RPC cr recone ern e cree eae cise) Pare ere AIEEE aa ote ewer Se Sse Rae etd TROON a CRs eh. s mute nea YOR MYNTRA ANDITS IMPACT O N LOCAL RETAILERS" preroue Re ceed Pam) SP a CATE Ss) Poss yea Ba erin PR SALIL POURS am SCN BAS LW Lb NAGINDAS KHANDWALA COLLEGE, AUTONOMOUS ACEDEMIC YEAR STABLESNAGINDAS KHANDWALA COLLEGE OF SCIENCE, COMMERECE, ARTS AND MANAGEMENT STUDIES, MALAD(WEST), MUMBAI-400064 PROJECT REPORT ON: “STUDY ON GROWING DEMAND FOR MYNTRA AND ITS IMPACT ON LOCAL RETAILERS” SUBMITTED B' ROOPALI BHANUSHAL | ROLL NO: 5005 T.Y.B.M.S (MARKETING) SEMESTER VI PROGECT GUIDE: SUBMITTED TO, NAGINDAS KHANDWALA COLLEGE, AUTONOMOUS, ACEDEMIC YEAR 2020-2021Exeeutive Summary ‘As the world is becoming digitalized day by day, everything is moving and shifting towards online mode. Study from last 5 years shows that consumer preference for shopping is changing from offline to online mode because of perks and benefits given by online websites. Quantum of commercialism on online shopping is ever expanding because of changes in lifestyle of consumers. In most of the families each men and women are working. Hence, they feel it’s convenient to shop for product through online portals. Further, online shopping portals provides a facility to compare wide alternatives of product on one click also discounts and coupons provided by brands attract consumer to shop on their portal Bu this online shopping platform such as Myntra has badly affected local retailers since past few ‘years especially from last one year from when the covid-19 arose. lockdown has impacted a lot of things many shopkeepers had to shut their shop because of high rent and no revenue. People had fear of covid-19 spread, so they were not going out for shopping and were ordering things online with no contact delivery without any hesitation or with the fear of getting infected, payment was also done by UPI or with cards. Grocery shopkeepers were not affected at all so ‘who had losses in their business thought to change their business to grocery shop. As there was no rotation of money the wholesaler or the supplier would not supply the new stock of new orders without getting payment of old delivery and shop keepers had no income to payoff and rectify the old bills All tis is affecting the local retailer as online platforms like Myntra is giving very tough competition to them. To cope up with such hazard offline retailers need to develop some strategy so that they can survive in this current tough world if competitionNagindas khandwala college of commerce, Arts and Management studies Malad west Certificate This isto certify that Ms. Rogpali Liladhar Bhanushali has worked and duly completed her project work for the degree of Bachelor of Management Studies under the faculty of commerce and her project is entitled “A Study On Growing Demand For Myntra And Its Impact On Local Retailers” under my supervision | further certify that the entire work has been done by the learner under my guidance and that no part has been submitted previously for any Degree or Diploma of any University Prof. Sheetal Desai (Project Guide) tis her own work and facts reported by her personal findings and investigations Date of submission: 29 March, 2021 we IPAL {AGINDAS AMANDVALA COLLEGE OF COMMERCE 1S WVAGEMENT STUDIES AND SHANTABEN INAGINDKS KHENDWALA COLLEGE OF SCIENCE ‘MALAD (W), MUMB-400 084,Declaration by learner. 1, the undersigned Miss Roopali Bhanushali hereby declare that the work embodied in this project work titled “A Study On Growing Demand For Myntra And Its Impact On Local Reiailers” forms my own contribute to the research work carried out under the guidance of Mrs. Sheetal Desai, isa result of my own research work and has not been previously submitted by any other university for any other degree to this or any university ‘Whatever references has been made to previous work of others, it has been clearly indicated as such and included in the bibliography I, here by further declare that all information of this document has been obtained and presented in accordance with academic rules and ethical conduct usd ail \ Roopali Bhaushali Certified by Professor Sheetal Desai (Project Guide)Acknowledgement To list who all have helped me is difficult because they are se numerous and the depth is so enormous would like to acknowledge the following as being idealistic channel and fresh dimensions in the completion of this project I take this opportunity to thank the University Of Mumbai and Nagindas khandwala college of Commerce, Science, Arts, and Management for giving me such chance to do this project I would like to thank my Principal, Dr. Mrs. Ancy Jose ma'am for providing the necessary facilities required for completion of this project I would like to thank my Vice Principle Dr. Mona Mehta for providing the necessary facilities required for completion of my project work I take this opportunity to thank our Coordinator, Prof. Gargi Dubey for her moral support and guidance would also like to express my sincere gratitude toward my Project Guide Prof. Sheetal Desai whose guidance and care made the project successful I would like to thank my college library, for having provided various reference books and ‘magazines related to my project Lastly, I would like to thank each and every person who directly or indirectly helped ine in completion of project especially my parents and peers who supported me throughout my projectIndex Chapter uo.] Sub Title Page chapter number uo. Exeeutive snmmary 2 Certificate 3 Declaration 4 ‘Ackuowledgement 