Myntra Breaks Into Large Scale Social Commerce With “M-Live”
Fashion e-commerce platform Myntra on Tuesday announced its foray into large-scale social commerce with the launch of M-Live to meet rapidly changing content consumption patterns and consumer buying preferences.
M-Live offers a one-of-a-kind, interactive, real-time live shopping experience accessible to millions of shoppers nationwide, according to a statement.
Myntra will target fashion and social media savvy young men and women looking to gain access to the best fashion advice and in-demand trends, he added.
Myntra’s social commerce business has three distinct propositions that add immense composite value to consumers, designers and brands M-Live, Myntra Studio and Myntra Fashion Superstar.
With M-Live, which is an exclusive live video streaming and live commerce platform, Myntra is paving the way for the future of shopping that resonates with today’s social media savvy and caring generation. of fashion.
M-Live aims to facilitate real-time engagement between consumers and brands by allowing influencers and experts to host live video sessions of product concepts and style organized by them, on the Myntra app, enabling viewers to shop instantly.
With multiple simultaneous users joining the live sessions, it also gives users the ability to shop as a community and benefit from the knowledge, observations, questions and feedback from the community, enabling a safer buying decision. which is based on social validation.
Myntra Studio provides users with access to over 20,000 original, inspiring and buyable fashion, beauty and lifestyle content on a large scale. Myntra Studio has helped establish Myntra as a leader in innovative content-driven commerce.
The platform has grown 25 times over the past six months. Some of the biggest brands on Myntra have 2-3x larger communities on Myntra-Studio and see 3-4x higher engagement than other similar influencer-led platforms. The in-house built platform has been successful in attracting and enticing younger and premium buyers from subways as well as Tier II cities and beyond.
Myntra Fashion Superstar is a fully purchasable digital reality show that continues to produce some of India’s popular fashion and beauty influencers.
Currently, Myntra Studio employs around 20 percent of Myntra’s monthly active user base and Myntra expects that figure to grow to 50 percent over the next 3 to 4 years as it expands its charter of. social commerce.
“With Myntra Fashion Superstar, Myntra Studio and now M-Live, an immersive live video shopping experience, we are heralding a new era in fashion and beauty, making great strides in the social commerce landscape, with our revolutionary technology. solutions, ”said Achint Setia, vice president and business manager (social commerce) of Myntra.
Social commerce, which currently represents a $ 1.5 billion to $ 2 billion GMV (gross value of goods) market in India, will be worth $ 16 billion to $ 20 billion in five years, with fashion and beauty taking the lion’s share in this market over 50-60. percent, according to industry reports.
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