Indians never fail to amuse themselves with their traditional attire, especially in ethnic wear on occasions or events. On the other hand, wearing such clothes costs like anything in this world, even if you are wearing them for one day or keeping them permanently.
That’s why Flyrobe has made a favourable store by conferring rental dresses at affordable prices. Besides that, customers can buy the products by paying the full settlement.
Flyrobe is an online rental clothing company for men and women. Instead of owning a one lakh dress for a one-day occasion, renting it at an affordable rate would do wonders. Flyrobe sells handmade ethnic wear of the RIB brand and charges fare only on the rental dresses but they ask you to pay extra if you exceed the specified due date.
On the other note, there are no delivery fees or transportation charges and also the company grants one more expedient to the customers where the required product delivers within 3 hours.
Notably, Flyrobe is an online clothing portal that sells as well as rents western attire, ethnic, accessories, designers, and men’s and women’s collections which was launched in 2015 by Pranay Surana, Tushar Saxena, and Shreya Mishra.
Currently, the business is planning to open 30 branches in different cities to dilate their services in the country. The company is operating in 10 major cities in India and has two offline stores in Mumbai, Bangalore, Ahmedabad, and Delhi.
Flyrobe – Products and Services
Flyrobe is known for its Ethnic attire, which is made by its handcrafted RIB brand. Subsidiarily, The company sells branded clothes such as Zara, Armani, GLITZ, Sabyasachi, DIOR, etc. to the customers.
Flyrobe also sells designer collections, and accessories like sunglasses, bracelets, rings, and chains. Furthermore, Flyrobe offers party dresses, lehengas, sherwani, tuxedos, and other branded collections.
Flyrobe Website
Flyrobe comes up amazingly with its new arrivals of handcrafted dresses which are given as rentals at a reasonable price. In case you are buying such dresses from Flyrobe, it is said that it costs an arm and a leg.
The store also touts celebrities’ look outfits and renowned designer’s outfits, whereas Alia Bhatt, Sonakshi Singha, Parineeti Chopra, and others have played a part in the growth of Flyrobe.
Flyrobe – Target Audience
Every woman admires herself when it comes to traditional wear, so it is highly recommended for the age group 20 to 40 years, who love to wear ethnic attire to any occasion to amuse others with their classy look. So Flyrobe targets women majorly by selling or renting women’s collections at a pragmatic price.
Flyrobe – Business Model
Unlike other clothing companies, Flyrobe renders their clothes in rental to the customers at a cheaper rate. They rent the on-demand product for a four to eight days period and charge no delivery fees. But if the specified rental period became due, then the customers are asked to send an email to the company in requisition for the dilatory.
It is saddening when one buys an expensive dress for 50 thousand rupees but wears it only for a one-day event. That’s why Flyrobe sounds good when expensive clothes are available for rent at an affordable rate to the customers for 4 to 8 days without delivery charges.
What Is Unique About Flyrobe’s Business Model?
Being on top of its game, Flyrobe uses unique ideas that make them stand apart from its competitors. Some of the ideas used by Flyrobe are:
No delivery charges
Flyrobe provides an excellent service to its customers by way of free pick up and delivery to the address provided by the customer. This is one of the few reasons why Flyrobe is popular among its competitors and customers likewise. The delivery of western clothing within 3 hours with no pickup and delivery charges was coveted by the customers of Flyrobe.
Services offered in 16 major cities
Flyrobe offers its service in 16 major Indian cities: Delhi, Gurugram, Faridabad, Noida, Ghaziabad, Chandigarh, Ludhiana, Jaipur, Mumbai, Pune, Indore, Lucknow, Hyderabad, Ahmedabad, Bengaluru, and Agra.
Rented outfits at a cheap price
The very reason why Flyrobe is favored is because of renting good quality ethnic and western wear at a cheap price affordable to people. This allows people who would want a lehenga for a 3-day function to not spend a fortune on buying a lehenga but also wear one that makes a statement.
Offers a wide range of clothing from top designers
Who wouldn’t love wearing a lehenga from the maker of Anushka Sharma’s wedding lehenga and not having to sell their kidney in the process? Flyrobe offers ethnic and western clothing from top designers like Sabyasachi, Zara, Armani GLITZ, Dior, etc. to its customers and has multiple partnerships with several agencies and designers.
Online and In-store presence
Flyrobe’s online reputation across 16 Indian cities at a reasonable rate of rent for a minimum of four days has customers crowding their site. Customers who want to make alterations to the dress can visit their stores and get a fitting done for no cost.
How Does Flyrobe Make Money?
Flyrobe is gaining much recognition with different types of audiences favouring its concept. Flyrobe makes money in more than one pattern. The majority of the revenue collected by Flyrobe comes from its online sales. As per its founders, 65% of revenue is collected from its online sales.
Apart from that, Flyrobe charges a commission from its sellers on each successful renting and purchase. There is also the option of a subscription plan available for its users which provides additional benefits to the user.
On the other hand, Flyrobe charges a fixed amount from then in return for the subscription model. Flyrobe also earns its revenue from the advertisements provided on its platform.
Flyrobe’s unique idea created an industry that is thriving and profitable. It is well received among those people who would love to wear high-end fashionable ethnic wear to marriages and functions as these are celebrated as grand festivities in India but can’t afford to purchase them for a one-time affair.
