Myntra has become the go-to set-up for new and upcoming brands who want to make a mark on the online business today. Because of myntra’s massive customer base, it is a good place for small-scale brands to become huge successes. Myntra features around 1000 companies and sells over 150,000 goods. It is a good time to be a brand owner in India today, and there are about 700 million internet users in a population of 1.4 billion, which make up 87% of the total user base. These figures show that there is a boom in the online business market.
Why Should You Choose Myntra As A Seller?
Myntra is the online selling hub for retailers where they cannot only sell their products but they have the advantage of dealing with their products, making postings, and getting orders from other buyers.
Let’s look at some more reasons to choose Myntra:
- Brand exposure as it covers 17000 pin codes
- Complete control of the seller on merchandise-handling orders, cataloging, product quality, etc
- Myntra helps its sellers with supply chain management
- Your efforts to set up and run the online storefront are taken care of by Myntra
- You can leverage Myntra’s user-friendly interface to market and sell your products effectively
- You don’t have to worry about payment portals, as Myntra processes payments through its payment partners
- You get real-time data insight and tools for strategic selling
- You save on logistics cost as shipping and delivery is taken care of by Myntra
Benefits of Becoming a Myntra Seller
Some of the advantages of being a Myntra seller are:
1) Myntra’s Reach:
Myntra gets millions of visitors daily and has a solid user base. To sell on Myntra, you have to make sure you make your presence felt on the Myntra platform. Myntra has a wide range of customers, and it is safe to say that every seller has a chance to make it big on this platform.
2) Myntra Has Multiple Product Options:
The product range includes clothing, accessories, footwear, home décor, appliances, and jewelry. Whatever your product is, it has a demand, and you can sell all your products hassle-free. A lot of the logistics are taken care of by Myntra itself, which helps you focus on the products and their quality.
3) Myntra Gives Excellent Customer Service:
Myntra provides excellent service to both its seller and customer. There is 24-hour customer service available, seven days a week, to help sellers and consumers equally. In totality, Myntra is an excellent platform for selling.
4) Myntra Provides Dynamic Pricing:
Simply putting up products on online platforms is not enough. Sellers have to be aware of their competition. Myntra provides all the information required to put the correct price on the product. In addition, it is constantly evaluating market trends.
Easy Steps to Become a Myntra Seller
Let us dive deep and find out how you can kick-start your experience as a Myntra seller. Myntra charges a flat commission between 4% to 5% depending on the product value. Myntra also levies lower prices.
Here are the six steps that will help you set up a shop on Myntra:
Step 1: Complete the Myntra seller registration form online with all the information about your company.
Step 2: Enter the following information email id, phone number, business address, bank account details, PAN number, and GST number.
Step 3: After registering, set up your store by choosing a theme and location.
Step 4: Build a listing that will comprise the URL of your store, the title of your product, its price, and the number of units available for the chase.
Step 5: Select the product category you want to sell.
Step 6: Enter product information, begin product listing, and determine your selling price.
Step 7: Enter information about each item, such as price and the product’s description.
Step 8: Find out about third-party logistics for shipping and decide on shipping rates.
Step 9: create advertising campaigns and conduct promotions to start the process of receiving orders.
Key Points to Remember
- Market your store on social media platforms like Facebook, Instagram, and online search ads.
- Doing your research before selling is very important so you know how to market your product.
- Keep track of all the KPIs that Myntra analyses for you to become a better and competent seller.
Understanding Seller Profile
On August 29, 2019, Myntra launched a Marketplace Partner Tiering Program in an effort to fuel and enhance seller growth. They started this in order to improve the seller as well as the user experience. This program enables sellers of various sizes and tenures to thrive on Myntra. The program’s goal is to improve and maintain partners’ performance on criteria like sales, reliability, and quality.
The program has three categories bronze, silver, and gold, with gold being the highest category. For a seller to become a part of the gold category, the seller must have constant good metrics. Therefore
all sellers begin in the bronze category, and then slowly, depending on their performance, they progress to silver and gold. This program is an ongoing process and gets renewed every quarter.
How to Become a Gold-Tier Seller?
It is always great to start a business, but who doesn’t want to grow and expand their business? Once you begin your journey on Myntra, always aspire to become a gold tier member, as this will not just make your brand premium, but you will also get many benefits. Here are some ways to become a gold-tier member:
1) Gross Merchandise Value (GMV):
To become a gold member, your monthly GMV should be at least Rs.25 lakhs. You must maintain a good sales record to climb up the ladder and keep growing quickly but smoothly.
2) Seller Cancellations:
You must keep in mind that your cancellation rate should be less than 0.11 %. Myntra does not like any issues to arise in its supply chain that may cause delays and cancellations. Therefore, have an inventory of your products to avoid this critical factor.
3) Observance of Inventory SLA:
Sellers on Myntra should have a procurement rate of more than 85% for the first six months of every year. And for the second half procurement rate should be more than 90%.
4) Observance of RTD SLA:
Since Myntra is a well-known online shopping platform, it values quality in all areas. Product quality is as important as availability, and Myntra expects its sellers to fulfill orders quickly.
5) Quality of Product:
There are many online shopping platforms in the market with several sellers, but none of these sellers is a brand. Myntra focuses on bringing quality products to its platform, and it has high expectations. It keeps track of all its return orders that may not be up to the mark because of poor quality, used, worn-out products, etc. Make sure you check every delivery before dispatching them.
Steps to Improve Performance Criteria
You will have to take a few steps to increase your gross merchandise value
and have a lower order cancellation ratio.
Here are some steps for you:
- Customers on all online shipping platforms prefer to receive orders via free shipping.
- Use up-selling and cross-selling sales tactics.
- Adding packages with assorted items is an excellent way to attract customers.
- Offer discounted deals as this encourages customers to buy more.
- Always remember that quality is ‘king’ above all. Hence always provide quality customer service.
- Providing correct product information is vital; thus, never mislead a customer.
- Prioritize transparency with customers.
- Make technology your best friend by using it to build inventory, connect with customers, and improve customer experience.
- Check high-value COD orders and always confirm customer availability to avoid cancellations and protect the company from loss.
- Find the right fulfillment partners to avoid late delivery.
- Give a complete shopping experience to clients by delivering products in great packaging.
- Make use of feedback and go through your client reviews.
SLAs to Guarantee Shipment Adherence
- Plan your inventory to avoid running out, and record the time required to send products to the e-commerce fulfillment center.
- Have a standard-level inventory in which certain items should always be in stock.
- When inventory starts to run low, make sure to reorder for safety and reduce the risk of late delivery.
Ready to Dispatch SLAs
- Create product listings for your goods before the scheduled ship date.
- After shipping the order, confirm with Myntra the order’s schedule and ship date.
- Pack your orders on a first-come, first-served basis.
- Regularly review your order fulfillment operations to catch inefficiencies and rectify them on the go.
- Always be ready with a solid inventory during flash sales and other promotional events.
Selling your products on Myntra will give your product the push it requires to dominate the online shopping market. Myntra will work with you every step of the way to give your brand a good platform and bring it to the marketplace swiftly and efficiently. Their dedicated team will work with you 24/7 and guide you to receive and dispatch orders. Your job would be to upkeep your products, and Myntra will help you to deliver the products from your warehouse to your customers. It’s a partnership to look out for, so grab the opportunity and make the most of it.