How To Build Your Fashion Multi Vendor Marketplace Like Myntra

By | Dec 27, 2021 | 86 views |
  • How To Build Your Fashion Multi Vendor Marketplace Like Myntra

Every upcoming fashion brand, before building its marketplace, would be keen to evaluate their successful competitors' strategy. That's why we have taken the example of Myntra, the largest fashion marketplace . In this article, we will answer all the questions that you might have about Myntra. Some include: 

  1. What is their marketing strategy to acquire new buyers?

  2. What advanced features and technologies are implemented on their marketplace app ?

  3. What made them distinguished from other competitors?

So before moving forward, let's learn about the future of the online Fashion industry via Statistics. This will help you in forecasting demand and formulating futuristic strategies.  

  • $ 2.25 trillion is projected growth in revenue for the global apparel market by 2025, With a valuation of $ 1.5 trillion in 2020. A major chunk of revenue will come from the clothing and shoe segment, as demand is higher. ( Statista )

  • 46% of the total apparel sales have been contributed by online apparel in 2020. Apparel saw great demand during festivities particularly on Black Friday, Christmas, New Year, etc. 

  • $ 530.3 billion is expected revenue for the footwear segment in 2027 ( Statista ).

  • 54% of the global footwear market is dominated by Asia ( Statista ).

  • $ 170,633 million is the predicted revenue in the bags and accessories segment, in 2021. 

  • 26.2% of the global audience is projected to buy more bags and accessories by 2025 ( Statista ).

  • $ 257.1 billion is going to be worth of the Athleisure clothing segment in 2026 ( CNN ).

Takeaway: You know where to focus when building a multi vendor marketplace ie clothing (men and women), shoes, bags, sportswear, athleisure and accessories. Now let's explore how Myntra is tapping this demand to its advantage.

Myntra: How it became the largest online fashion marketplace?

Their Customers, website traffic, brand network: Myntra is an online fashion store that has over 18 million monthly active users with 44+ million visitors on its website. It has partnered with 7,000 brands that involve international and local brands. ( Statista )

Their popular products categories: Women's western and ethnic wear, men's Jeans and streetwear, men's casual and sports footwear. 

Their high demand cities: Delhi, Bangalore, Mumbai, Hyderabad, Pune from Tier-1 cities. Others are Lucknow, Guwahati, Bhubaneshwar, Jaipur, Dehradun, Imphal, Udaipur and Shillong from Tier 2 and 3 cities. Myntra also delivers to 27,000+ pin codes across the country. ( Your Story )

Their marketing strategy 

  • Influencer marketing: Myntra occasionally collaborates with influencers and celebrities with thousands or millions of followers on Instagram

  • Affiliate marketing: Their program called “refer and earn” gives an opportunity to bloggers / vloggers to earn commissions by writing reviews of Myntra products on their blog. This program assisted in boosting their site traffic and customer base

  • Twitter marketing: From time to time, Myntra arranges games, contests, etc to enhance customer engagement. For example, they ask people to share pictures of items they purchased and tag them in their tweets

  • Advertisements: To give an example - They ran 15-seconds video ad campaigns on multiple channels like TV, OTT platforms, social media and digital platforms. The campaign featured Youtubers and Bollywood celebs to create buzz about their “Big Fashion Festival”. Resultantly, Myntra saw 18 million orders in total and delivered 11000+ items per minute. This again led to a 51% increase in traffic

  • Email marketing : They regularly trigger promotional emails to notify customers about a sale, discount, or offers on specific brands with a call to action and adding a FOMO (fear of missing out) subject line

  • SEO: Myntra's site has been ranking first on Google for almost every fashion keyword. Their search traffic stands at 77.6M, whereas traffic from paid ads is 542.1K ( SemRush )

Their conversion-friendly marketplace app features

  • Image search feature: Users search for similar products simply by uploading an image.

  • Search bar and filters: Users can easily find any product by either typing their or category. From discounts, prices, colors, sizes to the pattern and even beyond, the filter got users' searches covered. 

  • AI-powered outfit rating feature: To get AI ratings on their outfits, users have to capture and upload their photos to the app.