And the ability to wear International branded western wear for rent is an option that is positively tempting to those who love fashion. The largest rental platform’s presence in 16 major cities in India and the offline stores only help in increasing the reach of Flyrobe among masses of people who are planning a budget wedding dress.
FAQs
What is Flyrobe?
Flyrobe is a startup focused on fashion-based products which allow them to be rented and purchased. Majorly, it is an apparel-based renting platform.
Who started Flyrobe?
Flyrobe was started by Shreya Mishra, Tushar Saxena, and Pranay Surana in 2015.
Can I rent my clothes on Flyrobe?
Yes, Flyrobe allows easy renting of individuals’ clothes on its platform. One can easily rent their clothes on Flyrobe until and unless the dress meets all the eligibility criteria of the startup.
Is Flyrobe Profitable?
Flyrobe is a profitable business as its revenue collection has been noted to have significant growth over the years.
Growing at a 30% compound annual growth rate, the ecommerce industry is certainly emerging as one of the most popular industries in India. Online marketplaces of varying niches, are rising and dominating the Indian market that was once known for its mom and pop stores. LimeRoad, one of the first women’s social shopping sites, is currently among the most well-known shopping destinations of the Indians.
Dealing primarily in clothing and accessories for men, women, and children, at the end of 2017, LimeRoad claimed to have scaled 150% in terms of revenue, traffic, and more and had also successfully secured the 2nd spot in the online fashion vertical, as mentioned by Suchi Mukherjee.
Suchi Mukherjee is an Indian Entrepreneur, and the face behind the successful online shopping site, LimeRoad. Founded in 2012, Suchi Mukherjee is the Founder and CEO of LimeRoad, who founded the company with Ankush Mehra and Prashant Malik. While Malik has parted with the organisation, Mehra is still serving as the Co-founder and Director of A.M Marketplaces Pvt. Ltd., the parent company of LimeRoad, and Mukherjee is helming LimeRoad.
She aimed at creating the largest women’s-only marketplace in South East Asia. She has been conferred with various awards owing to her contributions in ascending business and comprehending consumer technology. In 2011, Global Women’s Forum voted her No. 1 among 15 “Rising Talent- global leaders under 40” via World Women’s Forum.
So, without further ado, let’s dive into the Life and Career of Suchi Mukherjee and the successful journey that Suchi experienced to date, which starts from her Early Life, and includes Suchi’s Education, Career at LimeRoad, Awards won by Suchi Mukherjee & more.
Suchi Mukherjee – Biography
Name
Suchi Mukherjee
Born
6 July 1973
Birthplace
Haryana, India
Position
Founder & CEO, LimeRoad
Nationality
Indian
Education
University of Cambridge
Profession
Entrepreneur
Awards
INFOCOM Women of the Year (2015), Unicorn Startup Award (2016) & more
Suchi Mukherjee hailed from a middle-class family in Haryana, India. She was a bright student in her school and college. Suchi studied at St Stephen’s College in Delhi, and was then enrolled in the University of Cambridge from where she received a Bachelor’s degree in Economics with Maths. She is a Cambridge Commonwealth Trust Scholar & Fellow and a Chadburn Scholar. She holds a University record in Development Economics. Suchi is the Elected Member of Newnham Associates from the University of Cambridge in 2008.
Soon after she got admitted to The London School of Economics and Political Science (LSE), from where she obtained an MSc degree in Finance and Economics. She is also a British Chevening Scholar at LSE.
Suchi started working in a sector that was focused on Telecoms Media Technology (previously financial institutions) at Lehman Brothers Incorporation. She was a Senior Associate, Corporate Finance at the company and worked there for five years (July 1998 to June 2003).
Post that, she joined Virgin Media, where Suchi became the Director of Change & Business Development and worked for 2 years. She was a member of the Consumer Division Management Team of the firm. The company grossed a revenue of $2.5 billion under her leadership. She worked there from June 2003 to May 2005.
eBay Inc was the next company that she joined. Though eBay seems to have already lost the ecommerce war in India, as it looks like at least, it was previously among the ecommerce biggies. There she headed the Business Seller Programs and CS. She was a member of the UK Operating Management Team of the e-commerce portal and was prominently promoted in eBay, owing to her managerial and business skills. After 1 year, Suchi eventually emerged as the Director & Member of Executive Management Team at Skype, which was then a subsidiary of the Pierre Omidyar-founded eBay Inc company. She examined product and marketing, which included planning, product/UI design, payments, brand management, advertising channels, and more. She performed in the same job role from July 2007 to December 2008, before she was promoted again. Now, this time, it was GumTree, in which Suchi Mukherjee became the Managing Director & GM in January 2009. It was an eBay Inc company. She served at the company for over two years and left the job in August 2011. Under her leadership, the company escalated from No. 3 to No. 1 within a few years.
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After performing extremely well in her career, and serving at numerous companies in over 5+ job roles, Suchi Mukherjee eventually thought of establishing her own startup that is focused on fashion and apparel for women. Suchi is currently serving as the Founder and Chief Executive Officer (CEO) of the e-commerce site, LimeRoad, which was established in 2012. However, what drove her to pursue the life of an entrepreneur is something really interesting.
