The fashion business is the largest B2C market. The online fashion marketplace is the ever-trending business idea that has its own customer base. The reach and acceptance from the audience are unbelievable. This can be clearly seen when you visit any leading and reputed fashion marketplace platforms like Myntra, Flipkart, and many more.
They have their own marketing strategies that can easily attract audiences to their marketplace and they have a customer-centric approach that supports them in retaining their customers and getting repeated orders from them. They also integrated advanced technologies and features that will benefit both sellers and buyers. If you want to know how to create a website like Myntra then you need to understand more about the online fashion industry and its scope in the future.
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Online Fashion Sales and Future Demand
- Fashion eCommerce’s global size is $752 billion in 2020 and it is expected to grow by 9.1% and can reach $1167 billion by the end of 2025.
- By 2025, the online fashion business is expected to grow $2.25 trillion globally.
- In 2020, the total apparel sale done through the online fashion marketplace is recorded as 46%.
- Out of all fashion accessories, the footwear segment has gained much attention and has generated revenue of $410 billion by 2020 and is expected to reach $530 billion by 2027.
- Bags and related accessories have generated revenue of $170 million in 2021.
Myntra: How Did it Become the Largest Online Fashion Marketplace?
Myntra is one of the fastest-growing fashion eCommerce marketplaces, founded in the year 2007, has its main focus on fashion and lifestyle. Now, this fashion marketplace holds more than 150000 products with leading 1000 brands and covers more than 900 cities in India.
There are multiple key channels through which users can easily get access to Myntra. They are websites, web apps, mobile apps, and via affiliate networks. Myntra is a self-service platform that offers 24/7 customer support to its customers. To increase its customer relationship, it has also decreased its shipping time from 48hrs to 24hrs.
Myntra is well-known for its discounts. The platform has introduced the “End of reason sale” that has gained tremendous response from the audience. The marketplace spends more on technology up-gradation, warehouse management, and advertisements. The platform utilizes the influencer marketing strategy to attract more visitors to its website. Myntra follows the aggregator business model and earns through the commission revenue model.
How to Build a Multi vendor Marketplace Like Myntra: Step-by-step Guide
If you are serious about building a fashion marketplace like Myntra then you need to follow the below-mentioned steps and implement them in your business.
- Know about the fashion market demand – you may have several fashion products in your mind to sell through your platform. But you need to analyze the market and buyers’ behavior in your region. According to their preference, you need to finalize the fashion product for your marketplace platform.
- Attract sellers to your platform – you need to have multiple sellers on your platform. Only then can you offer a wide range of products to your customers. For this, you need to visit the local vendors and explain about your platform and make them join your marketplace.
- Choose perfect multi-vendor marketplace software – this is the key element that is going to help you in achieving your business goals and will support you in simplifying your business operations. Choose marketplace software that has all essential admin, seller, and buyer features and can attract a larger audience to your business.
- Join vendors to your portal – after finalizing the software, you need to join sellers/vendors to your platform. You need to discuss the commission fee or any other fee that is applicable on each sellers’ order transaction and get his consent and proceed further.
- Integrate payment gateways – this is the key aspect that needs more attention. You need to integrate multiple payment gateways with your platform that will support customers to have hassle-free payment processing. Make sure that the payment gateways are secured and familiar in the market.
- Choose the best shipping solution – on-time delivery is an essential element that determines the success of any marketplace platform. You need to have genuine shipping logistics so you can assure perfect delivery. For this, you need to search several shipping agencies and get quotes and check their online reviews and finalize the one that suits your business.
- Launch your fashion marketplace – now everything is set. You need to launch your platform online and start your fashion business. You need to have reliable domain and hosting support to make your business a grand success.
Conversion Driven Features to Look Out for in a Readymade Software
When you search for how to create a website like Myntra then you should be very clear about the features that Myntra possesses to get better conversion. Let us find out those must-have conversion-driven features for your fashion marketplace platform.
- Personalized shopping experience – when you offer a personalized shopping experience to your customers, it will increase your ROI without any doubt. Now, you may think about how to personalize. You need to check their preferences, demographics, location, and purchase history. By analyzing these facts, you can offer them a more personalized solution that can attract and delight them.
- Advanced search and navigation tools – customers will not like to spend more on searching products. Your platform should guide them in taking them to the exact product page with just a few clicks. This can be possible by having advanced search and filtering options.
- Excellent product description – your product description should create demand in viewers’ minds. So, you need to rely on an effective content management system that can support you in delivering perfect content to gain better conversion.
- Simplified checkout process – your platform should not have a complicated checkout process. This may increase the cart abandonment rate and can seriously affect your sales. Have a simplified checkout process that will support customers in getting their orders placed easily.
ZielCommerce Marketplace – Build a Clothing Store in Single Platform
Zielcommerce is a top-notch, multifaceted fashion marketplace platform that can meet your dream of building a website like Myntra. The platform possesses all basic and advanced features that can be seen in Myntra and assure an omnichannel shopping experience for your customers.
Zielcommerce Highlight Features – Set up an Online Clothing Store in Mins!
- An easy registration process is carried out that helps sellers and buyers to get themselves registered with the platform.
- Sellers can list their items through the proper categorization feature and this will help them to get their orders easily.
- The social media sharing option is available and will facilitate buyers to share their favorite product on their social media pages and get their friends’ feedback.
- The advanced size guide feature will let customers to identify their size and help them to order dress materials according to their size.
- Multiple payment modes are available and buyers can select their convenient payment option and can buy products.
- Multiple chat modules are integrated that will support buyers to have direct communication with the concerned seller.
- The push notification feature will send alerts and reminders to buyers and sellers regarding their orders.
- Buyers can share their feedback about their latest purchase through a review and rating system.
- Referral and loyalty programs are supported by this marketplace platform that will help users to retain their buyers.
Hope you have gained enough information and guidance in building a website like Myntra. You need to understand the market and should effectively implement all the above-mentioned key tips that will help you in building a strong marketplace platform that can survive well in the market.