Keynote The Growing Trend of Live Commerce

Summary

The speaker from Myntra, a leading fashion platform, shares insights on live commerce, highlighting its rapid growth and potential as the future of online shopping. Despite initial challenges, Myntra's journey with live commerce has been successful, with 40 hours of live content daily, driving higher conversions than the platform average. The key to success lies in focusing on creators, content, community, and commerce, ensuring a seamless and engaging shopping experience. The talk also emphasizes the importance of adapting to the Indian market and the unique opportunities live commerce presents for women in the influencer space.

Takeaways

• 😀 Live commerce is a growing trend, combining entertainment with instant purchase opportunities for brands and digital platforms.
• 📈 Gen Z consumers are heavily influenced by social media and influencers, with 70% of their purchase decisions made there, driving the influencer economy to explode.
• 🚀 Myntra's live commerce platform has grown rapidly, delivering 40 hours of live content daily and attracting 1200 relevant customers per live event.
• 💡 Live commerce is not a one-size-fits-all solution; it requires a strategic approach and understanding of the local market dynamics.
• 🌏 The Indian market differs from the East, where live streaming is more established, and thus requires a unique approach to live commerce.
• 🔑 The success of live commerce hinges on four pillars: creators, content, community, and commerce.
• 👥 Not every influencer can be a live streamer; it's a skill set that needs to be identified and nurtured.
• 📺 Live commerce content should be dynamic and engaging, with new elements introduced every 10-15 seconds to retain viewers.
• 🏪 The community aspect is crucial, as fans are there to watch their favorite creators and be part of a shared experience.
• 🛒 Creating a sense of scarcity is vital for live commerce success, ensuring viewers feel the need to make a purchase decision quickly.
• 🔄 Continuous learning and adaptation are key in live commerce, with ongoing training and feedback loops essential for creators.

Q & A

What is the main topic of the discussion in the provided script?

The main topic is the growing trend of live commerce and Myntra's journey with it over the past nine months.

Why was the market ripe for creator-led commerce when Myntra launched live commerce?

The market was ripe because Gen Z customers are consuming content more than ever, with 70% of purchase decisions made on social media while watching their favorite influencers.

What is the significance of the influencer economy explosion mentioned in the script?

The influencer economy explosion signifies the growing impact influencers have on consumer choices in fashion and lifestyle, which has led to brands exploring influencer-led commerce more actively.

How many live events has Myntra delivered since launching live commerce?

Myntra has delivered about 10,000 live events since launching live commerce in September 2021.

What is the unique aspect of Myntra's live commerce platform compared to other social media platforms?

Myntra's live commerce platform is unique because it integrates live streaming with direct product sales from the Myntra catalog, providing a quick inspiration to commerce journey.

What are the four pillars of live commerce success as mentioned in the script?

The four pillars are focus on creators, content, community, and commerce.

Why is finding the right live streamer challenging according to the script?

Finding the right live streamer is challenging because not every influencer is a live streamer, and it requires a specific skill set that is not common in the country today.

What is the approach to content in live commerce as described in the script?

The approach to content in live commerce is to create content that is shorter than a reel, with something new dropping every 10-15 seconds to keep viewers engaged.

How does Myntra support creators in building their communities on the platform?

Myntra supports creators by providing them with frequent live schedules, allowing them to build fan communities and by not dictating what and how they should sell, giving them the freedom to choose based on their understanding of their audience.

What is the importance of creating a sense of scarcity in live commerce?

Creating a sense of scarcity is important because it encourages viewers to make quick purchase decisions, ensuring the success of the live commerce event.

What is the role of Myntra Studio in the context of Myntra's social commerce?

Myntra Studio is a social commerce platform that collaborates with influencers and has become a significant driver of commerce, covering 20-25% of the Myntra platform's sales.