Myntra is one of the biggest Indian companies leasing fashion and casual lifestyle products online. Its headquarters are in Bangalore, Karnataka. It was initially launched as an e-commerce marketplace but is now at the top in its field. It was established on the 7th of July 2007 by Indian Institute of Technology graduates, emphasising the personalisation of gifts. The e-commerce giant hopes to provide consumers with the convenience and power of buying lifestyle and fashion items on the internet. Most importantly, Myntra allows sellers to participate in the growth.
Myntra is registered for business-related individuals only and by a person who owns it, so you must do an official registration of your company.
This blog will find an in-depth review of how Myntra manages its vendors and how sellers can finish the registration process on this fabulous e-commerce website.
Did you know?
Flipkart has been Myntra's parent firm since 2014. In 2014, the e-commerce giant bought Myntra in a deal estimated to be around the amount of ₹2,000 crores.
What is Myntra?
Myntra is a huge marketplace for online sales, growing rapidly and shipping over 8000 items every day across the country. Additionally, the company focuses on providing a pleasant and effortless shopping experience for customers across the nation. It has a wide range of brands and merchandise on its site. Myntra is a premium e-commerce site that offers a variety of items such as men's clothing, home décor products, women's fashion products and many other categories of merchandise. Myntra is the home of top fashion brands that sell their merchandise at a price lower than those available on the market. It was founded by Ashutosh, Vineet Saxena and Mukesh Bansal.
Myntra operates using a 'business to customer' model of the marketplace. This means that it permits businesses of different sizes to work within its portal. It lets sellers worldwide sell their goods on the website, giving customers various choices. Myntra is a platform that houses over 2,500 brands and has more than 5 lakh items.
How Does Myntra Seller Platform Work?
After completing this Myntra seller registration process, you're all set to launch your business on the online marketplace. Just follow this simple process to begin your journey on the e-commerce path:
- List: In the first step, sellers can begin to go live with their brands with the assistance of the experts in onboarding.
- Supply: Have the items collected, packed and delivered to the customers.
- Inventory management: Next, update the inventory and take orders from the huge customer base.
- Earn: Expand your brand's reach with regular payments and working capital assistance.
Also Read: How to Become a Seller at Flipkart?
Why Should You Be an Online Merchant on Myntra?
Myntra is a good choice for sellers since it has flexible policies and offers many advantages to sellers. The benefits listed below are those Myntra offers its sellers:
- Minimum returns: Even when your sales aren't great, you will receive the minimum amount of returns guaranteed by Myntra.
- Old inventory: You can sell any stock that is not sold on Myntra until it conforms to the rules and guidelines of Myntra.
- A minimal investment: Sellers don't need to spend money on lease/land, store installation employees, etc., selling on Myntra. It only needs to manage an actual store.
- The setup cost is minimal: Overhead expenses are low. You do not have to pay for land costs, store setup costs, rent employees' costs, or other expenses associated with running the physical store while selling on Myntra.
- Reach extended: Myntra boasts millions of customers across the nation. Therefore, if you're thinking of selling your products through Myntra, you will be able to access Myntra's customer base. It could boost the number of sales you make.
- Complete autonomy: You will completely control your product when you sign up as a "seller" on Myntra. You'll be able to manage a catalogue of your products, sales, online shop, quantity and quality of your item.
- Social campaigning and marketing: Myntra manages the entire marketing and social campaign process. It means that sellers don't have to think about it. Thus, it allows sellers to concentrate on the product's sales and ensure their quality while maintaining theirs.
- Fashion tips: Once you're an active seller on Myntra, you can access fashion-forward designers. These fashion experts assist you in how to design your item. They assist you in balancing your product by curating them to the current fashions.
Myntra Seller Registration Process
Take a look at these Myntra seller registration procedures below:
Step 1: Click on "Registration" and click on "Registration Now", which you'll find on the homepage page.
Step 2: The seller has to visit Myntra's official website.
Step 3: Fill in the following information on the form for registration of sellers:
Step 4: After that, the application form for the registration of sellers will appear on your screen.
- Name of the seller
- Number for phone
- Email ID
- Name of the business
- The nature of business
Step 5: After filling in the information, the user must verify the captcha and click "Submit" for successful registration.
Eligibility Criteria for Myntra Seller Registration
Before completing registration as a new seller on Myntra, take the steps mentioned below. Remember that Myntra allows only the company to sell its products to customers on Myntra and not individuals. So, it is important to register your business legally and identify it by using one of the options listed below:
- Private limited company
- Partnership firm
- Sole proprietorship firm
- Limited liability partnership
When you've completed one of the four registrations, it's vital to finish the VAT registration to sell items on the market. The seller cannot sell their products through Myntra without VAT registration.
After the Store Goes Online:
- When the order is received, the shipment will be shipped.
- The store will begin receiving orders announced by your seller dashboard. The dashboard will also help you run your shop.
- A pick-up time is set. Orders may also be delivered via other courier lines. You need to enter a particular tracking number in the order.
- Then, an invoice needs to be issued.
Within 15 days after acceptance of the purchase, the money is transferred directly to the seller's account following deductions from Myntra's account, which includes commissions and additional overhead charges.
Myntra is well known as a renowned fashion website that takes care of the needs of both sellers and buyers. Additionally, it's an established and trusted site. Thus, you can be sure that you won't get scammed. The steps above will allow you to be listed on Myntra to sell items online easy and hassle-free.
Cash Withdrawal Fees and Myntra Seller's Fee
Myntra typically takes between 10 and 15 days to calculate your payments. The money is credited to your bank account linked to Myntra. Before crediting the funds, Myntra will deduct its commission and a few additionally liable charges. It is impossible to pay retailers commissions after you join Myntra. Based on Myntra's class & branding, it generally offers a commission range of 4% to 5%. Due to various factors, it isn't always a fixed cost. Myntra costs are usually lower for the high-quality and most expensive products.
Myntra is among the most popular and complete online shopping platforms that collaborate with thousands of small businesses to meet the specific requirements of millions of customers across the globe.
By exploring the site, you will find numerous ways to earn enormous returns and interact with customers. Enjoy a successful partnership, and enjoy your time with Myntra! While you receive online payment, in the end, the calculations of exact profit or loss become easy to calculate.
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