The Idea Behind the Startup, LimeRoad
The startup story of LimeRoad was kickstarted out of a moment of utter frustration that Suchi Mukherjee experienced. This was just after her second child was born. Suchi was 39 then and on maternity leave. One day Suchi was flipping through a magazine when she suddenly glanced at a very attractive piece of jewellery. However, the jewellery was there in a very small store in Mumbai and it couldn’t have reached her anytime soon. This made her realise 2 very important things that were central to the launch of LimeRoad:
There wasn’t any app/website/portal that helped pretty and interesting accessories to be discovered easily
There wasn’t any platform that allowed people to go through the lists of accessories that were manufactured to be sold outside India
Thus, the aim to create a unique platform where one can find beautiful and affordable accessories and lifestyle products in an easy-to-use interface, was the main idea that drove Suchi Mukherjee to launch LimeRoad, which is now counted among the best female-founded fashion brands in India. The idea was foolproof to the very brim because she was aware of the fact that India was the manufacturing hub for over 21% of the lifestyle products that are sold across the world. This made her realize that it would then be certainly delightful and profitable too to bring all the vendors in the lifestyle product category under a single roof.
“Here is an industry which is our strength. All I wanted to do was to use technology so that manufacturers, designers and sellers could flourish and users could source beautiful products, which currently they were not able to,” said Suchi.
Starting up of LimeRoad
LimeRoad Logo
Suchi found a serious need for a devoted females’ portal where they can find inexpensive accessories and products without any hassles. This is where she found an opportunity to grow rapidly in the market. She kept in mind the needs of the females and knew that the women like to examine other options before being a product. Her masterful understanding of the business led her to get to the root of the real issue of service and product.
Besides, there were plenty of nonidentified vendors who were not allowed to add their products to keep up with the quality. She worked on identifying the right balance between the demands and the supplies. Suchi flew back to India in 2011 with a vision of founding a global brand in the country, after she made all the arrangements, to work on this new startup.
Suchi recalled, “with a passion for driving change and innovation, which is also the core element of Limeroad’s culture, I got together with my co-founders to build something transformational.” Prashant Malik, who worked at Facebook and returned to India to start with something new, and Ankush Mehra, who headed the supply chain of Reliance Hypermarkets, were introduced to Suchi Mukherjee by her common friends when she was evaluating the market opportunity a year before setting up LimeRoad.
LimeRoad was visualised by Suchi Mukherjee and the other founders as the digital equivalent of the 16th century Grand Trunk Road that changed the face of trade in the Indian subcontinent.
Suchi Mukherjee as the Co-founder and CEO of LimeRoad
LimeRoad is hailed as one of the fastest-growing digital shopping platforms in India. It is currently a 50,000+ strong women’s community. From being a startup to the LimeRoad we see today that competes with companies like Amazon, Flipkart, Myntra, Snapdeal, and more, Suchi Mukherjee’s contributions are undoubtedly huge. It was also under the leadership of Suchi Mukherjee that LimeRoad, today, boasts of having over 50 million visitors.
Limeroad, just like any other startup, too had to face a whole lot of challenges when it started up. One of the major problems that the startup faced was the difficulty in finding the right people to build a solid team that could help the company get a blend of skill and a can-do attitude. Although LimeRoad could get over this challenge that was imposed, it tends to pop and test the company every now and then.
Getting the right infrastructure with a high-speed and reliable internet connection was also difficult. Suchi Mukherjee also had to confront numerous legal processes to register a company, which she had no previous experience in dealing with, especially in India.
One other challenge was to find the perfect work-life balance. Suchi felt that being a woman it was tough to be an entrepreneur because back then she also had huge familial commitments. However, one thing is certain Suchi was really supported by her family, which included her husband.
LimeRoad and its Team at Present
LimeRoad was founded as an online shopping platform in 2012 by Suchi Mukherjee, Ankush Mehra, and Prashant Malik. The company is currently headquartered in Gurugram, Haryana, India, where Suchi serves as the Co-Founder and CEO of the company.
Ankush Mehra, Suchi Mukherjee and Prashant Malik from Left to Right – Founders of LimeRoad
It is a social-commerce platform primarily made for women with an improbable diameter of carefully selected retailers. It enables customers to discover the best lifestyle products across categories like apparel, accessories, home, and non-perishable food.
Bollywood Actor Neha Dhupia serves as the Art Director of LimeRoad. Dhupia was roped in by LimeRoad back in May 2014, who eventually picked up stakes in the company and is a regular employee of LimeRoad who draws a salary each month. Neha was originally the choice of LimeRoad because of her glam quotient that everyone is familiar with. Ahti Heinla, Founding Architect of Skype and Michel V Swaaji, Ex-Chairman of Skype, serves as the Advisors of LimeRoad and are among the Board of Advisors of the company. The investors of LimeRoad include Matrix Partners, Lightspeed Venture Partners, and Tiger Global. LimeRoad was last valued at $108.18 mn (around Rs 838.5 crore) after a funding round in October 2019.
She got married to her long-time boyfriend, Sandeep Kunte, Director Treasury at Barclays Bank. Sandeep and Suchi tied the knot in 2006 and the couple now bears two children, daughter Myra and son Aadit. Suchi first met Sandeep, her future husband, at St Stephen’s College. Until now, no controversies arose against her. Her husband and family are known for being supportive throughout her life to date.