5 1 INTRODUCTION 8 11 Visiou ,missiou and objectives 10 12 Marketing mix of Myntra i 13 ‘Marketing strategies of Myntra 14 14 Locai retail marketing 17 2 RESEARCH METHODOLOGY 21 24 Definitiou of sampliug aud sample size 22 22 Research topic, hypothesis , objectives 23 3 LITERATURE REVIEW m4 31 Tonrnal article 25 32 SWOT Aualysis 27 33 PEST Aualysis 29 34 Impaet of ouline shoppiug on retail stores 30 35 Story of retailers espeeially during covid-19 | 31 3.6 Case of Saroji 33 3.7 | Other reasons in decilue of offiiue retail store | 34 38 Impact of onliue shoppiug ou economy 36Chapterno | Snb Title Page no chapter no 4 DATA ANALYSIS 41 ‘Survey and data auaiysis 38 42 Data interpretation 46 5 FINDINGS, SUGGESTIONS & CONCLUSION 51 Findings 33 52 Suggestions 53 53 Conclusion 34 Refereuees 35 ANNEXURE 36Chapter 1 Introductiou MYATVA India's Largest Ontine Fashion Store Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Kamataka, India. The company was founded in 2007 to sell personalized gift items. The company was established by Mukesh Bansal along with Ashutosh Lawania and Vinit Saxena. They opened the first e-commerce B2B fashion store in India. Initially, they worked on the B2B platform. Myntra was a one stop solution for personalized gift items with products like T-Shirts, Mouse Pads, Mugs, and other general products tll 2010. In 2011, Myntra decided to divert from personalized products to lifestyle segment, This is the year when they launched brands like Being Human and FastTrack Watches on their platform. It marked their rigid stand in the fashion world on the online platform. In 2012, it recorded to offer fashion elements from 350 brands, from India and was the first to get International brands on a large scale. 2014 remained the year of transformation for them, as Flipkart took over their company. It recorded a total coverage of 9000 pin codes in India, with 1000 brands as their working partner: In 2015, it recorded to include 150000 products in their online portfolio. ‘Change is inevitable and Myntra’s steady success remained in the market, for their acceptance of this change. In the year 2015, they moved on to the app mode for mobile users. With an initial research and survey, they found out 90 percent of users are using the mobile platform, Myntra came up to the decision and applied the same to get immense success. 2015 is also the year when Myntra acquired a Bangalore based Mobile App firm ~ NativeS. ‘This acquisition expanded their cline presence to a greater level, in the Indian market. In 2016 Myntra acquired its rival fashion platform, Jabong.com and established their supremacy in the online fashion world of India. 2017 is another year when Myntra proved its presence in the market by partnering itself with Ministry of Textiles, With this partnership, they started to promote handioom industry over the online platform in India,It changed its platform from B2B to B2C at the right time, when the expansion was knocking at their door. They opened up the windows to the government for making a partnership, to giant e- commerce platforms like Flipkart. They actually offered fora merger and even to hundreds of brands to increase their gallery size. In one word, they proved themselves as the leader of the e-commerce fashion world in the Indian market. Myntra is a perfect example for all companies with their clear message. They could make them realize that well-knitted strategy and flexibility in approach can easily transform a company to Monopoly.Chapter 1.1 n Goals & Objectives of Myntra Vision: To make the world a more stylish, colorful and happier place. Mission: Use technology to democratize fashion & lifestyle and help people look good. Goals and objectives: For any company the prime aim is to satisfy their customer with intense servicing. Offer defect free products, error free delivery and give them the best known fashion and lifestyle brands around India at easeChapter 1.2 Marketing mix of Myntra scott MARKETING MIX ae ath Oy Marketing Mix of Myntra analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Myntra marketing strategy. There are several marketing strategies like product/service innovation, marketing investment, customer experience ete, which have helped the brand grow Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies, Myntra Product Strategy: TOP CATEGORIES Ve 9 ‘The product strategy and mix in Myntra marketing strategy can be explained as follows: Myntra is an ontine retailer of branded apparel and products which sells online through its website and apps, What started off as a platform for personalization of gift items, today has grown into an e-commerce fashion stop with more than 2000 international and domestic brands ‘on its product catalogue. Myntra as a product offering in its marketing mix offers a platform forbuyers and sellers. Myntra also provides various add-on online shopping services like free home delivery, easy exchange and returns and cash on delivery. Myntra has recently launched a new service wherein the user can try clothes before buying them, Apart from providing e-tailing services and selling products for other brands online, Myntra also has a varied line of in-house branded products. With brands like Roadster in jeans and casual wear, Anouk in women ethnic ‘wear and Dressberry in women western wear segment, the company is making fashion accessible {0 youth at affordable prices and fulfilling its key service proposition of “Convenient shopping ‘experience at an affordable price”. Myntra also collaborates