If you want to become a seller on Myntra you must become a buyer first. Sounds strange? Read on to know my take on selling on Myntra or any other e-commerce platform for that matter.
Selling on Myntra or any e-commerce the platform is simple. You get a CA or a specialist in e-commerce to help you register a company, register for GST, open a bank account and get a PAN card. These are the documents required for Myntra seller registration. It is just a matter of following the right procedures.
The challenge is in selling at the competitive price on Myntra and still making a profit. This is where you must first know how to buy before you try to sell online. Why? Online e-commerce sites feature sellers selling the same identical item at very competitive prices. You have to pay the Myntra a charge each time you sell a product. Margins are thin and further reduced by Myntra fees. Therefore, it becomes important to become a sharp buyer and source products from the right source and at the best price.
You can sell branded apparel but in that case, there is little room for price negotiation unless you buy-in huge volumes but you cannot do so because of financial limitations and also because if you do not dispose of them in time then they go out of fashion and you have dead stock.
The apparel industry is full of lakhs of manufacturers. You have to get to the right source and buy products at the best price to sell competitively and make a profit. You cannot sell at very narrow margins because, if a product is returned, you bear the loss. Do you know many major brands do not manufacture apparel in-house but simply outsource them? A branded shirt, for example, starts its journey at Rs 300 or so and traveling down the chain it ends up selling at retail at Rs 800 to Rs 1200. The white-label manufacturer manages everything from procuring cloth to stitching, brand labeling and packing followed by dispatch. In short, anyone can become Myntra seller but they wish to sell and make a profit, set up your supply side first.