  • Instagram like fashion feed: Customers can create their profile in the Myntra app and be part of the fashion community wherein you can post your collections / outfits you have and also follow the fashion brands, style icons. 

  • Easy sharing of product: Share products via Whatsapp, Facebook, Twitter and Email with your friends and family for suggestions. 

  • Try and buy feature: If users are unsure of size or quality, they can use this feature by ticking the trial and buy option during checkout.

Their omnichannel approach 

Myntra has acquired Mumbai-based omnichannel retail platform Pretr, to boost omnichannel partnerships with brands on its platform. They introduced a program called Myntra-Mall that allows brands to display their inventory under one roof while creating a personalized customer experience on a digital platform. The program gave greater control to vendors. They can edit design and content through dynamic and customisable widgets. Further, auto-refresh options automatically update the brand's catalog.

How to build a multi-vendor marketplace like Myntra: Step-by-step guide

1. Shortlist fashion products

Take reference from the above statistics and research about local demand for the products you are willing to sell. Research your competitors to find which products have evergreen demand. Once done with all the research, you will be able to shortlist profit-generating products.  

2. Reach out to retail fashion vendors

Have you prepared the list of fashion products? Yes? Great, because you will need it to find relevant vendors who can sell them. You can reach local as well as famous brands. Discuss your growth strategy with vendors to win their trust and to persuade them to open a seller account. 

3. Select a multi-vendor marketplace software

Now this is a more laborious task than the above two. Marketplace Software is the base where you will manage your ecommerce operations. It has to be futuristic and feature-rich so that you can create a fashion marketplace app and site like Myntra. Here are crucial features to never miss in the marketplace software: 

  • Admin specific features: Admin Dashboard, Sales analytics, PCI-DSS compliant Payment Gateways, Delivery Partner; SSL certificates; inventory management system; Inbuilt Marketing tools ; inbuilt PWA, Reporting and Analytics; Third-party integration support (like Chatbots, social media, ERP, CRM); Marketing tools, Multi-Currency and Language; Headless CMS; inbuilt MACH infrastructure (to get scalability and flexibility for future expansion), etc.

  • Vendor-specific Features: Vendor dashboard which must have the functionality to manage their inventory, orders, deliveries and sales; Analytics dashboard; Delivery Boy management ; seller registration forms, etc.

  • Customer Specific features: In- app notifications , SMS and Email notifications; Fast Checkouts, Custom Search, Search Filtering; Social media sharing, unique customer dashboard; Multiple Payment options , Omnichannel Delivery Options; Security Seals (to ensure customers that their card details are safe); Personalized Shopping feeds, one-click sign-up / log-in, and many others.

Want some suggestions on which marketplace software is best for you?

My recommendation would be StoreHippo. It is a next-generation multi vendor marketplace app and site builder that offers 300+ advanced features (including the ones mentioned above). To know more about StoreHippo's capabilities, then keep reading. 

4. Create a fashion marketplace app and site

You can start by following the steps given below: 

  • Sign-up on a marketplace builder like StoreHippo: Once you sign-up to StoreHippo, you will get an admin dashboard . You can manage your entire marketplace operations from vendors, inventories, orders, customer queries, marketing, to deliveries, sales, integrations and more.

  • Choose an attractive, pre-designed theme: StoreHippo offers 100+ beautiful, customizable and device friendly themes , which runs seamlessly across all the devices.

  • Create important pages: like Homepage, Category Page, Product Pages , Search and Listing Results, Login / Create Account, Cart Page, Log In / Guest Checkout, Shipping, Payment, Checkout Review, Order Confirmation, Order History, Profile / Account Settings, Payment Settings, Addresses, Email & SMS Sign Up, Returns, Contact Us, Store Locator, Store Details, Terms and Conditions.

  • Design pages and upload content: With StoreHippo, you can quickly design page layouts via inbuilt drag and drop functionality.

5. Start creating vendor portal

After you have chosen a multi vendor marketplace software, it's time to set up your vendor portal or site. So that you can easily onboard vendors and they can start selling. 

With StoreHippo, you can create vendor-specific stores, right from your StoreHippo's dashboard. For example, seller.fashionstores.com, which is the subdomain of your main domain ~ fashionstores.com. 