with celebrities to come up with fashion labels inspired by them, for e.g. Deepika Padukone’s All About You in women ethnic and western wear and Hritik Roshan’s HRX in sportswear. Myutra Price/Pricing Strategy: 20" - 24 DEC 5 Oy PE 50 - 80% OFI ‘Mynta is present in an extremely competitive environment and hence has focuses on ‘competitive pricing. Although Myntra sells branded products, it follows a heavily discounted pricing model. The discounting is done to attract more customers and create a loyal user base. Mynira also organizes shopping festivals named End of Reason Sales in which goods are sold at 60-80% discounted price. This discounted model has been augmented by tech-led pricing in recent years using Myntra’s in-house software and algorithms. This pricing model dynamically prices the products based on various data from the usage pattem and search history of customer and hence, is known as dynamic pricing model, The pricing of in-house labels is done competitively, still it costs the consumer around 20-25% cheaper. Moreover, Myntra Original brands give a margin of 60% to the company, as compared to 35-40% offered by third party brands Myntra Place & Distribution Strategy:‘Myntra is an online marketplace, so the customers make buying decisions after interaction with the app or website, Every detail of each product is mentioned in a structured catalogue which is ‘easily accessible to the user. Once the customer decides and pays online, an order is placed. The ‘order processing starts and the nearest warehouse to the customer is located, after which the product is packed and dispatched to the customer via Myntra logistics, Customers can even opt to pay cash on delivery. Myntra has recently started using geo-tagging technology so that it can locate and access the inventories of 10 of its partner brands from their warehouses. Myntra is planning to reduce both shipping cost and time by using this technology and dispatch products to customers from the nearest possible location. ‘Myntra Promotion & Advertising Strategy: ‘The promotional and advertising strategy in the Myntra marketing strategy is as follows: Myntra uses both traditional and digital medial to promote itself in its promotional activities in its marketing mix. From full page End of Reason Sale ads in newspapers to celebrities doing their Diwali shopping on Myntra in the TV commercials, it has leveraged the traditional channels in a creative and effective way. On digital front, the company is leaving no stone unturned and uses Intest technologies like AdSense to give customized marketing to the consumer, Soci media platforms like Facebook, Instagram, Pinterest and Twitter play a very vital role in Myntra’s promotion strategies. The importance of social media in Myntra’s marketing strategy is reflected by the fact that it joined Facebook in back in 2007 when it was founded and has more than millions of followers now. Apart from this, the company also keeps launching various promotional offers regularly on its website. Customers are sent promotional emails and notified through customized in-app notifications about the exclusive offers they can avail on MyntsaChapter no. 1.3 Some marketing strategies of Myntra Myntra is very responsive to market trends and always keeps the latest designs and merchandise {nits online catalogue. There has also been a change in the marketing strategy pursued by Myntra over the years, from focusing primarily on establishing the brand as an online shopping, portal for fashion and accessories to extending to the realm of communicating the advantages of shopping online and ridding consumers of the inherent reservations of making online purchases. ‘The brand's core marketing mediums include the digital platform, especially Facebook and the electronic medium, with a majority of the marketing expenditure towards youth-centric channels. Myntra has used mostly viral marketing and intemet for its popularity coupled with occasional discounts and referral discounts. Myntra.com understands its shoppers’ needs and caters to them with choice of apparel, accessories, cosmetics and footwear from over $00 leading Indian and intemational brands. Prominent brands include Adidas, Nike, Puma, Catwalk, Inc 5, United Colors of Benetton, FCUK, Timberland, Avirate, Fablndia and Biba to name a few. * Adwords: Ad words are Google ads on search engines, when people search for any product related keywords it appears. They have bought ad slots on various websites related to their products to tap the untapped market. For example, Facebook and ink fruit. Initially online websites pull off their promotions online which is low on budget and high ‘on impact. ‘+ SEM (Search Engine Marketing): Myntra will go bankrupt if it will invest all their capital on ad words. SEM is the process through which a website gets traffic or visibility on search engines. Myntra is doing SEM through articles and link exchanges; they are very technical in nature and often needs experts. Myntra has developed Style Myntra blog wherein they have provided customers with latest fashion styles of the season through their range of products, Link exchange is an effective internet marketing system that ‘makes it easy to increase traffic to your website. With increased link popularity comes increased search engine ranking and if chaumelized efficiently, it can beeome cash cow for the company. It gets company direct traffic, helps in building relationship with other ‘websites and search engine optimization, ‘The promotion