According to a report by EY between 2015 and 2020, the smartphone usage has grown five times along with data usage dropping to one-tenth. As of 2020, out of every 100 people, 30 people have a smartphone and affordable data. As people’s involvement with social media grew over the years, their opinions on fashion, food, politics, the taste of entertainment became influenced by like-minded individuals, therefore nudging brands to leverage such platforms for an interactive shopping experience rather than transactional.
Recently, much to the likes of Flipkart collaborating with Moj to foray into social commerce fashion e-commerce platform Myntra has too jumped to the bandwagon of social commerce with the launch of M-Live. Myntra through M-Live brings a first of its kind interactive and real-time live shopping experience at the fingertips of millions of Indian consumers.
The social commerce of short videos
Social commerce comprises of three components:
Social network
Short videos and images
Chat-based platforms
Out of these three, the short videos market has gained immense acceptance among the Indians. Within two years the user base grew over 3.5 times, and the total time spent by all users on short video was 12 times more, according to a study by Bain & Company. In addition to this, with people restricted indoors, more than 200 million Indians watched short-form videos at least once in 2020, with daily active users spending up to 45 minutes a day on these platforms.
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Within two years the user base grew over 3.5 times, and the total time spent by all users on short video was 12 times more, according to a study by Bain & Company.
The M-Live from Myntra
M-Live is Myntra’s live video streaming and commerce through which it aims to target fashion enthusiasts and social media young men and women who are seeking best-in-class fashion advisory and in-demand trends. The live video streaming consisting of real-time engagement between consumers and brands allows influencers and experts to host live video sessions of product and curated styles enabling viewers to shop instantly from the Myntra app.
The live sessions with fashionistas build a community that benefits an enthusiast from an expert’s styling tips, observations,questions asked, suggestions, etc. Thus, enabling well-informed shopping.
Myntra’s other social commerce propositions
Other than M-Live, Myntra has two other social commerce channels i.e. Myntra Studio and Myntra Fashion Superstar.
With Myntra Studio, users can get access to over 20,000 lifestyle content, shoppable fashion, and beauty products. In the past six months, Myntra studio has grown upto 25 times, and with big fashion brands able to build 2-3 communities with an engagement surge of 3-4 times on its platforms as compared to the ordinary influencer-driven platforms. The platform has stirred shopping behaviour amongst youngsters and premium shoppers from metros to aspirational shoppers from remote towns and cities of India.
Myntra Fashion Superstar is a digital TV reality show that brings out the creativity of fashion and beauty influencers. The images of episode winners are uploaded on the Myntra App where the clothes worn by them are shoppable.
Myntra also organises a live shopping marathon popularly known as Myntra Social Carnival that features more than 50 celebrities and influencers from 8 am to 10 pm only on the Myntra app.
Lastly, the piqued interest of the e-commerce behemoths to foray into social commerce is specially due to the increasing short video user base from tier-II cities and smaller towns. Leveraging which these e-commerce platforms can push their products driving high sales and engagement in the platforms.
