“We plan to make the social commerce platform Myntra live TV with specialized content”


Myntra, the online fashion portal owned by Flipkart, announced its foray into the social commerce market by 14.79 cents crore with the launch of M-Live, a live video streaming and live commerce section, on its application. M-Live, in partnership with the existing strand of Myntra’s content-driven business initiatives, such as Myntra Studio and Myntra Fashion Superstar, is the company’s attempt to make the platform one of the leading platforms- country content oriented business forms. With this move, Myntra will be competing against a number of young players in the industry, including Meesho, DealShare, BulBul, GlowRoad, Mall91 and simsim.

Regarding this move, Myntra VP and Business Head – Social Commerce Achint Setia noted: “Social commerce has many facets and would mean different things to different people. At Myntra, we’re creating an influencer-driven proposition that streamlines inspiration and shopping on a single platform to simplify the consumer’s journey. We want to create communities, where users of the Myntra platform could connect directly with the main fashion and beauty influencers, interact with the content, ask relevant questions and buy their styles all right in one place.

Setia clarified that Myntra’s social commerce experience will be guided by three main pillars, namely Myntra Studio – its existing content arm, Myntra Fashion Superstar – an influencer-based reality show currently in its third season. , and finally the newly launched M -Live section, in which influencers will interact with their followers live.

“Right now we have some 50,000 pieces of content already available on our studio platform and have already started with some sort of 500 lives per month plan. Right now, 20% of Myntra users visit the studio’s platforms and we expect it to reach 30-40% in the next few months, and finally, up to 50-60% over the course of the next three years. When it comes to lives, in the long run we want to be like a TV channel with multiple influencers talking to consumers throughout the day, with slots split based on user engagement and preferences, ”he said. explained Setia.

Speaking about the content strategy, he shared, “We want content to be authentic and relevant to our customers. Therefore, the main criteria for us to choose influencers is that they must have a certain level of expertise and experience in the fields of beauty, fashion and personal care. In addition, the live is a platform that has to be very engaging and interesting to keep the audience hooked. Thus, the emphasis is on getting people comfortable with the camera on board and engaging the audience. We want conversations to be about more than shopping. So, viewers could talk about skin care routines, how a certain product looks on their body type, and so on. At the end of the day, it’s about building communities.

When asked how brands are considering this new proposition, Setia said it has received a very positive response from the market. “The brands are very enthusiastic and work closely with us to organize specialized content, deals and offers and launch plans. They see that the potential of the social commerce space is really moving forward, and we are confident it will only grow from here. “

And when it comes to influencers, they too are excited about the opportunity. “Thanks to Myntra Studios, our consumers, many of whom are also influencers, are already familiar with our content proposition. We are already working with over 1000 influencers and interacting daily with many more influencers who we think could be a good addition to the platform. I also see a lot of interest and growth in it.

Asked about the influencer compensation model, Setia replied that they are currently working on a hybrid model based on the influencer and their performance. “We are currently testing different payment models for different influencers. We understand that different designers come with different expertise. So, for some, compensation is based on the quality of the content and the extent of engagement, which are factors that go beyond shopping. Obviously, there is a sales commission model as well. We’re still in the early stages, so we’re really experimenting in that space as well. In the future, we plan to streamline the process much more. “

Additionally, responding to questions about the marketing plans for the proposal, Setia noted, “M-Live and other social commerce initiatives are going to be a key part of all of our communications going forward. I will be able to give a better idea of ​​the kind of expenses that we will be making next year in a few weeks. But for the current quarter, we have already rolled out some interesting campaigns, which are growing in popularity. “

Read more news on (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)

For more updates, be socially connected with us on
Instagram, LinkedIn, Twitter, Facebook & Youtube

Source link


About Author

Comments are closed.