codes have been made to lure customers through discounts and coupons. From online to Tele: With increasing cash flows and IPO funds, Myntra came up with Tele Vision Commercials and also they are doing viral advertising by outdoor ‘campaigning, e-mails, hoarding placement and cross campaigning, ‘© Product Exchange Facility: The trends of misfitting and not suiting of color are common in apparels and footwear which lead to customer dissatisfaction and urge for a return, Myntra.com provides product ‘exchange’ feature on the website. Through this feature, shoppers have an option to exchange an existing product fora different size, without having to first retum and then re-order the product. Myntra’s team delivers the new product and takes back the product to be exchanged during the same visit. The validity period for product exchange is 30 days from the day of purchase.© Try and buy facility: Myntra provides the facility of try and buy to the customers in which buyers can order the item of their choice which fits into this category and they can try the itein to see if its suits or not, fitting is proper or not, etc. this facility provided by ‘Myntra attracts consumer to buy goods without any hesitation or fear. © Social media marketing: On the social front, Myntra was the first among e-commerce firms to initiated a tool called ‘Get Satisfaction’ which integrates all queries and reviews {nto a single platform and builds a data bank of answered queries for future reference. Myntra has a strong social media presence on Facebook, Instagrain, Google, Twitter and Pinterest with over one million fans on Facebook. Myntra does product plugs, fashion stories and give out fashion tips on their social media platforms that are relevant for the audience and can help thein make a purchase decision. These tools help them to engage and interact with audience, collect their feedback and share fashion tips with ‘customers, © SarN Style Bollywood celebrities fashion lifestyle play very crucial role in consumer decision making in India and to take leverage on the same Myntra launched concept of Star N Style. Star ‘N Style was introduced to give consumers a peek into the personal style ofthe celebrities they follow, to get inspired by their fashion, and help them flaunt the look of their favorite stars. The Star N Style is quarterly brand property with a varied pool of influencers.Ag lth aaa es INDIA'S BIGGES] BRANDS : FASHION Pdsouureyy ants VERYTHING EVER! ‘4Chapter no 1.4 Local Retail Marketing According to Philip Kotler “retailing includes all the activities involved in selling, _g00ds or services directly to final consumer for personal or non-business use” Retailer: -A retailer is « person or business that we purchase goods from. Retailers typically don’t manufacture their own items. Retail is a very broad term that encompasses a huge industry, employing millions of people and gencrating trillions of dollars per year in sales revenue. Retail is the sale of goods to consumers—not for them to sell, but for use and consumption by the purchaser. Retail involves the sale of merchandise from a single point of purchase directly to a customer who intends to use ‘that product. The single point of purchase could be a brick-and-mortar retail store, an internet shopping website, or a catalog. Retailing is ail about attracting consumers through product displays and marketing. Inventory must be kept, shelves must be kept full, and payments have to be collected. Retailers are more than places to purchase merchandise, however—they provide manufacturers an outlet so that they can focus on creating their products, Retailers rely on a system that supplies them with merchandise to market to consumers. To acquire inventory and ensure they have the products they want to sell, relationships must be established with businesses that operate within the retail supply chain. ‘The retail supply chain consists of manufacturers, wholesalers, retailers, and the consumer- Supply Chain Diagram ~Sese,India is very well known for its local retail market, especially Mumbai, Dethi are well known for their streeV/local shopping. Unlike almost any other country in the world, India retailing is dominated by smail stores and strect stands, known as the “unorganized” sector: 92% of all retailing by value falls into this sector. They do not have any active ecommerce site Localstreet shopping is very famous for its affordable price, range of variety, customer service and most importantly bargaining between retailer and customer and many more \Ihere are many famous spots in Mumbai and Delhi which were always flooded with buyers post-covid- 19. Here are some of those: Sarojini Nagar Market (Dethi)Located in the plush locality of Sarojini Nagar in South Delhi, lies the famnous Sarojini Nagar market. Known for its cheap prices and an infinite variety of clothes and accessories, Sarojini Nagar market is one of the best markets for shopping in Delhi. If you are looking to buy clothes for your daily usage, Sarojini Nagar market would offer you an infinite range to choose from. On a daily basis, the lanes of Sarojini Nagar market are flooded by buyers, flocking the streets from all parts of Delhi, The cheap price of clothes makes it an irresistible deal. The quality and price you get on these clothes have no match in any other market. Your daily wear t-shirts are available at a cheap bargain of INR 100. Not just daily wear clothes, the never-ending lanes of shops offer all kind of clothes. Updated with all the latest fashion