NEW DELHI: Fashion e-commerce platform Myntra on Tuesday launched its influencer-driven live commerce platform ‘M-Live’ in a move to expand its social commerce business. With it, the company aims to churn out close to 1,000 hours of live video content per month.
The launch makes Myntra one of the first major ecommerce platforms in India to adopt the live shopping model. Chinese buyers have long supported the concept through apps like TaoBao. In India, however, It’s a recent development.
The e-commerce market in India has been rapidly evolving with emerging concepts like social commerce or live commerce, direct-to-consumer and omnichannel commerce. A report titled ‘How India shops online 2021’ by Bain & Company and Flipkart notes, approximately 40% of online shoppers made at least one purchase through social media channels in 2020.
Social commerce GMV (approximately $1.5–2 billion in FY20) could grow at a 55%–60% compound annual growth rate (CAGR) over FY20–25, with the potential to empower 40 million small businesses and turbocharge women entrepreneurs, the report estimates. M-Live aims to facilitate a real-time engagement between consumers and brands, Myntra said in a statement.
Speaking on the launch, Achint Setia, VP and Business Head, 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 age in fashion and beauty, making big strides in the Social Commerce landscape.”