Myntra looks to target Gen-Z shoppers with new features
2 min read . Updated: 24 Nov 2021, 01:43 AM IST
Premium- M-Live, Myntra’s live video streaming and live commerce platform, will complete the plank that the fashion e-tailer has been building to draw more content creators into its fold and expand its social commerce offerings
NEW DELHI : Flipkart Group’s online fashion portal Myntra on Tuesday unveiled plans to engage more shoppers using influencers and content creators who will stream thousands of hours of video content every month, prompting shoppers to buy the fashion and beauty products on display.
Myntra announced the launch of M-Live, a live video streaming and live commerce section, on the retailer’s app that will build on Myntra’s existing plank of content-led commerce initiatives such as Myntra Studio and Myntra Fashion Superstar. The former is a personalised content destination and provides users access to over 20,000 fashion, beauty, and lifestyle tips and ideas. Myntra Fashion Superstar is an online reality show that works as a talent platform to identify emerging fashion and beauty influencers.
This combined social commerce proposition is set to help Myntra engage 50% of its monthly active users over the next 3-4 years, it said.
“With Myntra Fashion Superstar, Myntra Studio, and now M-Live, an immersive live video shopping experience, we are heralding a new age in fashion and beauty, making big strides in the social commerce landscape, with our path-breaking tech-pivoted solutions," said Achint Setia, vice president and business head, social commerce, Myntra.
Shoppers are moving from text-based or catalogue-based shopping to influencer-guided interactive experiences, prompting platforms to sharpen creator=led engagement. How influencers engage with consumers across social media platforms, or on shopping apps could sway their purchase decisions, swing brands in their favour and boost consumption in general.
“As a pioneer in influencer-driven content, Myntra today announced its foray into social commerce at scale, to cater to the rapidly evolving content consumption patterns and shopping preferences of consumers. As a part of this launch Myntra also unveiled M-Live, bringing a first-of-its-kind, interactive, and real-time, live shopping experience to the fingertips of millions of shoppers in the country," the online fashion retailer said.
For this, Myntra will engage with more influencers across multiple languages. It plans to churn out close to thousand hours of live video content per month, a move that could “exponentially" contribute to the creator economy, it said.
The influencer ecosystem has grown rapidly after covid, said Setia, growing from 2 lakh content creators pre-pandemic to more than 20 lakh now.
The challenge, however is that it is still a broken value chain because only a few creators get the maximum share of the pie of the market, he explained. Myntra will work with a “few thousand" monetizing them for driving views and helping brands sell their products, he said.
The move comes as social commerce in India is expected rise tenfold to touch $16-20 billion in gross merchandise value (GMV) over the next five years from the existing $1.5-2 billion, according to a 2020 report by Bain and Co. and Sequoia India.