trends, these shops at Sarojini ‘Nagar market is the answer to all your shopping lists. Be it party wear or fancy clothes a celebrity donned at an event, you will find them at the famous Sarojini Nagar market This pictures were taken before covid-19 pandemic. This images clearly shows the interest of buyers for local/street shopping.Bandra linking road and hill road (Mambai): ‘Trendy Bandra, in Mumbai's western suburbs, is a well-known shopping haven. Locals flock 10 Linking Road to spend their cash on the latest clothes and accessories. it's @ fusion of modem and traditional, and East meets West, where street stalls contrast with brand name shops. In this article, discover the types of bargains you can expect to find along Linking Road. It is Busy outdoor market offering a wide selection of apparel, footwear, bags & costume jewelry. Linking Road and Hill Road were two of the main shopping hubs in the suburbs of Mumbai. ‘Over the years this shopping nub has stretched beyond its original length. The road starts from S.V Road in Bandra and continues to Khar, and extends beyond this towards Santacruz. and Juhu in the north of the city. R.D National College is situated on Linking Road. It isa shopping hub for every pocket size with everything from street stalls setling products for a bargain to niche stores and boutiques for specialized products to high end international brands. ‘Over past decade linking road has gained popularity because its night life Natraj market Malad (Mambai) Being one of the oldest shopping destination near Malad station exactly opposite the mall, Natraj market has always been first choice when it comes to shopping cosmeties, Punjabi salwar kameez, Dress Materials, Saree, Kids wear, Attficial Jewellery and more. Within locals this market is also referred as Natraj shopping, the building is partially a residential complex with ground floor completely occupied as co:nmercial shops. Other shopping items available for shopping here are Gold, Silver and Artificial Jewellery, Steel and Other clay vessels, Cushions and curtains, Ladies handbags, Under garments and moreAmong all other shopping products Sarees and Cosmetics is what one can find the most in varieties and is why in Natraj Shopping is famous for, latest trendy sarces of all types, be it a casual wear, party or wedding collections, best options are available here at comparatively reasonable price. A point to be noted here is that if you are a first timer, don’t get confused with Municipal Market which is also referred as old Natraj municipal market, which is again a cheap yet really good shopping option when it comes to ladies” products like artificial jewelry, handbags, clothing ete.Chapter no 2 Researeh Methodology and sampling ‘The study is descriptive and tries to understand the impact of online shopping through Myntra on local retailers especially during covid-19 pandemic. The problems associated with online shopping to retailers and their business. The study tries to figure out the future of shopping and solution for retailers ‘The above research consists of both types, primary and secondary research. A systematic review was done in detail for the collected literature ‘The SWOT analysis was conducted to understand the caries strength, weakness, opportunity, and challenges associated Myntra. The research tool used for analyzing the data which amassed from different sources for this study is a content analysis and the research method is descriptive research. We have taken into consideration the qualitative aspects of the research study. This research is based on both primary as well as secondary data. Primary data is collected by survey and sources of secondary data used are, (a)journals, (b) reports, (c)search engine(d)company website and scholarly articles, (research papers and other social inedia In the above research I have got to know both, the advantages and disadvantages of online shopping. online i the latest trend but offlie will be always the root. Now a days everything is, happening digitally and all this is affectiug offline mode especially local retailers a lot ‘There are two types of research: [A] Primary research: It refers to research that has involved the collection of original data specific to a particular research project (Gratton & Jones, 2010). When doing primary research, the researcher gathers information first-hand rather than relyiug on available information in databases and other publications. This type of research is often earried out with the goal of producing new knowledge, which is why primary research is also referred to as original research. By doing primary research, researchers aim to answer questions that haven't been answered or even asked before. This degree of originality sets primary research apart from secondary research, [B] Secondary Research: While primary research involves active participation from the researcher themselves, secondary research involves the summary or synthesis of data and literature that has been organized and published by others. When doing secondary research, researchers use and analyze data from primary research sources. Secondary research is widely used in many fields of study and industries, such as legal research and market research. In the sciences, for instance, one of the most common methods of secondary research is a systematic review.Chapter no. 2.1 Definition of sampling and sample size ‘A Sample is a subset containing of a larger population. Samples are used in statistics testing when population