Myn­ banks on tech­nol­ogy to build sus­tain­able re­la­tion­ships

In­dia’s largest on­line fash­ion and life­style store, Myn­ re­lies heav­ily on tech­nol­ogy to boost its mar­ket share. Be­sides us­ing an­a­lyt­ics ex­ten­sively, the on­line re­tailer uses in­no­va­tions such as vir­tual dress­ing rooms to sus­tain buyer in­ter­est. In a

InformationWeek - - Interview - SRIKANTH RP & JAS­MINE KOHLI tweet @srikrp & @kohli­jas­mine

How do you make tech­nol­ogy de­ci­sions and in­vest­ments? Tech­nol­ogy has al­ways been the back­bone of any suc­cess­ful e-com­merce ven­ture. At Myn­tra, we be­lieve that tech­nol­ogy can be a game changer in the crowded e-com­merce mar­ket. We have a ded­i­cated team of highly qual­i­fied engi­neers who build world class prod­ucts in-house based on mar­ket re­quire­ments. How have you lever­aged IT to help your firm grow? Most of our tech­nol­ogy and back-end is built in-house in­clud­ing our new user in­ter­face, which went live early July. This in­ter­face pro­vides seam­less flow of in­for­ma­tion with min­i­mum clicks. Prod­ucts are sorted ac­cord­ing to cat­e­gories and pref­er­ences, which are easy to ac­cess along with an in­tel­li­gence engine, which rec­om­mends pop­u­lar

We use so­cial net­work­ing plat­forms to make an­nounce­ments about new prod­ucts, trends and to give out reg­u­lar fash­ion up­dates, which re­sults in in­creased aware­ness and in­flu­ences pur­chase de­ci­sions”

Ashutosh Lawa­nia

Co-Founder & Head – Sales & Mar­ket­ing, Myn­

prod­ucts based on buyer’s pref­er­ences. This helps in­crease over­all con­ver­sion rates and our ASP (Aver­age sell­ing price). Please brief us about your pres­ence in the so­cial space? On the so­cial front, we were the first among e-com­merce firms to ini­ti­ate a tool called ‘Get Sat­is­fac­tion’, which in­te­grates all queries and re­views into a sin­gle plat­form and builds a data bank of an­swered queries for fu­ture ref­er­ence.

Myn­tra be­ing an on­line plat­form has a strong so­cial me­dia pres­ence on Face­book, Google+, Twit­ter and Pin­ter­est. We use th­ese tools to en­gage and in­ter­act with our au­di­ence, col­lect their feed­back and share fash­ion tips with them.

Over a pe­riod of time, the three main fo­cus ar­eas on Face­book are fash- ion con­tent, prod­uct/cat­e­gory mar­ket­ing and top­i­cal en­gage­ment. On Twit­ter, we do all three of th­ese and in ad­di­tion, use the plat­form for con­vers­ing with blog­gers and peo­ple in­ter­ested in fash­ion. We also share a lot more in­ter­est­ing reads on fash­ion on Twit­ter and have started us­ing it for con­tests too. We have a cu­rated daily us­ing the pa­ ser­vice. On Pin­ter­est and YouTube, the strat­egy is clearly to show our un­der­stand­ing of fash­ion — cre­ated as well as cu­rated — and our boards and playlists are a re­flec­tion of that.

En­gag­ing and rel­e­vant con­tent is the key to build­ing a num­ber of fans. It is im­por­tant that fans see value in the con­tent that we pro­vide and stay en­gaged and par­tic­i­pate in con­ver­sa­tions with us.

We do not do any con­tests on Face­book, how­ever we use Face­book as a medium and Twit­ter as a plat­form

to run con­tests. One of our con­tests on Twit­ter #what­sy­ourex­cuse was in line with our tele­vi­sion cam­paign and saw a lot of par­tic­i­pa­tion. We also did con­tests for our fash­ion prop­erty — Star N Style and #Iwan­tagift to pro­mote our gift cards dur­ing the Di­wali sea­son. All th­ese cam­paigns re­sulted in in­creased en­gage­ment and aware­ness and there­fore re­sulted in sales. How have you used the so­cial medium to ac­cel­er­ate your sales and rev­enues? We pri­mar­ily use so­cial me­dia as a tool to en­gage peo­ple and don’t drive di­rect sales from it. How­ever, we do prod­uct plugs, fash­ion sto­ries and give out fash- ion tips on so­cial me­dia plat­forms that are rel­e­vant for the au­di­ence and can help them make a pur­chase de­ci­sion.

Though en­gage­ment is our fo­cus on so­cial plat­forms, the ac­tiv­i­ties there do con­trib­ute to traf­fic and sales on Myn­tra, and we keep a track of it. Con­tri­bu­tions from th­ese plat­forms are in the lower sin­gle digit fig­ures (per­cent­ages) when com­pared to other chan­nels but they do add up.

We use tools such as Face­book, Twit­ter, Pin­ter­est, Google + to make an­nounce­ments about new prod­ucts, trends and to give out reg­u­lar fash­ion up­dates, which re­sults in in­creased aware­ness and in turn in­flu­ences pur­chase de­ci­sions. How do you in­tend to lever­age the con­cept of ‘Vir­tual dress­ing room’ to boost your sales? With Myn­tra’s vir­tual dress­ing room — ‘Style Stu­dio’, shop­pers can mix and match prod­ucts, save their fa­vorite looks and share them with their cir­cle of friends us­ing so­cial me­dia chan­nels like Face­book and Twit­ter.

The ob­jec­tive of this fea­ture is to guide the user through their pur­chase ex­pe­ri­ence and en­able them to vir­tu­ally try be­fore they buy. Style Stu­dio also has a fea­ture where with one click a shop­per can pur­chase the en­tire look. Th­ese fea­tures en­sure that cus­tomers be­come more con­fi­dent of their pur­chase de­ci­sions.

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