Do you want to sell on Myntra and Jabong? I have created this guide for business persons who want to know how to sell on Myntra and Jabong?
Myntra is one of the largest apparel e-commerce companies with an immense consumer base. Selling the products on Myntra means opening a tremendous scope for business growth. But this is not the only reason why Myntra is the most sought-after platform for selling products in India.
Related: How To Sell on Flipkart
There are several good reasons for sellers to get attracted and sell on Myntra, you must know.
Advantages of Selling Online on Myntra/Jabong
- Excess/Old Inventory: Myntra allows selling of excess, low-demand, or old stock if it meets the set criteria of the brand.
- Guaranteed Minimum Returns: Myntra guarantees minimum returns, even if the sales are low.
- Minimal Investment: With Myntra, sellers do not need to invest in rent/land, store setup, employees, etc., as required to run a physical store.
- Vast Consumer Reach: As mentioned above, Myntra is an owner of vast consumer bases in India, which is a way to reach millions of consumers across the country and increase your sales.
- Full Liberty: Sellers on Myntra have complete control over their products once they are registered. They can manage sales, the entire online store, product catalog, quantity, and quality of the product.
- Style Recommendations: Sellers are eligible to take the help of fashion trendsetters, who suggest the design of their products. This way sellers can balance their products with the latest trends.
- Marketing & Social Campaigning: Seller doesn’t have to look after the marketing and social campaigning part for the products. It is entirely seen by Myntra, hence allowing the sellers to concentrate on the sales of the products and maintaining their quality. Myntra also analyses consumer behavior and choices in-depth to help improve sales.
- Strict Screening Process: Every seller needs their Aadhaar number and PAN card for verification to keep off fraudulent sellers from the portal.
How to Become a Seller on Myntra and Jabong?
Myntra is one of the highest revenue-generating portals since it has managed to keep its quality to the level as promised and expected. Therefore, it is quite specific in terms of maintaining its quality of product and business. For this, a strict screening process is carried out before any business becomes a part of the portal.
To start selling your products on Myntra and become a seller, there are few preparations you need to do.
Step 1: Register your business as a legal business entity
Myntra allows only business entities. Therefore, before you sell on Myntra, you need to form a legal business entity.
Though in India, there are five types of business entities; Myntra offers only four types of options to register your business as legal. Myntra doesn’t allow “One-person Company”.
So, these are the four classifications Myntra provides:
# Sole Proprietorship Firm
# Partnership Firm
# Limited Liability Partnership
# Private Limited Company
Each of them has individual features, and has its compliances and therefore you need to know which one is suitable for you. Choosing the wrong structure can go horrible for your business. It is also important as the company files annual returns and income tax returns with the company registrar.
Let us understand how each of the business entities is different from each other.
# Sole Proprietorship Firm
This type of business is owned and managed by a single person. It is prevalent among the unorganized sector, particularly small traders and merchants.
Advantages:
- Government registration not required
- Fulfilling compliance not needed
- Government regulatory paperwork not required
- Entire profit earned by the owner
- Free of double taxation
- Income tax returns applicable only on the owner’s income
You are eligible to register if you have:
- Aadhaar card
- PAN card
- Bank account
- Registered office proof (rental agreement or utility bills)
# Partnership Firm
In this business structure, two or more individuals are involved. They manage and operate a business as per the duties, obligations, profit shared, and other clauses set out in the Partnership Deed.
Advantages:
- Easy to start
- Shared risks between partners
- Submitting annual returns to the MCA Statuary not needed
- Audit non-mandatory
- Easy to shut down
In a partnership firm, registration is optional.
# Limited Liability Partnership
This business structure is relatively cheaper to incorporate as compared to a Private Limited Company and is better than Partnership Firm as each owner shares individual tax liabilities. Also, unlike other business structures, LLPs are not liable for business debts and have a limited life.
Advantages:
- Less paperwork compared to other business structure
- Easier to form
- Safety from the liabilities
- Offers tax flexibility
- Following business structure is not mandatory
- Flexible profit sharing
Steps to Register LLP
Step 1: First, fill the eForm for acquiring the DIN or DPIN(Designated Partner Identification Number).
Step 2: Obtain your Digital Signature Certificate and register it on the MCA portal.
Step 3: Check if your LLP name is approved by the Ministry of Corporate Affairs.
Step 4: Once the LLP name is approved, fill the incorporation form to register the LLP and get the LLP agreement.
# Private Limited Company
This structure is quite popular among start-ups and growing companies. They pick this famous business structure as it enables easy outside funding, curbs the liabilities of its shareholders, and allows them to offer employee stock options to attract top talent.
Advantages:
- Liability of the company’s owner limited to their shares
- Easy to transfer shares
- Allows issuing debentures
- More tax benefits
Steps to Register a PLC
Step 1: First, fill the eForm for acquiring the DIN or DPIN(Designated Partner Identification Number).