size are too large for the test to iiclude all possible members of observation. A sanuple should represent a whole population and not reflect biased towards a specific attribute as sampling is also a process used in statistical analysis in which a predetermined number of ‘observation are taken from large population Sample size-I15 Data has been presented with the help of table and pie chart Sainpling method- probability sampling Probability sampling is a method of deriving a sample where the objects are selected from a population-based on the theory of probability. This method includes everyone in the population, and everyone has an equal chance of being selected. Hence, there is no bias whatsoever in this, type of sample. Each person in the population can subsequently be a part of the research. The selection criteria are decided at the outset of the market research study and forin an important component of researchChapter no.2.2 Topic of Research A study on growing demand for Myntra and its impact on Tocal retailers Hypothesis There is no impact on sales of local retail shops even ifthe demand for Myntra rises among consumers. Objectives: +-To study the changing trends among consumers regarding shopping ‘To understand the erg of such apps during covid-19 ~To study the effectiveness of Myntra. To study advantages and disadvantages of online shopping To know the reach of Myntra to the consumer. To determine the effect of online shopping om retail shops -r downfall in sales of local retail market iyntra. To understand the reason fo} “To study about the customer satisfaction of online shopping st M =-To evaluate the consumer's expectation and developments in Tine traditional shopping. To find the future of shopping in IndiaChapter no.3 Literature review stn last few decades the internet has been a power tool. The advent of internet has removed major industry barriers and made shopping much more eases. The development of internet from last 5 years has significantly increased the web users and more and more people have started onfine shopping” Online Shopping Habits and Consumer Behavior ‘A Study on Consumer Behavior and E-tailing ‘By Murali Guruswami - 2014 Pe ped tmp on com ss ee tae of advertisements as many eer erect rough mere Pee eran ere developed, can maintain a relationship with customers and can make customized products according to customer's reeds, Bute commerce has bad impact on ofTine retailers because customers buys on i i lower their price and di ow price from online shops due '° ‘which they also have to pI ee get any profit, retailers cannot maintain IBS ‘stock like online shops have stores because it will costa huge loss to them. By, Menal Dahiya study on E-Commerce and it’s Impacts on Market and Retailers in IndiaChapter no. 3.1 Journal artiele MUMBAI: When the nation went under a lockdown on 25 March, fashion and lifestyle brand ‘Myntra had no clue what impact the lockdown will bring to their business. And with the focus on essentials, Myntra quickly realized that it did not have inuch of a role to play in the lockdown, But Amar Nagaram, Myntra’s chief executive officer, was constantly asked by his team what ‘Myntra can do in such challenging times. “To be honest, we thought of launching grocery delivery on Myntra but then realized our friends at BigBasket and Flipkart are doing a much better job oft and decided not to get int "said con Thursday. < that ifour own employees are finding it hard to ‘Nagaram on Mint’s webinar on ‘Pivot or Perish’ But then an opportunity opened up. “We real ‘get masks and protective gears, what about the consumer?" he says. So Myntra quickly brought in its partner fashion brands and started making masks and personal Protective gears. "We realised that more than ever before, the consumer centric thought prevalent," said Nagaram, adding that e-commerce came ‘with a set of apprehensions specially in ee different trend or style or brands as it comes with size issues. “Now those apprehensions got overshadowed by health and safety conesms and this is the time where we needed to step up our game and augment some ‘of the behavior that was being demonstrated in the offline space,” said Nagaram. So when Myntra realised thatthe way people are working fom home and spending ime in front of their computers, there is a need for lounge wear and leisure wear, “We reached out to our 1 essential process has to be Partners who gave us work from hom Is and fashion essentials and we stayed relevant for the customer." farther engaged, the company also began pushing content online, on self) videos on a range of issues. This increased ‘ite went back to its pre-covid-19 days 1d into an opportunity to stay relevant and know To keep their customers hhow to stay fit at home and DIYs (do-it-You engagement and the traffic on Myatra's webs This chaos covid-19 brought, Myatra said it tne What consumers expect from the brand wR‘And now with the lockdown lifted up in many cities, Myntra has resumed operations, And ‘Nagaram says it is a happy feeling to be busy again. Article published in Mint E-paper By, Kalpana Pathak 21 May 2020, 09:93 PM IST ear ead Poet Heit « brand/eompany with its strengths, weaknesses, ono oe Peers he strengths and weaknesses are the the external factors. portunities & threats. In Myntra ‘Mlernal factors whereas vportanties and threats are ‘ i. ‘ke SWOT Analysis isa proven management framework wich cost ee od iciestrys ara benchmea banned performance 28 omar - Myra is ‘one of the leading brands in the IT & “Technology