If you’re thinking about operating a successful Marketplace App or Web solution, it is possible to identify a number of steps that can get you a successful online app. The success of e-commerce apps can be determined by a straightforward formula. Reduce the expenditures and increase profits to make the different earnings on sale.
If you’re a small business owner, there are greater chances of making your customers feel more connected to you instead of going the other way. The most recent methods of running an eCommerce business allow small-sized businesses to manage their operations with a minimal budget. They do not even need to maintain stocks (for those who run dropshipping businesses).
Many global events around the world have brought about digital sales. The year of 2020 was marked by significant turmoil. However, it was also marked by an increase in online sales. Selling online is a thing you must not miss in the coming years.
The small e-commerce stores reported a 96.5 percent (nearly twice) increase in online traffic in the last year. 33% of them are reporting almost the same amount of traffic, or even tripling it which is a 100 % up to 200% growth. The growth rate is expected to increase in the future.
Since its launch in 2006, fashion marketplace portal Myntra has been grabbing the interest of shopping lovers around the country. With over 100 million downloads, 83% of the app traffic comes from direct sources and search results, with referrals accounting for the remaining 17%.
We are all aware that using a mobile phone has become the standard and that customer expectations are continually increasing. Thus, why not create an app similar to Myntra for your eCommerce company that provides a more personalized consumer experience?
Myntra marketplace platform created a user-friendly mobile app with Indian customers in mind, providing customers with a smooth buying experience. Online fashion stores are gaining enormous traction even in tier II and III cities thanks to rising internet and mobile phone usage and the pandemic push.
It makes sense that people involved in fashion and its ancillary industries are willing to invest in Myntra-inspired eCommerce marketplaces.
This blog post will enlighten you about the reason behind Myntra’s success and how to build and launch shopping apps or websites like Myntra.
A marketplace provides a platform where sellers and buyers can connect with each other. Many businesses seek online marketplaces to reach their customers to sell their products and services such as Amazon, Flipkart, and Myntra.
It allows customers to interact with sellers through a single platform. Therefore, The Multi-Vendor mobile application or website has customer- and seller-centric features. It enables the efficient selling and purchasing of products.
Myntra marketplace platform has an enormous impact on the fashion industry since they serve as a single platform for a variety of local and international brands. Apps such as Myntra offer the chance for both the designers and the manufacturer designers to engage directly with the public.
The popularity of Myntra as a marketplace has led investors to pursue a variety of mobile app development or web development companies to build an app or website that is similar to Myntra. They understand users’ needs and are able to offer solutions that meet their needs. This blog shows how to build and launch an app like Myntra:
Myntra is a highly successful eCommerce marketplace in India that has revolutionized the way people shop for fashion online. What makes it so successful? Here are some of the reasons:
Myntra has a strong and devoted customer base with over 30 million monthly active users and more than 5,000 brands listed on its marketplace.
Compared to the prior year, Myntra’s revenue increased by more than 50% in the fiscal year 2022. Year over year, the platform has regularly shown revenue increase.
Nike, Adidas, and Puma are just a few of the well-known fashion and lifestyle brands with whom Myntra has exclusive relationships. Myntra is able to provide a selection of unique products that are not found on other platforms because of these relations.
Myntra has made significant technological and innovative investments, enabling it to provide distinctive features like virtual try-on, 3D scanning, and customized recommendations. These elements have aided Myntra in giving its customers a tailored and enjoyable shopping experience.
This has always been a top priority for Myntra, which provides round-the-clock support by phone, email, and live chat in addition to other channels. As a result, the platform has developed a solid reputation for customer loyalty and satisfaction.
Myntra has a sizable social media following, with more than 3.5 million Instagram followers and more than 7 million Facebook fans. The platform makes advantage of social media to advertise its goods, interact with its users, and launch specialized ad campaigns.
Myntra is one of the most popular online shopping sites in India, but what sets it apart? To outperform your competitors and build an alternative to Myntra, consider including the following vital advanced features in your multi-vendor marketplace:
This feature allows customers to virtually try on clothing to see how they would look before making the final purchase. It improves user experience and reduces bounce rate.