Step 2: After that, fill up a name registration application.
Step 3: Now, draft MOA and AOA through the SPICE-E form on MCA’s website. MOA defines the objective of the company, while AOA defines the rules and regulations of the company.
Step 4: Obtain PAN and TAN applications.
According to the structure of the company, an appropriate certificate is issued.
Step 2: Get Documentation Ready
After you have got your business legal, there are few documents you need to have before you start your business through Myntra.
# An active current bank account in the name of the entity.
# Registration copy of the business.
# Firm’s TIN/TAN number.
# GST registration certificate.
# A PAN card of the entity.
# An authorization letter from the brand owner or authorized dealer (if planning to sell branded products).
Keep scanned copies of the above documents to speed up the next step.
Step 3: Register Yourself on Myntra
After you have your business legal and got all the documents ready, it is time to register yourself on Myntra.
Step1: Open Registration Page on Myntra
The registration page will look something like this:
Step 2: Open the Form
Click on the ‘Register now’ option. It will take you to the seller registration form.
Step 3: Fill up the Form
Fill up the ‘seller registration form’ and submit it. The form asks for basic information about you and your business.
The form will be reviewed, and once it is approved, you will be moved to the second step.
Step 4: Classify Your Business
As your business is already registered, you now need to classify your business under four different legal entities mentioned on Myntra: –
- Private Limited Company
- Partnership Company
- Sole Proprietorship Firm
- Limited Liability Partnership
Step 5: Submit Documents
After completion of the 4th step, now you will need to provide scan copies of some documents mentioned in under topic “Get Documents Ready”, i.e.:
# An active current bank account in the name of the entity.
# Registration copy of the business.
# Firm’s TIN/TAN number.
# GST registration certificate.
# A PAN card of the entity.
# An authorization letter from the brand owner or authorized dealer (if planning to sell branded products).
Welcome to Myntra As a Seller – The Myntra/Jabong Onboarding Process
Myntra verifies all the documents submitted. After that, you will be registered as a seller.
After registration, you will go through the process of onboarding Myntra.com step-by-step.
Myntra offers two types of onboards models:
Myntra Aggregate Model: This Business Model makes the providers their partners, and sells their services under its own brand. There are two procedures which are as followed under Aggregate Model–
a) Quality Check – It takes up to 1.5 months
b) KAM Services
c) Warehousing Services
Channel Partner Model: This model allows the seller with full control over their account. The products are picked-up and dropped from the seller’s warehouse, and Myntra directly pays the seller for the sales. There are two procedures which are as followed under channel partner –
a) Quality Check – It takes up to 1.5 months
b) Account Setup
c) Myntra Assured Shoot+Training
Under any of the above models, the process goes like this:
1) Quality Check
- A presentation has to be created that showcases your business product catalog.
- Send the presentation to Myntra’s category managers in the head office. (Reaching the right product manager is the key)
- Once the presentation is successful, discuss your business details with the manager.
- Send product samples for a quality check to the Myntra’s head office, Gurugram or Bangalore office.
2) Listing and Cataloguing
- Once the product samples clear the quality check, a meeting will be fixed between Myntra and the business owner for the signing of a contract.
- You will then have portal access.
- Then listing, cataloging, and photoshoot is done according to Myntra guidelines.
- The shoot is done by Myntra approved Studios and also updates the product inventory.
3) Checking Dedication
- Around 2-3 dummy orders are placed by the Myntra and dry run the order fulfillment process to ensure the seller’s dedication towards the selling process, which involves product quality, packaging, and delivery time.
- Once the dry run is successful, your business is now onboard to Myntra.com.
Note: In any case, if the business fails to meet the guidelines of Myntra.com, the platform can de-list its products and can also remove the brand itself.
Step 8: Now, when you are on board, you can make an online catalog, list your products along with the prices, shipping charges, and discounts (if you want to offer).
Step 9: Once the catalog goes live, buyers can browse your products and male purchases. You can now check for the orders on your ‘seller dashboard’.
Payment and Commission Policy of Myntra/Jabong
To clear your payments, Myntra usually takes 10-15days. The commission amount and the liable charges are deducted before the amount credited to the bank account registered with Myntra.
Conclusion
Myntra selects the sellers on strict grounds, and therefore, it is important that all documents submitted are genuine and the fashion products you are willing to sell are up to the mark in terms of quality.
There are many brands, once unknowns are now one of the most popular brands today. Eavan, Campus Sutra, and Libas are to name a few who are sharing their success stories on Myntra. It was all possible because they all have been honest with the quality of their products and were committed to their selling guidelines.
It is now your turn to be an ace in the fashion industry.
