MAM
Myntra forays into social commerce with ‘M-Live’ platform
Mumbai: Myntra has announced its foray into influencer-driven social commerce at scale, to cater to the evolving content consumption patterns and shopping preferences of consumers. As a part of this launch the Flipkart-owned online fashion store also unveiled M-Live, becoming one of the major ecommerce platforms in the country to adopt the interactive, and real-time live shopping model.
With the launch of its social commerce charter, Myntra is looking to transform the way consumers shop by bridging the gap between inspiration and commerce while bringing both under one single platform, said the brand in a statement.
“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,’ said Myntra social commerce VP and business head Achint Setia. “At the heart of our social commerce initiative, is our desire to offer unparalleled content-led shopping formats to our customers, while harnessing the power of the creator ecosystem and technology.”
“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 an 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,” he added further.
The social platforms today are considered to drive nearly 70 per cent of purchase decisions for fashion-forward consumers with fashion and beauty being the most popular categories in the social commerce realm as per industry reports. Pivoted on community, connection, and trust, Myntra believes that as the future of shopping, its social commerce charter is likely to play an important role in defining the way its customers shop.
Myntra’s social commerce business has three distinct propositions that aim to add composite value to consumers, creators, and brands alike: Myntra Fashion Superstar, Myntra Studio, and now M-Live.
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, said the brand.
Users can enter these live events through the Studio section of the Myntra app, which are quite similar to Instagram Live sessions. One can post questions, share their feedback, see other comments and also follow the creator hosting the livestream. Additionally, there is a dedicated product tray at the bottom of the screen which would display all the products that are being showcased by the influencer. A user can tap on any product to add it to his/ her wishlist or purchase them by placing orders without leaving the livestream. Myntra Studio currently engages about 20 per cent of Myntra’s monthly active user base and the brand expects this to grow to 50 per cent in the next three-four years.
With its foray into social commerce, Myntra is set to create a new eco-system for consumer-influencer engagement by providing the necessary turf for influencers to engage with and acquire new followers under one roof. The influencers would also get the opportunity to partner with leading Indian and global lifestyle brands, said the statement.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