SetoF- NeThe table below lists the SWOT (Strengths, Weaknesses, Opportunities, Threats), top Myntra competitors and includes Myntra target market, segmentation, positioning & Unique Sell Proposition (USP). “ ‘Strengths: ‘© Serving markets through internet requires less infrastructure setup, ‘+ Fast delivery at low cost from dedicated warchouses. Having a sound infrastructure funded by venture capitalists which i sufficient ro reach out any part of the country. Dadiented client services through back end services by deploying 24 hrs call centre. Offer a lesser price from the close competitor offering similar services. Merger with flipcart has increased its strength and capacity Offering of more then!.5 lakh products with over 1000 brand End of season sale Good advertising and marketing campaigns on TV, internet and print media Weakness set in the country. ‘Not much penetration of inte ly in India. Sports not taken much serious! Cerro always like to get a feel ofthe product before buying. Fe nin the faith of the customers first regarding he ‘delivery of the product Intense competition means limited market share growth Opportunities: Untapped marketing platform. Growth jin interest ef indians towards fashion and lifestyle. Dealings directly with suppliers which Bive® ‘good margins in the county. Selling private labels can increase their ‘margin Partnership with celebrity designers, ‘Bollywood movies, can increase its fashion appeal the big wedding market in India Bridal collection to tap " Expansion into global market can boost busines highly bank upon. Fashion and scemology both are at surge and Miynra has capitalized itauite wel Techolgiel advances indviuls have bocome ech savvy and obsessed with iene Weean up on mass i etetvely through intemet with much less cost ‘Media rich contents and fast navigation 1s made things ‘asier. Everything is just a click @™4Y- KO3.4 Impaet of online shoppiug on retail stores. more and more retail stores are moving towards establishing With recent e commerce boom, Ithas become very critical for a sinall business their niche and setting up their online stores. owner to take their business online. Retailing are of two typ A] online retailing. Example- H&M, Nykaa, B] a retailing . Example-big bazar, shops in west WoW, ete. Sarojini nagar market, Jhamkudi (in Malad ‘Types of Offliue Retaii Stores tal store may be a retail outlet that offers a good vary of ih ne roof, Ina departmental store the customers can get the to buy atone place only Departmental Stores — A departmer merchandise to the end-users beneat ™ajority of the merchandise they want Discount Stores — Discount stores also provide an enormans en ‘of merchandise to the end- Boe ere eed rate. The discount stores usually provide sTanited vary and therefore the quality in certain cases may be a bit inferior as ‘compared to the departmental shops. Supermarket — A outlet that usually sells food and hhome items, properly placed and organized in specific departments is termed a inarket. A supermarket an advanced type ofthe little grocery stores and eaters to the manage wants of the consumer. Mom and known as Kirana Store in India) ~ Mom ‘and Pop stores are the little tai son a nn ig Sa ly tel ene residing within the locality. they provide elect things ‘and aren't in the least organized. forma mall. A mall would include many in one place aoe Malls — several retail stores operative shops each one selling their own merchandise however at a common. Retail a ‘with inorease in use of internet and smart phones, Large mare nea ith meeaness in India and earning profits to. Expansion of mobile bu aa Seta payment system, aiscOUntS, CAS) returns, convenience etc. are soine of rr online. Now everyone Wishes fo buy Boods online as buying items is now just a click wi)" Increasing trend of onlin< hoping is affecting offline retail Offline sale is going down d8Y iby day which create tension for offline retailers about their future. woretailer espeeially dnring covid-19 pandemie 3.5 Story of each loc test challenge for retailers. The high streets have been under precourefor seme time. As more people opt for the convenience of shopping online an reiaiers fave also stregeed in face of increased competition. Lockdown, socal distancing repvlaions ‘and falling consumer confidence have made the situation worse with many retailers closing their physical store, Across the world, lockdowns and ‘social distancing measures have forced many retailers deemed non-essential 0 close their store. The shock: fall in revenue has pushed many fis to financial ersis-at the same time consumers, confined indoors were forced to use online shopping for most items. While the overall impact of the pandemic 00 e-commerce remains to be teen ihe cose ne already altered consumes bebavior. Among 115 ooamante surveyed in 50 different market, 45% said that they are prepared fo Keep using products and online stores they found during lockdown. The covid-19 pandemic is just the la As per survey conducted by me, I ean clearly say that apparel, grooming and personal care are cos by Miyata as people mostly buy tees Brodacs online from Myntra Rains aected more by MY rected a lot. Many shifted thes business, many sh et Coors with this business are aftr maintenance cost and people with rental shops were of shops as they were unable © : unable pay af tier rent, some of them adopied the way of ET OT ‘workers working Unable payoff ther re sr as less man power was required ue 1 less fol in he Tocal market Here are some reasons, ceting