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Why MyGlamm's Business Model is so successful?

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MyGlamm’s Company Overview


MyGlamm, founded by Darpan Sanghvi and Priyanka Gill in 2015, is a beauty and skincare platform that offers a wide range of beauty and grooming services to consumers. Headquartered in Mumbai, India, MyGlamm is known for its innovative approach to beauty services, combining technology with personalized experiences. The platform provides makeup, hairstyling, skincare, and beauty consultations, allowing users to access professional beauty services from their homes.

MyGlamm is an online beauty store offering various beauty products and services. The company provides a range of beauty products, including face makeup products, such as foundations, concealers, and compact powders; eye makeup products, including eyeshadow, eyeliner, and mascara; lip makeup products, including lipsticks and lip gloss; nail products, including nail paints and nail art kits; and makeup kits. It also provides beauty services, such as makeup services, including bridal makeup, party makeup, and makeup for special occasions, and beauty services, including nail art, pedicure, manicure, and hair styling services.

MyGlamm's business model is centered around e-commerce and on-demand beauty services. The platform operates an online marketplace where users purchase beauty and skincare products from various brands. Additionally, MyGlamm offers on-demand beauty services, connecting users with professional makeup artists, hairstylists, and skincare experts through its mobile application. The company generates revenue through the sale of beauty products and by charging a fee for the on-demand beauty services facilitated through its platform. MyGlamm's commitment to providing convenient, high-quality beauty services and products has positioned it as a prominent player in India's beauty and wellness industry.

https://www.myglamm.com/

Headquater: Mumbai, Maharashtra, India

Foundations date: 2017

Company Type: Private

Sector: Consumer Goods

Category: Beauty

Digital Maturity: Fashionista


MyGlamm’s Related Competitors



MyGlamm’s Business Model Canvas


MyGlamm’s Key Partners
  • celebrities
  • Make-up artists
  • Distributors
  • E-commerce platforms
  • Payment gateways
  • Shoppers
  • Investors
MyGlamm’s Key Activities
  • Product development
  • Design
  • Production
  • Marketing
  • Sales
  • Distribution
  • Logistics
  • Beauty Blog
  • Beauty App
MyGlamm’s Key Resources
  • It has a team of beauty advisors who provide beauty advice to customers
  • It has a 1000 sq.ft office in Mumbai and a 5000 sq.ft warehouse in Delhi
MyGlamm’s Value Propositions
  • It is a home salon for stylists
  • Beauticians and spa aestheticians to provide on-demand beauty services at a consumer's doorstep
  • A one-stop solution for all your beauty needs
  • A range of exclusive and high-end beauty products for women
  • quality
  • convenience
  • affordability
  • safety
  • variety
  • expertise
  • transparency
MyGlamm’s Customer Relationships
  • personalized beauty recommendation
  • convenient
  • on-demand
  • at-home
  • direct-to-consumer
  • self-service
  • social media
  • beauty advice
  • customer support
  • community
  • reviews
MyGlamm’s Customer Segments
  • mass market
  • women
MyGlamm’s Channels
  • Website
  • App
  • Social media
  • Phone
  • Email
  • Retailers
  • Beauty influencers
MyGlamm’s Cost Structure
  • advertising
  • beauty experts
  • commissions
  • logistics
  • distribution
  • marketing
MyGlamm’s Revenue Streams
  • sales of products
  • sales of services
  • commissions

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MyGlamm’s Revenue Model


MyGlamm makes money by combining different business models. Below, you will find the list of the different monetization strategies identified for this company:

  • eCommerce
  • Digital
  • Platform as a Service (PaaS)
  • Subscription
  • Certification and endorsement
  • Curated retail
  • Customer loyalty
  • Consumerization of work
  • Experience selling
  • Embedded social enterprises
  • Healthcare
  • Membership club
  • Online marketplace
  • Sharing economy
  • Sustainability-focused
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MyGlamm’s Case Study


MyGlamm's CASE STUDY

MyGlamm, founded by Darpan Sanghvi and Priyanka Gill in 2015, represents a fascinating case study in the rapidly evolving beauty and wellness sector. Through a unique blend of e-commerce and on-demand services, MyGlamm has captured a significant market share in India, a country witnessing rapid urbanization and increasing consumer spending on personal care. This case study will delve into the strategic maneuvers that have propelled MyGlamm to prominence and explore what makes it a unique and influential player in the beauty industry.

