Express news service
NEW DELHI: Fashion e-commerce platform Myntra on Tuesday launched its influencer-focused live commerce platform “M-Live” with the aim of expanding its social commerce business. With it, the company aims to produce nearly 1,000 hours of live video content per month.
The launch makes Myntra one of the first major e-commerce platforms in India to adopt the direct shopping model. Chinese buyers have long supported the concept through apps like TaoBao. In India, however, this is a recent development.
The e-commerce market in India has evolved rapidly with emerging concepts such as social commerce or direct commerce, direct to consumer commerce, and omnichannel commerce. A report titled ‘How India Shoppers Online 2021’ by Bain & Company and Flipkart notes that around 40% of online shoppers made at least one purchase through social media in 2020.
GMV social commerce (roughly $ 1.5-2 billion in FY20) could grow at a compound annual growth rate (CAGR) of 55% -60% in FY20-25, with the potential to empower 40 million small businesses and energize women entrepreneurs, according to the report. M-Live aims to facilitate real-time engagement between consumers and brands, Myntra said in a statement.
Speaking at the launch, Achint Setia, Vice President and Business Leader, Social Commerce, Myntra said, “With Myntra Fashion Superstar, Myntra Studio and now M-Live, an immersive live video shopping experience, we are heralding a new era in fashion and beauty, making great strides in the social commerce landscape.