Myntra taps India’s growing social commerce market

Last year, online fashion retailer Myntra diversified its social commerce offering with the launch of its live shopping platform, M-Live, and has since seen significant increases in traffic and engagement. 

Context 

Live-streaming is already a $7bn market in India and forecast to grow to $84bn by 2030, helped by increased internet and smartphone penetration, which is making digital opportunities available beyond top-tier cities. 

 “Social commerce is an entry point for e-commerce for non-metro users,” Arun Devanathan, a senior director at Myntra, told Afaqs!

A structured approach 

• Initially, M-Live was focused on building conviction amongst the various stakeholders – brands, creators and shoppers. 
• A second step was to scale things up: traffic has grown 5x while engagement has doubled. 
• Myntra is working to develop deep partnerships in the creator ecosystem that it can leverage for M-Live, with its recent Creator Fest an example of this approach. 
• Static content works well for fashion brands, while live video content works best for beauty products. 

Key quote

“We will be getting a diverse set of creators on board. We will significantly increase the categories of brands and give them access to our creators” – Arun Devanathan, senior director, social commerce at Myntra.

Sourced from Afaqs!

[Image: Myntra]