The e-commerce platform, Myntra announced its foray into social commerce at scale with the launch of M-Live to cater to the evolving content consumption patterns and shopping preferences of consumers. M-Live brings a first-of-its-kind interactive, and real-time live shopping experience to the fingertips of millions of shoppers in the country, according to its official statement.
Myntra will target fashion and social media-savvy young men and women who are looking to have access to the best-in-class fashion advisory and in-demand trends, the company added.
Myntra's social commerce business has three distinct propositions that add immense composite value to consumers, creators, and brands - M-Live, Myntra Studio, and Myntra Fashion Superstar. With M-Live, which is a proprietary live video streaming and live commerce platform, Myntra is further paving the way for the future of shopping that resonates with today's social media savvy, fashion-conscious generation.
M-Live aims to facilitate a real-time engagement between consumers and brands by allowing influencers and experts to host live video sessions of product and styling concepts curated by them, on the Myntra app, enabling viewers to shop instantly.
With several concurrent users joining the live sessions, it also gives users the opportunity to shop as a community and benefit from the community's knowledge, observations, questions, and comments, enabling a more confident shopping decision that is backed by social validation.
Myntra Studio provides users with access to over 20,000 original, inspirational, and shoppable fashion, beauty, and lifestyle content assets at scale. Myntra Studio has helped establish Myntra as a frontrunner in innovative content-led commerce.
The platform has grown by 25X in the past six months itself. Some of the leading brands on Myntra have 2-3 times larger communities on Myntra-Studio and witness a 3-4X higher engagement, in comparison to other similar influencer-led platforms. The in-house built platform has managed to attract and induce shopping among younger and premium shoppers from across metros, as well as Tier-II towns, and beyond.
Myntra Fashion Superstar is a fully shoppable digital reality show that continues to churn out some of India's popular fashion and beauty influencers. Currently, Myntra Studio engages about 20 percent of Myntra's monthly active user base and Myntra expects this to grow to 50 percent in the next 3-4 years as it scales its social commerce charter.
"With Myntra Fashion Superstar, Myntra Studio, and now M-Live, an immersive live video shopping experience, we are heralding a new age in fashion and beauty, making big strides in the social commerce landscape, with our path-breaking tech-pivoted solutions," Achint Setia, Vice-President and Business Head (Social Commerce) at Myntra, said.
Going by the industry reports, social commerce, which is a $1.5-2 billion GMV (gross merchandise value) market in India currently, will be worth $16-20 billion in five years with fashion and beauty commanding the lion's share of this market at over 50-60 percent.