Both Suchi Mukherjee and the company, LimeRoad have been felicitated with numerous awards and accolades. Here’s presenting a list of some of the most prominent ones:
LimeRoad received the Coolest startup of the year award from Business Today in 2015
Suchi won INFOCOM Women of the Year in 2015
NDTV conferred her with the Unicorn Startup Award in 2016
The Economic Times nominated her for the ET Startup Award in 2017
FAQs
Who is Suchi Mukherjee?
Suchi Mukherjee hails from Haryana, India, and is known as the Co-founder and CEO of LimeRoad, an Indian online marketplace owned by A.M Marketplaces Pvt. Ltd.
Where was Suchi Mukherjee born?
Suchi Mukherjee was born in Haryana, India.
Is Suchi Mukherjee married?
Yes, Suchi Mukherjee is married to Sandeep Kunte and has a son and a daughter.
What is LimeRoad?
LimeRoad is primarily known as a fashion ecommerce marketplace founded by Suchi Mukherjee, Prashant Malik, and Ankush Mehra, which was founded in 2012, and helps the users discover, shop, and share a wide array of fashion products and accessories that are above the mundane.
What is the valuation of LimeRoad?
LimeRoad was last valued at Rs 838.5 crore ($108.18 mn) in October 2019.
Fashion is such a powerful word, it can change the world. If not change the world it can at least make some people rich. When it comes to fashion, the world follows the crowd. If some trend gets enough people hooked, then the trend has the chance of becoming a fashion trend. Which are longer and wider terms in magnitude and effects. There can be many sorts of fashion, each sort of fashion has the potential to influence a large number of people.
This trait of the fashion industry makes it one of the hottest industries out there. This is the reason fashion houses and fashion retails are always out there, innovating and figuring out something that will hopefully become a trend and a fashion statement. In the modern world, the apocalyptic 21st century, the internet and technology are the lead workers in almost every industry.
Fashion is also run by these workers’ hands. India’s topmost online fashion delivery partner Myntra is also doing the same. They are working on recommendation systems at a large scale. Like in-session intent, explore-exploit algorithms diversity, deep personalisation, identifying fashion trends, etc. This article talks about this topic at the heart. First, let us see how the world of fashion operates and how it is changing with the help of AI and big data.
Fashion, by definition, is anything that someone wears to make a style statement. The definition might look easy in theory but in practice, the word ‘fashion’ has a lot of potentials. This can take any shape and size, and this can make truckloads of money if it is directed in a good right direction.
The cycle of fashion mostly starts when people observe some influential person making a style statement. Then they look out for the same thing, to make the same style statement. Take the case of Luxottica. The famous luxury eyewear group enjoys a monopoly in the eyewear industry. It all started when the brand pulled in some actors and designers to promote luxury frames. This was an instant hit and the beginning of huge cash flows.
By now, you must have understood that the world of fashion is unique and full of potential. There are many sorts of fashion, they can be categorised into many categories. Then comes the more famous sort of fashion line, fast fashion. As the name suggests, it is fast in nature. It comes quickly and goes out of fashion quickly. Zara is probably the best example of fast-fashion retail.
The next and the newest form of fashion is all new. Fashion when mixed with data analytics becomes a whole new domain of work. When fashion is added with the benefits of data and technology, it becomes wider. The reach now covers much more area than before and so do the profits that occur. This is what fashion companies like Myntra are doing. Let us see Myntra’s data science and the work that goes behind the curtains/website.
Myntra – The Fashion Retail
Myntra is a popular name among fashion enthusiasts. By ‘fashion enthusiasts’ we mean quite everyone. Everyone wants to make a style statement and everyone wants to stand out. In this sort of environment, Myntra is a perfect destination for these people. It is a place that caters to a lot of demands in a single and simple setting. A single stop for all things fashion.
As the world grows and becomes more and more hyperconnected, and people want more personalised stuff, Myntra is changing its model too. It is not just a fashion company now, it is adding data and technology to its structure. With the aid of data technology, the brand can put itself as a more personalised fashion retail for its consumers. Which if done right, can lead to great success for the brand.
Right, now the fashion company deals in all sorts of fashion products. As time passes, it is also trying to enter the world of technology of personalisations. Personalisations like large scale recommendation systems can add a lot of brand value to the company. It is working in this direction with all its might, to get to a position where it is easy for consumers to get products that meet their personal demands.
Just like Netflix which used user data to give out personal recommendations for movies and series. In the next paragraph, we will read about the efforts that the company is trying to get deep into data technology.
How Myntra Uses Data Science to Provide Unparalleled Customer Experience?
If you say that Myntra is fashion retail, you are right but not entirely. Myntra is more of a data science company that works on data to provide personalisations to its customers. It is, in fact, one of the biggest and most successful data science teams in the country. The reason is that Myntra is hugely investing in its data science wing, to improve the overall experience.
The data science team is the reason, on which the company is making all its newfound progress. It is in fact the reason which even helps big service companies like Netflix to grow on customer experience. The majority of the features that the fashion company now provides are AB tested. These solutions that provide great personalisations were never possible in the past but they are now the nearest possibility. Thanks to data tech.
At the core of Myntra, the company wants to create an exceptional consumer interface that is so useful that people will become loyal to the brand. The data science team at the fashion retail has solutions for that goal problem. They want to create a unique model at every touchpoint where the user reaches for his/her needs. These models/differentiators will help increase the consumer experience and will generate the desired revenue for the retail.
