Even though the effect of COVID-19 pandemic is fading and people are now stepping out of their homes - be it for dining or shopping, the online shopping model, which took off with great thrust during the lockdown phase, is here to stay. Capitalising on that, Myntra announced the launch of M-Live, which is a live video streaming and commerce platform to enhance the online shopping experience.
The Walmart-backed online fashion portal revealed its plans to engage shoppers by connecting them with influencers and content creators. With this live-shopping model, Myntra forays into the untapped market, which is proven to be quite popular in China after giants like Alibaba's Taobao and Bytedance's Douyin and Kuaishou integrated it.
What is M-Live by Myntra?
With M-Live, Myntra will allow influencers and content creators to host live video sessions with their followers, giving them tips on fashion and beauty products from within the app. Through this, if fans like what they see, they will be able to shop for any particular product from the livestream. This will enable real-time engagement between consumers and brands.
How to access M-Live?
Shoppers can enter the live events through Myntra's Studio. Similar to Instagram Live sessions, users will be able to share feedback, post questions, read comments and follow creators. Shoppers will see a dedicated product tray at the bottom of the live-stream, which displays the products showcased by the influencers. Shoppers can add product to Wishlist or even purchase it without leaving the livestream. During the check-out process, the livestream will appear in PiP mode.
The new platform is designed to support up to 70,000 concurrent users. It also aims at churning out nearly 1,000 hours of live video content per month for deeper consumer engagement on its platform.
Myntra is also luring influencers with incentives and are experimenting with various monetisation streams. "Commissions are something we will move towards in the coming year. We are also exploring what works best for the creators and their best interests at this stage since the phenomenon is still very new," Achint Setia - VP & Business Head - Social Commerce, Myntra told Money Control.
If a recent report by RedSeer Consulting is to be believed, Myntra is exactly where it needs to be. Social commerce is set to become a $7 billion opportunity by 2025, contributing up to 5 percent of total e-commerce GMV, the report said.
