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.

Outlines

00:00

🎥 The Emergence of Live Commerce

The speaker, Miss Prager, introduces the concept of live commerce as a new channel for retailers and brands to create value. She discusses the influence of Gen Z consumers and the significant role of social media in their purchasing decisions, highlighting the explosion of the influencer economy. Myntra's journey with live commerce is outlined, emphasizing the growth from launching with 200 influencers to 2 million and the shift in marketing strategies to include influencer-led commerce. Live commerce's success is attributed to high conversion rates and the ability to attract and engage customers, despite the challenges faced as a startup within Myntra.

05:00

🌏 Cultural Differences in Live Streaming

Miss Prager explains the cultural differences in live streaming between the East and India, noting that live streaming is already a popular content consumption method in the East, whereas Indian consumers are not accustomed to it. She discusses the challenges of adapting live commerce to the Indian market, including the lack of live streamers and the need to create a sense of scarcity to drive sales. The speaker outlines the four pillars of live commerce success: creators, content, community, and commerce, and shares insights into the importance of finding and retaining live streamers, as well as the need for a seamless product experience.

10:02

📺 The Dynamics of Live Commerce Content

This paragraph delves into the specifics of creating content for live commerce. The speaker emphasizes the need for bite-sized, engaging content that captures viewers' attention every 10-15 seconds due to the non-linear nature of live streaming. She discusses the importance of quick decision-making and the strategy of encouraging viewers to make purchases swiftly. The community aspect is also highlighted, with the speaker explaining how Myntra fosters fan communities around influencers, which enhances the live streaming experience and builds trust among viewers.

15:04

🛍️ The Commerce Aspect of Live Streaming

The final paragraph focuses on the commerce component of live streaming, stressing the importance of creating a sense of urgency and scarcity to drive sales. The speaker outlines the strategies employed by Myntra to ensure live commerce is successful, including training influencers and closely monitoring performance to integrate new learnings. She also touches on the broader context of Myntra's social commerce initiatives, mentioning the significant organic impressions delivered annually and the platform's role in providing sustainable employment for female influencers.

Keywords

💡Live Commerce

Live Commerce refers to the integration of live streaming technology with e-commerce, allowing for real-time interaction between sellers and consumers during the shopping experience. In the video, it is the central theme, with the speaker discussing Myntra's journey in live commerce and how it has become a new channel for brands to engage with customers. The script mentions that Myntra delivers 40 hours of live commerce daily, highlighting its significance in the company's strategy.

💡Influencer Economy

The Influencer Economy is a term used to describe the market dynamics where social media influencers have a significant impact on consumer purchasing decisions. The script indicates that 70% of purchase decisions are made on social media, influenced by favorite influencers, which underscores the importance of influencers in shaping the fashion and lifestyle choices of Gen Z consumers.

💡Creator-Led Commerce

Creator-Led Commerce is a form of e-commerce where content creators drive sales by promoting products to their audience. The script notes that the market was ripe for this type of commerce, as influencers are dictating consumer choices, leading to an explosion in the influencer economy and a shift in marketing strategies to include influencer-led commerce.

💡Myntra Studio

Myntra Studio is Myntra's own social commerce platform, which was launched as a part of the company's broader e-commerce ecosystem. The script provides an anecdote about the growth of viable influencers for collaboration, from 200,000 to 2 million, indicating the platform's role in the creator economy and its impact on Myntra's live commerce strategy.

💡Conversion Rates

Conversion Rates in the context of e-commerce refer to the percentage of visitors to a website or platform who make a purchase. The script mentions that conversions on live commerce are higher than the platform average, which is a key performance indicator for Myntra's live commerce initiatives, demonstrating their effectiveness in driving sales.

💡Scarcity

Scarcity in marketing creates a sense of urgency, indicating that a product is limited and may not be available later. The script discusses the importance of creating a feeling of scarcity during live commerce to encourage immediate purchases, emphasizing that the live format should make consumers feel they have a lot to lose if they do not buy within a certain timeframe.

💡Content Consumption

Content Consumption refers to how audiences engage with and absorb various forms of media. The script highlights that Gen Z customers are consuming content more than ever, particularly on social media, which is a key driver behind the rise of live commerce and influencer marketing.

💡Community

Community in the context of the video refers to the fan base or group of followers that gather around a particular influencer or creator. The script emphasizes the importance of community building in live commerce, as it fosters a sense of belonging and trust among viewers, which can lead to increased engagement and sales.

💡Authenticity

Authenticity is the quality of being genuine and real, which is highly valued in influencer marketing and live commerce. The script mentions that Myntra does not dictate what influencers should sell or how, allowing them to maintain authenticity with their audience, which is crucial for building trust and driving sales.

💡Gig Economy

The Gig Economy refers to a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. The script points out that Myntra's live commerce initiatives have provided sustainable employment for many influencers, particularly women, contributing to the structure of the gig economy within the creator ecosystem.

💡Sustainable Employment

Sustainable Employment implies job opportunities that are reliable, offer stability, and can be maintained over time. The script notes that Myntra's involvement in live commerce has enabled many influencers, especially women, to have sustainable employment, indicating the positive impact of the platform on the creator community.

Highlights

Live commerce offers a new channel for retailers and brands to create value.

Myntra's live commerce journey began with the understanding of Gen Z consumers' reliance on influencers for purchase decisions.

The influencer economy has seen a 10x growth from 2020 to 2021, indicating a significant shift in marketing strategies.