virus of covid-19 as news channels and each and eve ee ‘hat eovid spreads by touching OF 2 stay on a surface for more then thee days: each, cad ae individual was afraid of chance ee ee it Cad ‘go out so people were apting for contactless delivery which we" Per ieee eae one here, people soul jut have to go over aplicaion =, ine coe eee ene the ee eet imands, They would get what they want without ny cone eae fear of getting infected. For payment they Wer" simply onion fr U1 Soe ral omallacle ‘as not allowed. Many shifted their business ‘online but a is poss oe a scale retailers to shift their business as it could not Pe pocket-friendly also because lack o ledge, this has affected small traders. Fear of safety: people are scared of 8 their business tothe seetor which didnot get affected (as sarenpepenees RE Ls bidet unreal Shifting of hnsiness: people Ta my locality 1 saw a change of business from ‘much such as kirana shop. Also retailer started selling mask a it was need ofthe POT Festaurant to supermarket and it boomed 41° has empty the pocket of individual due to , ndemic 5s: The Pat ‘of products also the decreased footfall of No rollin; iness g of money iu the busin igh dea ed ner pices as there Was HOARE Roclothing shops started but it as old stock also very less buyers were coming fo buy so there was old stock left with no rolling of money to buy stock. Fae ana pac opted for online shopping as they were providing new buy sock Fed ee seas these things affected their selling and rolling of money % She market which Ted to loans, shutting ther shops, migrating (0 the place wih less eXPERNES ‘and many more such things consumers. For example, after the unlock 11 orbuyers in particular appasel shop in Mumbai the decreased foot ‘The above picture shows NoChapter no.3.6 it reopened after ease in lockdown agar market whe restrictions The ease of saroji reopened after ease in lockdown restrictions, Market is Delhi's famous sarojini nagar marke re suffering losses, facing dearth of eustomers and shop owners 2 ‘An interview of one shopkeeper was taken and he said, ‘earlier the market was remained so crowded that there was not even enough space 10 stand in the market, they used to do daily Paeded that there was fpees depending upon the demand of et Now after uniock 1 hardly 4 5 customers come, and many shops are not 6 ‘able to do single transaction a day. Sunday was kind of jackpot to them. But, now people are not coming fo market o shop because of fear of getting infected. They have reduced their man power as they are ‘unable to pay them because of ne income occurring and they are facing MUBS losses. rojini-nagar-market-shop-owners-frustrated-with: Iuups:/wvww indiatynews.com/video/news low-footfall-626218 “The above link shows the change in sarojini nagar footfall ofthe customers.Chapter no. 3.7 Some other common reasons in deeline of offline retail sales rrr FE purchasing goods online in ‘comparison with traditional modes of purchasing A. Huge disconnts: The biggest reason of increasing trend of online shopping is availability of Inge discounts offered by online retailers to customers. Eve ‘soxnetimes online retailers sell the products at below their purchased price on some special 4s like Amazon-treasure hunt, big billion day sale, deal of the day offer, end of 62500 516 Myntra’s — end of reason sale. Online retailers buy in bulk quantity directly from manufachitt by eliminating middleman margin that’s why they sell the products at lower prices. Ofine retailers are not able to offer such huge discounts as offered by online retailers and they aF© left with no option except moving towards online business. . 2477 Availability: Online shopping stores are OP¢A round the clock of 24/7. Its very rare to find any offine retail store that is open for 24 hours "1 ‘day. The availabilty of online stores Bives the freedom to shoppers" shop at their own Pate and convenience. Shoppers can shop at any time of day or night in online ‘shopping stores just by at one click. sug: Shoppers aze not required to waitin long queues for billing 2 simply order the goods online BY following a simple This facility i not available in offine retail C. No waiting in queues for in case of online shopping. They jv Procedure and get them delivered at their doors'=P a 1use sometimes customer has to wait im queues for billing. D Eas itis sible for shoppers o get the money back if they don’t like Bay Rear: Normal eines THY Ae ee yt at ‘oo in exceptional case. But incase of anne shopping, ifustomers don’ ike the purchased duct, they can simply return the product and get their money refund E i i ‘compared to fine ones: Jn cae of offline ri forsee ‘can iy tony hen sale or if he has sneanbership card. But online ‘coupons are easy to search and apply ‘comparison t0 offline coupons, Onine shoppers can save the discount coupon codes and get discounts UPO” purchase by using the coupon code of option while buying products online F. Wide somners have Tots choice: In online shopping» ee ‘fo! Gmline shopping choice is restricted as some times Such as color, size, brand etc. but im the customer may not get the des size or offers the time to go in stores to buy st; People don’t get the products online by sitting at G. Savin rtatiow of time and transportation 9 iy purchase Prod : ucts due to their busy scheGMlES. Crs shopping saves ‘their time as well as transportation their hom .¢ or whenever they are free: ieliver cost because now many online shoppin WePSIS® e expenses. the products without charging delivery