“Myntra’s live-streaming commerce traffic has grown by 5X+ in the last 6 months”
Integral part of the Flipkart Group, Myntra is today India’s leading platform for fashion brands and a pioneer in m-commerce play. Myntra has been bringing together technology and fashion to create the best experience in the fashion and lifestyle space in the country. The company has partnered with over 5,000+ leading fashion and lifestyle brands and today services over 27,000 pincodes across the country.
Following the success of ‘Myntra Fashion Superstar’, Myntra Studio and most recently M Live, Myntra looks at further harnessing the power of the creator economy. It also aims to build better monetisation opportunities, connecting the influencers with brands at scale, while providing personalised holistic development opportunities.
Myntra recently launched Style Squad, a group of high performing content creators or influencers, who will exclusively collaborate with Myntra and its brand partners to become the faces of Myntra’s Social Commerce proposition.
In an exclusive conversation with Adgully, Achint Setia, Head of Marketing & Social Commerce, Myntra, sheds more light on the Style Squad proposition, accelerating the pursuit of its ambitious plans in the content-to-commerce space, and much more.
moor eight on the said how through this this initiative, Myntra will offer an array of benefits, ranging from unlocking monetization opportunities, steady stream of income, the opportunity to connect with over 7000 brands at scale and customized 1:1 mentorship and training avenues for the influencers.
Please tell us more about the new platform from Myntra – Style Squad. What was the objective behind launching this new initiative?
As a pioneer in influencer-led content, Myntra introduces its one-of-a-kind, Style Squad, an army of stylish, loved, trusted, relatable, diverse and high performing content creators or influencers, who will exclusively collaborate with Myntra and its brand partners to become the faces of Myntra’s Social Commerce proposition, in particular, Myntra Studio and M-Live. The launch of Style Squad is the manifestation of Myntra’s commitment to empower the talented and aspiring creator ecosystem in India. Myntra has handpicked creators from the top 10% of the thousands of creators it has worked with in the recent past via Myntra Studio and M-Live.
Through this initiative, Myntra will offer an array of benefits, ranging from unlocking monetisation opportunities, a steady stream of income, the opportunity to connect with over 7,000 brands at scale and customised 1:1 mentorship and training avenues for the influencers. The role of an army of content creators who are relevant to the industry and trusted Myntra loyalists becomes imperative as Myntra accelerates the pursuit of its ambitious plans in the content-to-commerce space.
How is this going to help Myntra’s brands and end-consumers? What will be the role of influencers here?
As the future of meaningful consumer engagement driven shopping, the Style Squad enables Myntra and our brand partners to leverage the creator economy to deliver substantial value for our customers by building a platform that allows real time style advisory and enhanced product discovery. Myntra envisions to drive stickiness and repeats with fashion-forward customers across tiers and genders, with creators playing a critical role in influencing decision making and building awareness among young customer cohorts. Shoppers can rely on the Style Squad for style advisory and discover curated looks and more trends, hacks and tips to elevate their fashion and beauty game.
On the content front, how do you plan to curate exciting content to draw more traffic to your platform?
Our tech platform allows for high quantity and quality of engagement on our platform, making it the platform of choice for brands and influencers alike to have meaningful and powerful engagement with their audiences. Our content is curated keeping in mind our audiences and we create interesting formats, including celebrity-led brand associations, such as Hrithik Roshan talking about HRX’s new collection and Aashna Shroff and Manish Malhotra touching upon their experience as mentors in the last season of ‘Myntra Fashion Superstar’. We also host live sessions on varied topics surrounding fashion, beauty and lifestyle, such as plus size fashion, gender neutral fashion, Gen Z fashion, Bollywood inspired fashion and beauty hacks, to pique the interest of our audiences. We achieve this by working alongside our thriving creator ecosystem.
In 2022, we are aiming at launching new and exciting live commerce content formats, including step-by-step beauty tutorials. We will also work on curations from top global and Indian brands to enable our shoppers to make informed fashion and beauty purchases tailored to their preferences.
One of the key value propositions is the opportunity to monetise. Could you throw some more light on this?
Our live commerce platform enables creators to build a highly engaged trend-loving follower base and also create meaningful monetisation opportunities for themselves by partaking in the sales and engagement outcomes and creating measurable business impact. With our tech prowess, we have also created engagement building and tracking tools for creators, which are slated to empower the members of the creator community, especially the ones who are just starting out in the influencer industry.
Influencer-led marketing campaigns are expected to deliver 3X of other traditional marketing campaigns in a sector such as fashion. What does this translate into for Myntra, could you elaborate?
Myntra Studio has helped establish Myntra as a frontrunner in innovative content-led commerce and helped bridge the gap between inspiration and commerce. Our Live-streaming commerce traffic has grown by 5X+ and our orders by 10X+ in the last 6 months. We have witnessed growth of 10X in content-led commerce in Studio as well. Some of our top brands have communities 2-3 times larger on Studio as compared to other similar influencer-led platforms. They even have a 3X to 4X higher engagement when compared to similar content driven platforms. Myntra Studio currently engages 20% of Myntra’s monthly active user base and we expect this to grow to 50% in the next 2-3 years. We have integrated content across the Myntra commerce journey to drive contextualised inspiration (for example, influencer-led content on product pages, list pages, my orders pages, etc.), which have led to an improvement in conversion funnel and user repeat rates.