‘We plan to make Myntra social commerce platform akin to live TV with specialised content’
Myntra VP and Business Head - Social Commerce Achint Setia says with M-Live, the company is planning to raise the MAUs on content pages from the current 20% to 50% of the overall user base
Flipkart-owned online fashion portal Myntra has announced its foray into the 14.79 hundred crores social commerce market with the launch of M-Live, a live video streaming and live commerce section, on its app. M-Live, partnered with Myntra’s existing plank of content-led commerce initiatives such as Myntra Studio and Myntra Fashion Superstar, is the company’s attempt to make the platform one of the leading content-led commerce platforms in the country. With the move, Myntra will be competing against a number of young players within the industry including Meesho, DealShare, BulBul, GlowRoad, Mall91, and simsim.
Speaking about the move, Myntra VP and Business Head - Social Commerce Achint Setia noted, “Social commerce has many facets and would mean different things to different people. We, at Myntra, are creating an influencer-led proposition that streamlines inspiration and shopping onto one platform for simplifying the consumer journey. We want to build communities, wherein users of the Myntra platform could connect directly with leading fashion and beauty influencers, engage with the content, ask relevant questions, and shop for their styles right from the same place.”
Setia elaborated that the Myntra social commerce experience will be driven by three core pegs, which are Myntra Studio - its existing content arm, Myntra Fashion Superstar - an influencer-based reality show which is currently in the third season, and finally the newly launched M-Live section, wherein influencers will be interacting with their followers live.
“Currently, we have some 50 thousand pieces of content already available on our studio platform and have already started with a 500 lives a month kind of a plan. Right now, 20% of Myntra users are visiting the studio platforms and we are expecting it to reach 30-40% in the next few months, and finally, up to 50-60% in the next three years. As far as lives are concerned, in the long term, we want to be like a TV channel with several influencers talking to the consumers throughout the day, with slots spread according to engagement and user preference,” Setia elaborated.
Speaking about the content strategy, he shared, “We want the content to be authentic and relevant to our customers. Therefore, the prime criterion for us to choose the influencers is that they should have some level of expertise and experience in the beauty, fashion, and personal care space. Also, live is a platform that needs to be very engaging and interesting to keep the audience hooked. So, a lot of focus is on getting people on board who are comfortable with the camera and keeping the audience engaged. We want the conversations to be more about than just shopping. So, the viewers could be talking about skincare routines, how a certain product would look on their body type, so and so forth. In the end, it is all about building communities.”
On being asked how brands are looking at this new proposition, Setia shared that they have been getting a very positive response from the market. “Brands are quite excited and working closely with us to curate specialised content, deals & offers, and launch plans. They see the potential social commerce space really has going ahead, and we are positive it is going to only grow from here.”’
And as far as influencers are concerned, they too are enthusiastic about the opportunity. “Because of Myntra Studios, our consumers, of which a lot many are influencers too, already know about our content proposition. We already are working with over 1000+ influencers and interacting with a lot more on a daily basis who we feel could be a good addition to the platform. I see a lot of interest and growth there as well.”
On being quizzed about the remuneration model for the influencers, Setia replied that they are currently working on a hybrid model depending on the influencer and their performance. “We are trying out different models of payment for different influencers right now. We understand that different creators come with different expertise. So for some, the pay is based on the quality of content and scale of engagement, which are factors beyond shopping. Obviously, there is a sales commission model in place as well. We are still in the early stages, so we are really experimenting in this space as well. Going ahead, we are expecting to streamline the process a lot more.”
Further, responding to the queries on marketing plans for the proposition, Setia noted, “M-Live and other social commerce initiatives are going to be a key part of all our communications going forward. I will be able to give a better idea of the kinds of spends 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 gaining a lot of traction.”
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