  Followers, Views & Votes Mapping user engagement and interaction along the connect strategies, such as vote for fashion collages and looks created, video views, or likes-shares-comments on the myntra website community and social media online will help measure the brand’s value.  Purchase of stylish looks – bundled offers Realizing the Q-o-Q increase in the number of looks purchased, and number of existing accounts creating the new looks & following othet users online will directly identify the success of the campaign.  Repeat Purchase of Products Analyzing the average number of bouquet services purchased by each customer, average increase in spending online, increasing spends of partnering services will help in identifying the customer’s lifetime value & average customer retention time span. With these successes, myntra.com can not only increase its consumer base, enhance product advocacy, increase sales of branded apparels and accessories, but also increase its market share to fight competition & become the market leader…
  16. 16. Thank you… - Shrishti Gupta

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