Myntra uses AI to give personalized product suggestions to its customers based on their browsing and purchasing patterns. Adding this feature to your platform can boost revenue and client retention.
This feature allows customers to share things they enjoy on social media with their friends and followers. It may aid in spreading brand awareness and drawing in new clients.
Giving buyers a 360-degree perspective of the products they are considering can assist them in making wise judgments. It lets customers zoom in to have a closer look at a product and view it from all sides.
Myntra provides a variety of payment methods, including e-wallets, credit and debit cards, and cash on delivery. Offering customers a variety of payment choices can boost sales and enhance client satisfaction.
Adding product reviews and ratings on your platform might help you win over customers’ trust and boost sales. Knowing what other people think of the product helps your customers to make their decision swiftly.
Customers can quickly and easily locate what they’re looking for by using advanced search features. Offering products that can be sorted by price, size, color, and other specifications can boost your customer engagement.
Most of the popular marketplaces offer loyalty programs that reward customers for their purchases. This sort of feature on your platform could improve client retention and encourage repeat business.
Chatbots can help to improve customer service by responding to frequent consumer questions and offering round-the-clock support. It also lightens the load on your customer support team.
With the use of analytics and reporting tools you can monitor the performance of your platform, including sales, consumer behavior, and vendor performance. You can use this information to make informed decisions and raise your platform’s overall performance.
The popularity of multi-vendor marketplaces has significantly increased over the past several years in the eCommerce sector. These online marketplaces bring together a variety of vendors who all offer their goods there. A perfect example of a successful multi-vendor marketplace is Myntra, one of India’s top online fashion and lifestyle marketplaces. This step-by-step manual will assist you in getting started if you want to create a platform that is similar.
Identifying your niche is the first step in creating a successful multi-vendor marketplace like Myntra. You must choose the goods or services you wish to market on your platform. For instance, Myntra concentrates on selling fashion and lifestyle goods. By defining your niche, you can better understand your target market, evaluate the competition, and identify the vendors you need to attract.
Once you have determined your niche, the best eCommerce platform should be selected. There are several choices, including Magento, Shopify, and WooCommerce; nevertheless, you must pick a platform that enables multi-vendor capability. The platform you choose should also provide the capabilities you need to organize and manage your vendors and their products.
The caliber of suppliers you draw in will determine how successful your multi-vendor marketplace is. Your onboarding process must be simple-to-understand and easy to use for vendors. This process should include registering as a vendor and supplying relevant information such as contact, bank account, and tax details, along with product listing guidelines.
Building a vendor management system is the next step you need to take in this journey. It helps you manage and organize your vendors and their products. It allows vendors to control their inventory, prices, range of products, and order fulfillment. You need a system for managing complaints and reviewing vendor performance.
The payment gateway is an integral part of any eCommerce platform. It enables you to charge commission fees and allows merchants to receive payments from customers. Choose a payment gateway that accepts a wide range of payment methods and is secure. The most well-known payment gateways are Paytm, Stripe, and PayPal.
The success of a multi-vendor marketplace depends heavily on the user experience. Building a platform that is simple to use, intuitive, and visually appealing should be your main priority. Make sure your platform delivers seamless navigation and is responsive to mobile devices. To improve the user experience, you should also invest in features like advanced search, filters, and product suggestions.
Marketing is the most significant step after building your own marketplace. You must develop a marketing strategy that appeals to your specific market and highlights the advantages of your platform. This strategy should include social media marketing, email marketing, and search engine optimization. You should also consider offering referral bonuses and promotional discounts to attract customers to your online store.
The fashion sector is growing exponentially, therefore it makes sense that now is the ideal moment to build an app like Myntra for your company’s success. Myntra has been positioned as an inspiration to businesses trying to scale beyond geographical constraints. But which company to choose for your marketplace solutions?
We provide a complete set of eCommerce and marketplace web or mobile app development services. We have a highly experienced eCommerce development team that incorporates advanced features and futuristic innovation to build a revenue-generating solution.
Launch Your Own Product Like Myntra - Affordable and Scalable