How Data Science helped Myntra Become More Profitable

Fashion and lifestyle are synonymous with the name ‘Myntra.’ It offers a seamless purchase experience to Myntrites with a team that is always available to offer support. As one of India’s largest e-commerce stores for fashion and lifestyle, Myntra resorts to the adoption of new technologies and usage of data science to stay put at number one. The profits made by Myntra are directly related to its leverage from using data science inputs effectively.

• Myntra has over nine lakh styles on its platforms and uses data science to provide a personalised experience for its users.
• It leverages the ML models and uses a combination of market intelligence, trend prediction and demand forecasting, to make buying and selection decisions.
• It also used data analytics to streamline its supply chain management.

We generate data at every step and this data helps the marketer to target the right audience based on their purchasing behaviour. Based on data any brand can understand the demand and preferences of their customers and provide them with the best possible offers and relevant products.

Data analytics helps to identify potential customers based on their browsing habits. This technology helps e-commerce companies to customise their offerings and make conversions. 

In the initial stage, Myntra went live with about 30 brand stores, each with its own unique experience. These brands had a unique way to reach consumers and connect with them like never before. Myntra discovered that about 30 per cent of their searches are based on brands. With Myntra Mall, their brand-conscious customers can enter specific brand stores and check out the latest offerings from their favourite brands. 

Demographic profiling is required for marketing and sales strategy. Here again, personalisation plays an important role in showing the relevant products. Users also have the opportunity to style their looks by taking inspiration from their favourite celebrities and influencers. This helps data analysts to understand the preference of a large number of customers.

Myntra intends to revolutionise the fashion and lifestyle market with the right technology. Nowadays this technology-oriented field is creating a lot of employment opportunities for the young generation. With the help of Data analytics, e-commerce websites are facing huge growth in the market. For this reason, skilled and experienced professionals are in demand. 

With the rise of online shoppers, there is an indefinite potential for data scientists in the online scheme of things. MBA in Business Analytics and Data Science is one of the most promising programmes with current trends. The answer to the most complex problems lies in data intelligence, thereby making data analysts an uncompromisable asset to the organization.

Award-winning MBA institute in Kolkata, the Bengal Institute of Business Studies (BIBS), is offering an MBA in Business Analytics and Data Science. The courseware for this program has been designed by understanding the market needs. BIBS along with its specialised faculty is creating data scientists that will be leaders tomorrow. The immersive learning methodology coupled with the internship exposure allows the student to understand the know-how of this market and thereby create a successful career.