Myntra aims to generate around 1,000 hours of live video content per month for deeper engagement of consumers, to contribute to producer economy accident. It believes that social commerce is likely to engage around 50% of its monthly active users in the next 3-4 years.
Myntra said it wants to change the way consumers shop by bridging the gap between Prerna and Commerce by bringing both on one platform. Under this charter, it will target fashion and social media savvy young men and women who want to access best-in-class fashion advisory and in-demand trends.
Myntra said social platforms are thought to drive nearly 70% of shopping decisions for fashion-forward consumers, with fashion and beauty being the most popular categories in the social commerce space. It believes that as the future of shopping, its Social Commerce Charter can play a key role in defining the way its customers shop.
“Built for today’s consumers who are slowly moving from text-based or catalog-based shopping to influencer-guided interactive experiences, Charter new launches, collaborations with brands with a highly engaged fashion-forward customer base provides an opportunity to. , and showcase Hero products among other benefits,” said Achint Setia, VP and Business Head, Social Commerce, Myntra.
Social commerce, which is a $1.5 billion to $2 billion GMV market in India today, will grow from $16 billion to $20 billion in just five years, with the fashion and beauty industry accounting for over 50-60% of this market share . Report.
Myntra said its social commerce business has three distinct propositions: M-Live, its live shopping feature, Myntra Studio for creating personalized content, and Myntra Fashion Superstar, its digital reality show.