Myntra as a platform.
Myntra is an Indian online E-commerce platform that deals in personal products such as apparel, footwear, and jewellery. The brand was started in India but in 2018 Walmart has bought the majority of the share of the company (77%) for 16 billion $ and thus Walmart has ownership of the brand, this deal has not only Myntra but also other Flipkart subsidiaries such as online fashion retailers Jabong.
Now before we start with the process itself let’s look at why you should select Myntra over others.
Why care about Myntra?
As previously mentioned Myntra is an online e-commerce platform that deals majority in the fashion and style sector. Unlike Amazon and Flipkart which deal in every product and every category, Myntra deal exclusively with fashion and style, including products like apparel, clothes, footwear, and jewellery. This makes them very niche-centric and because of this, they have created a very unique customer base that is very loyal to the brand.
There are also a few things that help Myntra to compete with other brands and some of them are Myntra is being owned by a very big brand. As previously mentioned Myntra’s 77% share was bought by Walmart for 16 billion $ in 2018. Thus, it has the finical support of the giant.
Another thing is that if a seller registers with Myntra then they already have the right to sell on Jabong. If we took these two platforms and combine their user then we have a huge userbase of 35.5 million, which is not a small number by any means.
Advantage of selling on Myntra.
- Return old inventory. Myntra deals with fashion and style and in this field, things get outdated faster than petrol in the car. That’s why a seller can return old inventory even if the sale is low. The only catch is that it should meet the criteria set by the brand.
- Guaranteed minimum return. If you have sold anything online then returns are one of the main reasons for your losses. Myntra guarantee that the seller will get a minimum return even on the low sale. This helps the smaller sellers to achieve ROI easily.
- Minimal investment. If you are selling on Myntra then you don’t have to care about the storage, maintenance, packaging, and delivery of the product. Myntra will take care of everything making it a good option for the sellers.
- Huge customer base. As previously mentioned, Myntra has reached millions in India, and because of its niche, it has established itself as a credible platform for people who want to buy fashion and style products. Myntra has over 32 million users and jabong has additional 3.2 million users, combining the two will give you a very huge number of customers.
- Full liberty Once you are registered with Myntra you have full control over your products. They can control every aspect of their products.
- Style recommendation As previously mentioned Myntra is mainly focused on fashion and Myntra also provides you assistance with fashion so that you can stay relevant with the latest fashion trends.
- Marketing and Social campaigns. Myntra takes care of all of the marketing and social media campaigns to bring traffic and sale. In addition to this Myntra also analyses the behaviour of the costumes to increase the sale.
- Security Not everyone will be able to sell on Myntra. The platform has a strict screen policy. This helps to keep the platform secure and free from fraud.
5 Steps to get registered on Myntra.
- Register yourself as a business as a legal business entity.
Amazon and Flipkart allow an individual to sell on their platform. This makes it easy to get fraud. On Myntra you cannot sell as an individual. If you want to sell on Myntra then you have to get registered as a legal business entity. There are 4 types of legal business entities which the platform allows, and they are as follows.
- Sole proprietorship.
- Partnership.
- Limited liability partnership.
- Private liability partnership.
Click here to read about these legal business entities, and how to form them.
- Get the documentation ready.
Once you have registered yourself as a legal business entity. The next step is to gather the documents as required by Myntra. Following are the documents that are required by the platform.
- A current bank account in the name of the entity.
- Registration copy of the business.
- Firms TIN/TAN number.
- GST registration certificate.
- PAN card of the entity.
- An authorization letter from the brand owner or authorization letter.
- Get registered.
Once you have all of the above-mentioned documents. You will have to go to the registration page of Myntra. The page will look something like this and you have to click on the bottom left of the page where it says REGISTER NOW.
Once you have clicked on the register now button you will be taken to the seller registration page. There you will have to fill in the basic information about you and your business. The page will look like this. Once you filled and submitted the form. It will be reviewed by Myntra. If you pass this stage then you will be moved to the next step. Which is to clarify your business.
- Clarify your business.
As previously mentioned Myntra does not allow an individual to sell on the platform. And thus you have to get your business registered. In this step, you have to mention what is your business registered as. Below are the 4 business types which are accepted by Myntra.
- Sole proprietorship.
- Partnership.
- Limited liability partnership.
- Private liability partnership.
- Submit the documents.
In this step, you have to submit the documents which you have obtained in the 2nd step, which was “get your documents ready.” You will have to scan them and upload them so that Myntra can verify them. The documents are as follows.
- A current bank account in the name of the entity.
- Registration copy of the business.
- Firms TIN/TAN number.
- GST registration certificate.
- PAN card of the entity.
- An authorization letter from the brand owner or authorization letter.
Onboarding Process.
This is half of the registration process. Now you have to go through the onboarding process.
Now Myntra has 2 different types of the onboarding process.
- Myntra aggregate model.
- Current partner model.
Myntra aggregate model
In this model you will only have to care about the product and everything else will be taken care of by Myntra. Before you should go with this, you need to know that if you go with this option, then you will only be selling your products to Myntra and then Myntra will then sell those products under their branding and not yours. This also means that you will not have to think about any marketing, advertising, storage, packaging, and delivery.
Current partner model
If you decide to go with this onboarding process, then you will directly sell your products to the end consumer and you will also be able to sell them under your branding. This model also gives you full control over the account and your product. As you are selling them under your bran you will have to take care of more things which will cause you to spend more. Myntra will directly pay you for whatever you sell.
This all depends on you how you want to go ahead, as both of the systems have their advantage and disadvantage.
Few things will be same in both Myntra aggregate model and the Current partner model. These things are as follows.
- Quality Check
- Listing and cataloguing
- Checking dedication
Quality Check
In this process, you will have to create a presentation about your business, which showcases your business along with your catalogue. Once you have created the presentation it will be sent to the head office (HO). It is imperative that you reach the right product manager otherwise your presentation might be cancelled or even removed. Once the presentation is successful you will have to discuss your business in full detail with the manager. The last step is to send your products to Myntra (HO) which is situated in Bangalore and in Gurugram to make sure the quality of the product is up to the mark.
Listing and cataloguing
If you passed the QC then there will be a meeting between you and Myntra and both of you will sign a contract. After that, you will get access to their platform. After that, you will be able to do listing cataloguing. All of this will be done under the guideline provided by Myntra. The photoshoot will be also be done in Myntra approved studio and models. All of this is to make sure that the high-quality standard is maintained.
Checking dedication
After all of this is done there is only one thing left to do. Myntra will be performing a dry run under which they will place dummy orders to check whether you can perform up to the standards. In this Myntra will check things like product quality, packaging, and delivery time. So, don’t take it lightly. Only after you have passed this step you will be able to sell to the public.
Payments.
Myntra takes approximately 10 to 15 days to give to money. It is not the best but it is not the worst. All the charges are cut beforehand, which means that whatever amount you are getting is full and final and there would not be any reduction.
Click here to read about 7 things to help you expand your business.
Click here to read about 5 steps to start selling on Amazon.
Click here to read about how to sell on Flipkart.
Click here to know which is better for sellers, Amazon VS Flipkart.
