M-Live provides a first-of-its-kind, interactive, and real-time live shopping experience to millions of consumers around the country.
Myntra, an e-commerce platform, enabled social commerce at scale, including live shopping, to respond to customers’ fast-changing content consumption patterns and purchase preferences.
Myntra plans to produce around 1,000 hours of live video content each month to increase customer interaction and contribute to the creative economy phenomena.
It expects social commerce to involve around half of its monthly active users during the next 3-4 years.
Myntra stated that it intends to change the way people purchase by bridging the gap between inspiration and commerce and bringing them together on a single platform.
It will target fashion and social media aware young men and women who want access to best-in-class fashion advice and in-demand trends under this charter.
Myntra said, social networks are responsible for over 70 perecent of purchase choices for fashion-forward customers, with fashion and beauty being the most popular categories in the Social Commerce sector.
It thinks that, as the future of shopping evolves, its Social Commerce charter will play a significant part in determining how its consumers purchase.
“Built for today’s consumers who are gradually transitioning from text-based or catalogue-based shopping to influencer-guided interactive experiences,” said Achint Setia, VP and Business Head, Social Commerce, Myntra.
“The charter also offers brands an avenue to build salience with a highly engaged fashion-forward customer base, for new launches, collaborations, and showcase hero products, among a slew of other benefits.”
According to industry estimations, social commerce, which is currently worth $1.5 billion to $2 billion in GMV in India, will be worth $16 billion to $20 billion in only five years, with fashion and beauty holding the lion’s share of this market at more than 50-60 per-cent.
Myntra’s social commerce business offers three different propositions, according to the company: its live shopping tool M-Live, Myntra Studio, which allows users to create personalised content, and Myntra Fashion Superstar, a digital reality show.
This is to accommodate consumers’ continually changing content consumption patterns and purchase preferences.
Under this charter, Myntra intends to target fashion and social media aware young men and women who want access to best-in-class fashion advice and in-demand trends.
Myntra anticipates that the charter will involve 50% of its monthly active customers during the next 3-4 years.
It also intends to produce close to 1,000 hours of live video content every month to increase consumer interaction and contribute massively to the creative economy process.
With numerous concurrent users participating in the live sessions, it also allows users to shop as a community and benefit from the community’s expertise, observations, questions, and comments, allowing for a more confident buying choice that is supported by social validation.
Myntra Studio gives customers at-scale access to over 20,000 unique, inspiring, and shoppable fashion, beauty, and lifestyle content assets.
Myntra Studio has helped Myntra position itself as a leader in creative content-led commerce.
In the last six months, the platform has expanded by a factor of 25. In comparison to other similar influencer-led platforms, several of Myntra’s biggest brands have 2-3 times larger communities on Myntra-Studio and 3-4X more interaction.
The in-house designed platform has succeeded to attract and inducing buying among younger and more affluent customers from metros, tier-II towns, and beyond.
Myntra Fashion Superstar is a shoppable digital reality programme that has produced some of India’s most well-known fashion and beauty influencers.