The team delivers many data science solutions, which are deployed at various customer touch points every quarter. “The models create significant revenue and customer experience impact, alongside providing real-time, near-real-time, and offline solutions with varying latency requirements,” explained Hrishikesh Vidyadhar Ganu, head of data science at Myntra.
There are many domains in which the company is trying to enter with the help of technology aids. It is trying to work on large scale recommendations which will help find people that they are not even looking for. That is products that they might like. The same way as Netflix recommends shows. It is a result of data collection of users and making sense of the data. This makes the user predictable. Thus, the company servers can better predict what the user is going to like in future. This feat is achieved through algorithms, deep personalisation which can identify fashion trends and can suggest more relatable products.
Myntra also is looking forward to building a trying feature that can help in identifying the perfect fit for a customer. Say, a tryout feature. Just like Lenskart does on its website, you can go and try out the glasses with a virtual try-on feature. This feature, to virtually try anything that you like, online is an absolute game-changer. This, not just adds to the overall customer experience but also eases the work of choice for consumers. Myntra can do that too, they can add a virtual try out feature for clothing items or personal beauty essentials etceteras.
Fashion focussed companies like Myntra do a lot of work on their supply chain management. They try to optimise the flow of work in a manner that is the least resistive and most efficient. With help of user data and data technology, they can also leverage their large scale problems of shipping and utilisations.
“We also leverage computer vision extensively for cataloguing, inbound QC, garment measurements, etc.,” said Hrishikesh Ganu who is the director of data science at Myntra.
Another important thing for fashion retail is the pricing models. If the pricing is not right, it does not matter how good the impression the product makes, consumers will be turned off.
With data that Myntra collects and makes sense of, they can let the tech work for them. They can even optimise prices for different customers and give others some coupons that can act as a discount. An optimised pricing strategy will help get more traffic to the website and more conversions of users.
In a recent interview, the Myntra data science team mentioned that they are currently hiring for data science roles. The company has vacant places across many roles in the field of data science.
How Data Plays an Important Role in Improving Customer Experience at Myntra?
Myntra takes the data part very seriously. Data is DNA at the fashion retail. They know this thing that they will receive what they give. If they make sense of the data collected in a nice manner, they will go ahead in utilising and optimising the resources according to customer preferences. This can act as a great differentiator in many aspects.
With trial and error, Myntra has been able to make the walls of its data work strong. The engineering and data insights that they have gathered over the past is very useful in the future. They can use data science to evolve more in the future as they provide the best-personalised fashion to every customer. They will probably be one of the firsts to do something like this in the Indian fashion segment.
They continuously are involved in data scoring and structuring. Every algorithm that they decide on is AB tested with keeping real users in mind. The world of E-commerce revolves around being more and more consumer-centric. This is why companies like Myntra invest a lot of time and energy resources in this field. This enables them to get a better profit margin and a better market placement than the rest. Fashion retail has golden rules, that is, Once you get the experience right, you can get consumers’ hearts.
The story of data starts when users communicate with the website. They can be ordering something, returning something or just pondering/hovering over something.
All that data is collected and makes sense, in the form of patterns. These patterns make bigger patterns that are called user behaviour. Which tells how a person is going to act in front of a situation. This results in better predictability and better recommendations. So, it can be said that data is the source and fuel for the system at the same time. It enriches the algorithm with more useful information.
How is Myntra using Growth Hacking?
At Myntra, all the technology and fashion is directed in one direction. That one direction is simply to make the user journey as smooth as possible. It should be full of aids, but not too much and it should be easy to walk on. Noticing this simple goal, they recently launched something called ‘Growth hacking’.
Growth hacking is an initiative and an experiment with which Myntra is trying to capture hindrances that are faced by users. For example, users should be able to check out with a click and clicks for websites should be lowered. They are also looking to add and subtract a few traits in the post order stage.
All these little tweaks here and there will help cover the journey of the user in a smooth way. The result of which is more and improved conversion rates. Another consequence is that users have more retention and thus more revenue for the company.
These experiments like that of growth hacking Myntra is employing a method of AB testing. Since they have a large variety of products in almost every domain, it becomes imperative to make it easy for the user to make choices. The process goes like the easier the better.
In order to release the experiments at the growth hacking, they have to conduct A-B testing. It is a method by which a company tests its experiments with some people and gets their feedback. It was made sure that the experiments work well and that they don’t add any sort of hindrance to the user journey.
From the above discussions, it is evident that Myntra is planning a lot more investments in the data department. They know that this is useful in reaching new scales of growth. They are not wrong in this manner, everyone loves personalisations and attention to detail. With data-driven growth, there are a lot of utilities that can be achieved. Myntra is betting on this new-age tech of machine learning and data science.
As they develop each wing of the data plane, like data analytics, data science and machine learning in the platform, they want to make all these things go together. In a synchronised manner, these things will work better and more efficiently.
Myntra is investing a lot in machine learning models that work in real-time. The workings of which will help Myntra to get quick and real-time feedback from users. Another reason for developing the ML platform is that they can run data from models and execute them.
Myntra is a platform that runs at a level of whole India or PAN India. This means that they have a lot of consumers to cater to. They have to be right with data if they want to predict their users’ patterns. This is one of the main reasons why Myntra is trying to improve its data science wing. It will add more depth to the organisation and will help increase the consumer experience.
Myntra has a lot of checks and balances at every step before data ingestion into the warehouse, clean-up and processing. A better capability to tackle users will make for a delightful user experience.
