E-commerce platform Myntra launches social commerce through live shopping
To cater to the rapidly evolving content consumption patterns and shopping preferences of consumers, E-commerce platform Myntra launched social commerce including live shopping.
Contributing to the creator economy phenomenon, Myntra aims to churn out close to 1,000 hours of live video content per month. It believes in the next 3-4 years, social commerce is likely to engage about 50 per cent of its monthly active users,
Myntra said it is looking to transform the way consumers shop by bridging the gap between inspiration and commerce while bringing both under one single platform. It further said social platforms are considered to drive about 70 per cent of purchase decisions for fashion-forward consumers with fashion and beauty being the most popular categories in the Social Commerce realm. The Social Commerce charter is likely to play an important role in the future of shopping.
“Built for today’s consumers who are gradually progressing from text-based or catalogue-based shopping to influencer-guided interactive experiences, the charter also offers brands or avenue to build salience with a highly engaged fashion-forward customer-base, for new launches, collaborations and showcase hero products along with a host of other benefits,” said Achint Setia, VP and Business Head, Social Commerce, Myntra.
Social Commerce will be worth $16 billion to $20 billion in just five years, which is currently a $1.5 billion to $2 billion GMV market in India. As per the industry reports, fashion and beauty command the lion’s share of this market at over 50-60 per cent.