With vendor portals, vendors can quickly login to their dashboard and oversee all their product catalogues, orders status, reviews, sales, revenue, etc. 

6. Onboard vendors and assign unique dashboard

To welcome fashion vendors, it is crucial to have a definite procedure that could be followed all along. Like setting a registration form and a manual verification process. It will help in identifying the credibility of sellers and make them legally bound with your fashion marketplace. 

How does StoreHippo help?

StoreHippo provides a built-in Seller Registration form that can be used by Admin to smoothly onboard sellers. There are two ways you can sell on your portal, either by adding via admin panel or sellers can register themselves at the storefront. 

Vendors can even add products and set different prices for a single product from their assigned dashboard. Another option is uploading products in bulk via CSV file. They can even generate invoices, manage shipping, track order status, etc. There are many other vendor-specific features in StoreHippo, check them here .

7. Integrate payment gateways

StoreHippo multi vendor marketplace builders offer pre-integrated payment gateways. Being pre-integrated in nature, owners can activate them within seconds, without any technical help. But before you add any, you need to evaluate a few things in a payment solution.

Things to check in your payment gateway

  • What are their processing fees for domestic and international transactions?

  • What are their minimum limits and annual fees?

  • Do they offer support for Chargebacks, Tokenization, Multi-currency options?

  • Are they PCI compliant? What about anti-fraud features?

Find answers to these questions. Decide which gateway is economical and feature-rich, so that you can process payment efficiently. 

How does StoreHippo help?

StoreHippo offers 60+ integrated domestic and international payment gateways to ease the payment process of customers as well as vendors. You can avail of discounted rates for processing fees from some of our payment channels. Support for payment made using COD, wallet and Offline methods is also available. 

8. Choose a shipping solution

Want to impress your customers? Want their positive reviews flowing on your marketplace? Then it is important to choose a reliable shipping partner with an excellent track record, fast customer service and technologically advanced features. Need directions? Follow the next section. 

Must-have features in your shipping solution

How does StoreHippo help?

You will feel lucky when you sign-up for StoreHippo. Why? Because it has partnered with Shiprocket logistics that delivers 27000+ pin codes across India. Admins can easily set up their logistics account at zero cost with access to discounted shipping rates. 

Further, choose from the available 30+ shipping partners . Once done, you can track vendor's orders, schedule deliveries, enable COD support, auto-sync orders, and hundreds of other shipping related tasks. 

9. Market your fashion marketplace

Just like Myntra, you can also create a phenomenal marketing strategy with effective tools and a skilled team. Let's explore the process to 

What tools / software do I need for marketin g?

First Integrate all the third-party marketing tools and software. This will include your Social Media Accounts, CRM, Customer Behavior Tracking Software (like Google Analytics, Google Search Console), advertising tools (like Google Ads, Facebook pixel), Email Marketing tools, conversion optimization tools, SEO tools etc.

Integrations are best to enhance your marketplace capabilities. They also give a single view of all your marketing activities in one place ie admin dashboard. Hence, there's no need to look into multiple software for reports and analytics. 

How StoreHippo inbuilt marketing tools can help?

StoreHippo is an SEO friendly platform that offers inbuilt SEO Tools. Rank higher on Google search for queries that your customers are typing. For creating marketing offers, we have a powerful discount engine . You can create a variety of discounts like product-specific, time-specific, device-specific, app-specific. 

Another feature is support for notification. Engage with customers by sending push-notifications on the app or SMS notifications on their registered mobile number. Further, you get abandoned cart recovery support, under which you can send automated follow-up emails. 

Final Takeaways

Building a Fashion multi vendor marketplace app and site requires tons of research, resources and effort. That's why we have written this article to guide you on how to build a future-ready fashion marketplace. Plus, how to grow in the online fashion industry. 

Surely, StoreHippo can help a lot. Apart from features discussed before, the most futuristic features in StoreHippo are headless CMS, MACH infrastructure , mobile commerce, PWA, codeless mobile apps, multi-store creation, and hyperlocal stores. All these features are made keeping future demand and technology in mind.

Want to experience StoreHippo features for real? Grab your 14 days free trial of StoreHippo today.

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