This is why the data science department is running to work with in-depth data details and structures of user data. This will help the whole organisation regardless of the scale at which they operate. However, it might seem easy in theory to work towards personalisation technology but it’s not easy.
There has to be a whole infrastructure setup that can be built for analytics. Myntra has also taken some steps to improve the data handling at the company. Here we will discuss these processes and the progress that they have made.
First of all, Myntra starts the work even before data arrives at its shores. They try to track every piece of information that arrives at its doorstep. It can be any data or information from warehouses, process reports and stock placements. At every step, new data is laid out and Myntra keeps full track of these. Recording everything helps the company to catch any deviations that might have occurred in the process.
Now, to improve the metrics, it has to follow a repeated process. An iterated process. The continuity of the process is the key in this venture which helps to improve monitoring and catching of errors and deviations. If the process of data collection is even and continuous, they will catch omissions quickly which makes it efficient. For even for a minute deviation or non-success in their data trajectory, they have a solid alert in place and a testing framework to report.
Conclusion
Fashion is a powerful word. With enough potential to generate a lot of cash for the trailblazer. Fashion retail has some common golden rules. That is, Once you get the customer experience right, you can get to the consumer’s hearts. Once they get this thing right, they will be the market leader in fashion retail in India. This is all about brand loyalty and customer satisfaction.
Myntra is planning to go deeper into this segment which will allow them to better understand the market and its consumers. In the modern world, the apocalyptic 21st century, the internet and technology are the lead workers in almost every industry.
Fashion is the new world where tech is working and it has a lot of benefits. Myntra is also trying out and working on virtual trials of products on each consumer. The future and present of fashion are changing and so are the priorities of people.
FAQ
How does Myntra use big data?
Myntra tracks the user behaviour, if they are going to buy something or just surfing, what are they looking for and stores it which helps them to recommend the best-personalised fashion to every customer.
How does Myntra use machine learning?
Myntra analyses its customer data, social media and its fashion portals to find out what customers are exactly looking for.
How does Myntra use data analytics?
Myntra uses data to provide personalized recommendations to its users.
Right now the Fashion market mainly favours tiny fashion boutiques, new fashion designers, and dedicated outlets that make a personal style statement. It is clear that there is a lot of scope in this field.
Anyone who has ever owned or launched a business will attest that it requires time, study, and smart resource management. Long, hard hours and the funds needed to convert your vision into reality are a struggle that every new firm encounters. It’s no different when it comes to starting a fashion business. Here are the best five fashion startup ideas to help you get started with yours.
Here are the top 5 fashion business ideas to start a fashion startup in 2021.
Fashion Event Production Company
It’s not simple to put together a fashion show. Designers and models are consulted by fashion event producers, who may even train them.
Helping the designer with runway show casting and knowing how garments should be displayed on the body and how the models should hold themselves are part of being a fashion event producer.
Before starting this job, you need to have a basic understanding of fashion shows, work with creative individuals, and be adaptable enough to cope with a variety of personalities. The amount of money you can make is determined by the number of clients you have and how large they are. You won’t need workers or even an office to get started because the initial costs are low.
However, for your firm to be successful, you will need to conduct a lot of self-promotion. For this sort of employment, relationships and referrals are essential. Business cards, networking through industry websites, and user-friendly websites that display both an online and physical portfolio are all required.
Personal Styling Business
A personal stylist aids in the enhancement of a client’s image. Stylist services may be necessary for certain individuals before a significant occasion or even incorporated into daily life. A personal stylist’s responsibilities include hair, cosmetics, clothes, and anything connected to a client’s appearance.
This company is an important element of any community because it helps people succeed in an increasingly image-conscious environment.
Someone with prior expertise in fashion, hair care, cosmetics, or a similar industry is perfect for a personal styling business. While no formal training is necessary, having a network of potential clients may be quite beneficial in getting your business started.
Fashionistas with prior experience in sectors such as radio, cosmetics, or public relations will usually have an advantage. You’ll also need good communication skills and a desire to work one-on-one with folks. While many individuals may be interested in your services, young professionals will be the primary market.
These are up-and-coming individuals for whom the image may be a determining factor in both their career and romantic goals. You have the option of billing your clients by the hour or by the session.
Plus-size Clothing Startup
Opening a plus-size clothes store may be a terrific business endeavour if you’ve ever struggled to find the proper fit or have a passion for making fashion more accessible to everyone. Although no formal degree is necessary, a background in fashion or retail may be quite beneficial. Those who have difficulty fitting into typical clothing stores have the same wants as women who do.
These women are catered to by a plus-size clothing firm, which sells attractive apparel in their sizes. Although most plus-size fashion companies concentrate on plus size women, certain men’s plus size apparel businesses cater to larger guys.
Startup expenditures might be high, with space and goods accounting for the majority of your spending. Look for low-rent commercial space, establish your business on an internet platform like Shopify, or try specialising in a single sort of apparel to reduce inventory.
Your company may stay tiny, but there is a lot of room for expansion in the market. Thus there is a lot of space for growth.
Best Clothing Business Ideas
Start a Sewing Business
A sewing company, unlike many other sorts of enterprises, may be run from home. A sewing company run from home has the extra benefit of giving more comfort and privacy during fits. With minimal initial expenditure, you may establish a small home-based sewing company.
Sewing firms customise garments via embroidery and other decorative arts to produce one-of-a-kind individualised styles in addition to creating and changing clothes.
