Arun Devanathan on Myntra’s social commerce journey
Myntra’s Arun Devanathan shares insights on live commerce, it’s future in India, and the brand’s plan for the landscape.
Myntra forayed into social commerce back in 2021 with M-Live and since this Social Commerce has been a key focus area. The brand added a Live content component, looped in content creators, and initiated curated and on-demand fashion content.
On the whole, social commerce has been on a rise; according to a report, the social commerce industry in India is expected to grow by 71.5% in 2022.
The Indian E-commerce market is expected to grow rapidly in the coming years with predictions of becoming the third-largest market in the world. Arun Devanathan, Senior Director, Social Commerce – Myntra defines social commerce and shares insights into the industry.
He said, “Social Commerce is basically social lead shopping and it is one of the drivers of the continued growth of e-commerce and the beneficiary. Both factors will have an immense impact on each other”.
According to Arun, e-commerce is likely to penetrate deeper and wider into more categories in India. He is hoping to see this flowing beyond the metros.
Also Read: Jury Speak: SAMMIE 2022 jury shares a message for participants
Talking about its presence and how has it impacted Myntra, Arun said, “Myntra has scaled up Live Commerce quite substantially over the last year. In total, the brand has clocked in over 8000 live sessions. In the earlier stages, the brand was doing around 15-20 branded live sessions daily for marquee events. Now, these numbers have reached 40-45 per day. This scaling up has witnessed 5X growth in traffic and 2X growth in engagement.”
According to a RedSeer report, the size of the live commerce market in India is expected to reach a gross merchandise value of $4-5 billion by 2025.
Arun states that Myntra is also seeing growth and adoption on a repetitive scale. The sector isn’t just gaining traction from consumers, but more and more brands are showing interest as well.
According to the brand, influencer marketing goes beyond just social commerce. Moreover, it has become a norm for marketing in general, just like TV or Digital.
Sharing the roadmap for Myntra’s social commerce, Arun stated that it is actively trying to reach beyond the metros and spread across the non-metros. The brand is also breaking the stereotype of a ‘content creator’ and hoping to enrol a larger section of the beauty community. On this Arun said, “We are expanding the beauty squad to include 80-plus creators and onboarding experts, like makeup artists and dermatologists. This is also helping Myntra to create deeper partnerships with the creator ecosystem.”
Social Commerce naturally has seen good traction from the younger generation. Talking about Myntra’s future in this market, Arun mentions how Myntra is actively trying to connect with Gen-Z.
“We are hoping to scale up our programs which specifically connect with the Gen-Z audience and are looking at connecting with them via the campus ambassador program and taking it to the next level,” he concludes.