Identifying the Market Opportunity

In 2015, India presented a fertile ground for innovative business models in the beauty sector. Urbanization, a growing middle class, and the digital revolution created a perfect storm for a company like MyGlamm. Darpan Sanghvi and Priyanka Gill correctly identified the gap in the market—consumers wanted professional beauty services but faced challenges in terms of time, convenience, and quality assurance. According to a Nielsen report from 2021, the beauty and wellness market in India was estimated to be worth USD 26.8 billion (Nielsen, 2021). Additionally, the report found that over 50 percent of consumers preferred brands that offered personalized and convenient services. Recognizing this, MyGlamm aimed to meet these specific customer needs and quickly set out to bridge the convenience gap through their innovative platform.

A Unique Business Model: Blending E-Commerce and On-Demand Services

What differentiates MyGlamm from its competitors is its disruptive business model that integrates e-commerce with on-demand beauty services. Unlike traditional beauty companies that solely rely on product sales, MyGlamm has created an ecosystem where professional makeup artists, hairstylists, and skincare experts connect with consumers through its mobile application. MyGlamm’s e-commerce segment offers a wide variety of beauty and skincare products, including foundations, lipsticks, and nail art kits. The platform also features curated collections endorsed by beauty influencers, adding a layer of credibility and appeal to the offerings. Simultaneously, their on-demand service allows consumers to book professional beauty services at their convenience, a feature that has proven invaluable in urban centers. According to a 2020 McKinsey report, convenience and time-saving solutions are among the top factors driving consumer choices in urban areas (McKinsey, 2020).

Preeminence Through Technology and User Experience

One of MyGlamm’s most compelling strengths is its adept use of technology to enhance the user experience. Through their mobile app, users can book beauty services, browse products, read reviews, and receive personalized beauty advice—all under one roof. The app also employs AI-driven algorithms to offer tailored recommendations based on user preferences, a feature highly valued by today’s digital-savvy consumers. As of 2021, MyGlamm’s app had over 5 million downloads on the Google Play Store, illustrating its widespread acceptance and usability (Google Play Store, 2021). According to Forrester Research, apps that provide personalized experiences see a 20 percent increase in customer satisfaction (Forrester, 2020). It is clear that MyGlamm’s focus on user experience and customization has contributed significantly to its success.

Strategic Partnerships and Influencer Collaborations

MyGlamm has forged strategic partnerships to bolster its product offerings and brand visibility. Collaborations with celebrities, beauty influencers, and professional makeup artists have amplified their reach and appeal. For instance, the company’s association with Bollywood actress Sonakshi Sinha resulted in a highly successful campaign that resonated with millions of consumers. By leveraging influencers and celebrities, MyGlamm taps into established fan bases, building instantaneous trust and engagement. According to a survey by Marketing Dive, 49 percent of consumers rely on influencer recommendations for their purchases (Marketing Dive, 2021). Hence, MyGlamm’s favoring of influencer marketing strategies has dramatically bolstered its brand credibility and consumer base.

Customer-Centricity and Social Impact

At the core of MyGlamm’s business strategy is a customer-centric approach. The company offers personalized beauty consultations, addressing specific needs and preferences of their users. This commitment to personalization helps foster customer loyalty, a critical component in an industry driven by repeat purchases. Furthermore, MyGlamm has recognized the importance of social impact. Their business model not only aims at making profits but also strives to empower beauty professionals by providing them with lucrative job opportunities. This approach aligns with the greater trend where consumers favor brands contributing to societal well-being. A Harvard Business Review article stated that companies focusing on social impact are more likely to build long-term consumer trust (HBR, 2020).

Future Prospects and Challenges

Looking ahead, MyGlamm is poised for even greater growth. According to a report by RedSeer Consulting, the Indian beauty and personal care market is projected to grow at a CAGR of 9 percent, reaching USD 32 billion by 2025 (RedSeer Consulting, 2021). With continued investment in technology, strategic partnerships, and customer-centric strategies, MyGlamm is well-positioned to capitalize on these opportunities. However, the journey is not without challenges. The beauty industry is highly competitive, requiring constant innovation. Furthermore, maintaining service quality across geographies and managing logistics effectively will be critical to sustaining growth. Finally, adapting to evolving consumer preferences and technological advancements requires ongoing effort and resources.

Conclusion

MyGlamm’s journey from a nascent startup to a market leader in the beauty and wellness sector is a testament to the power of innovation and strategic foresight. By blending e-commerce with on-demand services, leveraging technology, and maintaining a relentless focus on customer needs, MyGlamm has set new benchmarks in the industry. As we continue to track their progress, it will be fascinating to see how MyGlamm navigates the challenges and opportunities that lie ahead. Their success story serves as an invaluable case study for entrepreneurs and businesses aiming to carve out a niche in competitive markets. By understanding and implementing key takeaways from MyGlamm’s strategies, companies across sectors can devise winning formulas tailored to their unique contexts.


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