If you enjoy fashion and have a knack for sewing, starting your own sewing business may be a lucrative full-time or part-time endeavour. While this is best suited for people with a high degree of ability, various educational programmes are available for fashionistas interested in learning the technique.
The initial expenditures of a sewing business are often minimal because you can run them from your home. You could already have a lot of the equipment you’ll need to get started, and you can factor the cost of your supplies into the price you offer your clients.
A sunglasses line is often a high-end eyewear line for upper-crust customers. In 2016, sunglasses earned about $3.6 billion in income, making this a lucrative career choice for many.
Starting your own eyewear business is a terrific way to get your foot in the door of the fashion industry. The ideal owner will have a keen sense of style and design. While no specific knowledge is necessary, you should have a fundamental grasp of how your concept will be developed into a product. It’s also crucial to observe safety requirements while creating UV-protected items. Finding a means to generate distinctive articles and a memorable business can help you flourish in this competitive field. In most cases, the owner is solely responsible for creating and promoting their eyewear.
They can either make the sunglasses themselves or collaborate with a manufacturer to finish the process. Sunglasses can be purchased online or in a physical store. In most cases, owners will collaborate with distributors to have their products offered in other retail outlets.
The materials you choose to employ and your location will determine your startup expenses.
The worldwide clothing market is currently valued at $3 trillion and accounts for 2% of global GDP. And the fashion sector in India is growing at a pace of 24.2 per cent each year, implying that it would be worth $18,732 million in 2022.
Looking at the numbers, it’s clear that this market has a lot of promise, and the need for small enterprises in this field is growing all the time.
FAQs
What are the most valued fashion brands in the world?
Most valued fashion brands in the world are:
Nike
Louis Vuitton
Hermes
Gucci
Zalando
Adidas
Tiffany & Co.
Zara
H&M
Cartier
What are the top fashion brands in India?
Some of the top fashion brands in India are:
Van Heusen
Park Avenue
Pepe Jeans
Levi’s
Allen Solly
Nykaa
Peter England
What are the Fashion Business Ideas to start a fashion startups?
Some of the top fashion business ideas to start a fashion:
Zara is a Spanish fashion retailer with headquarters in Arteixo, Galicia. Apparel, jewelry, footwear, swimsuits, grooming, and fragrances are among the company’s products, which include fast fashion. It is the biggest business in the Inditex group, which is the largest garment retailer on the planet. Zara is one of the most popular retail clothing brands in the world, if not the most popular. It strives to foster a sustainable enthusiasm for fashion across a broad range of customers, distributed across many regions and different ages, with its stunning debut of the notion of “quick fashion” shopping since its founding in 1975 in Spain.
Amancio Ortega and Rosalia Mera launched Zara, the world’s most famous fashion retail firm, in 1975 in Spain with a capital of 30 Euros. They intended to call their store Zorba after the movie Zorba, but there was also a pub with that name on the same street. As a result, they chose Zara because having two Zobra within the same neighborhood would only create confusion. Zara used to sell low-cost knockoffs of famous, high-end apparel and style in the beginning.
Rosalia Mera | Zara Founder
Zara’s strategy for fashion and operating model gained popularity with Spanish customers during the next eight years. As a result, nine additional outlets have opened in Spain’s major cities.
Inditex was founded in 1985 as a trading corporation, laying the groundwork for a supply system responding fast to changing market trends. Ortega coined the term “instant fashion” to describe a revolutionary design, manufacturing, and distribution approach that could shorten lead times and respond to new styles more quickly. This was fueled by significant expenditures on computer technology and the use of organizations rather than solo artists for the essential “design” component.
Zara’s business strategy is precisely designed, effectively incorporating all of the aspects that leads to the improvement of this global undertaking. There really is no single commercial operation that is directly liable for this company’s success. Joint venture, growth strategy, efficient supply chain management, and other unconventional actions and ideas all contribute to the growth of this kind.
The firm is known for its expertise in promptly providing fresh merchandise to stores. Zara uses a tight program in order to accomplish this. Supervisors buy goods twice per week at specified times, and fresh clothes come twice a week on schedule. Zara’s success is built on this ethic.
Fast Fashion is one of Zara’s main concepts. The concept of a fast manner is comparable to that of FMCG (Fast-moving Consumer Goods). Fast fashion is typically employed to appeal to a younger and middle-aged demographic. This type of clothing does not go out of trend; rather, it runs out of stock. The quick fashion cycle is basic to comprehend. A young individual purchases a simple set of clothes that can be used 6-8 times before the material begins to fray. It causes the person to buy new clothes, which leads them back to that place, and the cycle repeats. The foregoing are some of the primary strategies of Zara:-
1. Vertical Integration is the key Vertical integration is a value or supply chain control method in which a corporation owns or manages its manufacturers, resellers, or store outlets. Industry profits from vertical integration because it allows them to regulate operations, cut costs, and enhance efficiencies. Vertical integration, on the other hand, has drawbacks, such as the considerable financial expenditure necessary.
Zara’s vertically integrated supply chain allows it to maintain direct oversight while also providing speed and flexibility to their clients. Zara employs cutting-edge techniques to ensure that they can quickly bring new concepts to market that are exactly what clients want, whenever they want it.
2. Centralization Zara has a profound, consistent, and swift pace that revolves around quick shop delivery. Every Zara store places two orders per week on particular days. Carriers depart at precise times, and supplies reach at particular times in shops. When clothes arrive at their destination, they are already labelled and priced, making them ready to sell right away.
Because of this well-established pattern, every employee in the production process – from design through sourcing, manufacturing, transportation, and retail – is aware of the timing and how their actions affect other departments. This applies perfectly to Zara buyers, who exactly know when to go shopping for brand new clothes.
Zara’s dependence on centralized order fulfilment allows businesses to run extremely efficient operations, from early strategy to execution to shops. Further illustration as to why continuous improvement and supply chain management are crucial to revenue and scalability is the business’s strategy.
3. Inventory management Zara can supply more frequently and in limited volumes during the season because of the fast turnover from manufacturing plants adjacent to its marketing headquarters in Spain. If Zara’s swiftly created style in an effort to follow the current fashion fails to sell successfully, there is little harm done. Because the amount is low, there aren’t a lot of unsold copies to get rid of. And, since this failed experiment was short-lived, there may still be time to attempt another style, and then another.
Zara prides itself on remaining on top of the latest trends and radiating an upscale vibe, but its production process is the real show-stealer. These industry-leading procedures elevate it from a mere clothing store to a market leader in fast fashion executed well. Zara excels at guaranteeing that everything goes as planned, as it has more control over its production and business network than most of its competitors. Zara’s main strategy is to diversify through various vertical integrations in order to develop.
FAQs
Where does Zara get their clothes made?
Zara manufactures its most fashionable items in Spain, Portugal and Turkey.
Where is the biggest Zara store in the world?
The biggest Zara store is in Madrid, Spain.
What is Zara most famous for?
It is most famous for its Fast Fashion.
Who are the founders of Zara?
Amancio Ortega and Rosalia Mera are the founders of Zara.
Fashion has been an inbuilt statement in our lives, fashion eCommerce startups are making a good mark as they are gathering a lot of varieties of products.
Clothes, jewellery, and other accessories are taking away a major part of our lifestyle and shopping is one of the most tiring tasks, to click for a good product involves lot of time, confusion and trials.
Top 5 Fashion E-commerce Startups to Build Your Wardrobe.
Myntra is one of the successful fashion Indian e-commerce companies, with their headquarters in Bengaluru, Karnataka. It was founded in 2007 by Ashutosh Lawania, Mukesh Bansal and Vineet Saxena. Initially, the company used to sell personalised gift items such as T Shirts, mugs, mouse pads and others.
Myntra
In 2011, Myntra began selling fashion and lifestyle products and stopped it’s personalized product service. Myntra was acquired by Flipkart in 2014 and then, it has grown many folds, it is working independently as well as a part of Flipkart. It offers more than 350 Indian and international brands, it also has a 30 day return policy which makes customers comfortable.
Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan and Manu Jain
Launch
2012
It was founded in 2012 by Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan and Manu Jain, the company has its headquarters in Gurugram, India. Jabong sells shoes, apparel, accessories, home decor and furniture.
Jabong
The e – store carries over 1000 brands and over 90000 products. Jabong is one of the largest e commerce business in India. It is keeping pace with new trends and fashionable products, that is why, it has scored well in selling goods to customers.
Voonik
Startup Name
Voonik
Headquarter
Bengaluru
Founders
Sujayath Ali, Navaneeth Krishnan
Launch
2013
Voonik has got some unique features, it provides suitable products according to your style and personality, this is why it stands different from other fashion startups. It was founded in 2013, by Sujayath Ali, Navaneeth Krishnan. Voonik was launched as a personal mobile application, before being introduced as a web platform.
Voonik
It has become user friendly platform, by asking customers questions about their choice and personality. The application fetches answers and provides outfits according to the individual information, it made various developments and improvisations for a customer better experience.
Limeroad was founded by Suchi Mukherjee in 2012. Limeroad has its own speciality waving in a new path, it allows you to create your own look-on a virtual scrapbook- using products from thousands of vendors on it’s site, and can share it with others. If you are not the creative type, you want to buy a look created by someone else.
Limeroad
You can also find styles by subscribing to limeroad feed or follow people whose fashion you like. The creator of the look gets reward points and buyers get full fashion package at one place, limeroad is one of the best destinations to find beautiful products for women.
Kraftly
Startup Name
Kraftly
Headquarter
New Delhi
Founders
Saahil Goel
Launch
2015
Kraftly was founded in 2015 by Saahil Goel, and has its headquarters in New Delhi. The company started as C2C. Mobile flea Market platform and focused on selling handcrafted products, and now it has a great collection of women’s clothes, jewellery and accessories, footwear, toys, and more. Kraftly bridges gap between sellers and buyers, where people can sell their artefacts apparels, home decor items.
Kraftly
Here, sellers have an advantage of chatting with the buyers which enables direct contact between the two, helping them understand their needs properly. Sellers can upload pictures of their products into the kraftly app and sell. It’s a great platform for people who want to earn money by their art and craft, therefore unique products come up in this way, where customers have access to a variety of products and not the routine ones all the time.
And these fashion eCommerce startups are going around different brands, making customers comfortable having all at one place, keeping track with styles and latest trends, fashion startups are running out well, they have developed their technology and providing a variety of options and trials.
So, that was all about Top 5 fashion eCommerce startups of India.
Neeraj SIngh Shekhawat