Live commerce on Myntra has delivered 10,000 live events, showcasing its rapid growth and adoption.

Myntra's live platform attracts 1200 relevant customers per live event, highlighting its targeted customer engagement.

Conversion rates on live commerce are higher than the platform average, emphasizing its effectiveness.

Live commerce is not a magic pill; it requires a strategic approach and understanding of the market.

India's live commerce market differs from China's, with unique challenges due to different consumer behaviors.

The four pillars of live commerce success are creators, content, community, and commerce.

Not every influencer can be a live streamer; it requires specific skills and training.

Myntra Studio and influencer programs provide a unique advantage in finding and retaining live streamers.

Content in live commerce should be engaging and change every 10-15 seconds to keep viewers interested.

Live streaming is designed to facilitate quick decision-making and purchases.

Community building is crucial for live commerce, with top creators having large fan bases on the Myntra platform.

Authenticity in live streaming is key, allowing influencers to choose what, when, and how to sell.

Live commerce must create a sense of scarcity to drive immediate purchases.

Myntra's social commerce strategy includes a strong influencer community and organic impressions, positioning it as a leader.

Live commerce provides sustainable employment for many women in the influencer space.

Myntra's live platform is unique in offering a direct link to products from its catalog, streamlining the purchase process.

Transcripts

blending entertainment with instant

purchase live commerce

offers retailers brands and digital

platforms a new channel with a numerous

scope of creating values and to discuss

the growing trend of live commerce let's

put on stage can we have a miss prager

on stage can we have a huge round of

applause ladies and gentlemen director

of social commerce myntra

[Music]

hello and good morning everybody

thank you for having me here today uh

and i'm sorry that i'm late so maybe i'm

speaking a little bit out of schedule so

bear with me

um but in the next 15 minutes or so i

will try to walk you through myntra's

live commerce journey of nine months and

hopefully add some value to things you

already probably know or questions that

you have on your mind

a little bit of context quickly um

when minstrel live commerce launched uh

the market was clearly rife for

creator-led commerce and these are the

reasons why right first is that z

customers are

consuming content more than ever

and seventy percent of con seventy

percent of purchase decisions

are made made on social media while

watching their favorite influencers

right so influencers are really

dictating the choices and fashion and

lifestyle that gen z consumers are

making and because of this the

influencer economy has obviously

exploded right

in 2019 this is a quick anecdote right

when we launched uh 2020 sorry when we

launched mintra studio which is myntra's

own social commerce platform we had

about two lac viable

influencers that we could collaborate

with of course studio has had its own

journey and it's a very major platform

right now

but in 2021 when we were planning to

launch live commerce the number had

become

2 million so it's a 10x explosion in the

creator economy and we felt it

and because of all of this happening in

the market brands are far more prone to

exploring

influencer led commerce and the

conversation definitely has gone far

beyond influencer marketing as a leg of

your marketing strategy more than

and now it's become more a core part of

any kind of marketing communication

so

why why am i speaking about live

commerce when it is so new

is because

we've had a bit of a

journey on a rocket ship on live

commerce

after delivering about 10 000 live

events since

uh september 21 when we launched today

we deliver 40 hours of live commerce in

the mintra platform every day

we are able to get 1200 relevant

customers

to every live which is very meaningful

they are customers who actually want to

buy uh the products that we are selling

on the live

and

the final proof of the predict pudding

is that the conversions on live is

definitely higher than that of the

platform which is i guess the holy grail

of what every platform would want to

achieve

and the journey has not been easy um

we have like any startup we are a

startup within a startup at myntra we've

pivoted re-pivoted and learnt along the

way and the three things that

have been the starkest biggest learnings

for us

one is

live commerce is not a magic pill just

because you have a technology platform

you have an influencer and you have some

merchandise to sell it does not

automatically mean that things will

start selling

and i will get into details of what is

needed to make it work based on our

learnings of course

india is not china it's a little bit

perfunctory but you know the whole buzz

of live commerce has come that hey look

at what china is doing and you know

conversion rates are five percent six

percent it's huge right um but here's

the one thing that uh that i discovered

a little bit later

uh after launching live commerce on

myntra

is that unlike the east who are live

streaming in itself and live streaming

content consumption was a big trend so

when commerce came as live commerce the

consumer was already prepped and there

were live streaming stars that existed

and they were very different from uh say

influencers on instagram that we know or

youtube stars that we knew they were

live streamers right now indian consumer

doesn't consume life and there are no

live streamers so the market is

different and

just like everything else we tend to

leapfrog a bit as a country so our

challenges are going to be

different

and in spite of all of these learnings

we are convinced that live commerce is

the future of online shopping because of

the sheer amount of fun we see people

having on

live commerce when they shop with us

sorry

yeah

so the four pillars are created for live

commerce success is focus on creators

content community and commerce

uh and i will get into each of these

pillars

and talk about briefly my key learnings

of

building into a robust scalable platform

at myntra

the first leg is creators people are

coming to watch their favorite creators

tell them how to shop what to shop and

why to shop right

but um not every influencer is a live

streamer

and not every

tv anchor can do selling right it is a

skill set that does not exist in the

country today

um and we go through a huge funnel of

finding viable creators

uh mintra is uniquely placed to

be to to to help create to help

ourselves actually sample creators at

scale because we have a huge army of

creators at our disposal because of

myntra studio and our influencer

programs

just to give you a little bit context on

what the funnel looks like only one in

every 10 creators that we try

is viable to do a live and become a live

streamer

uh so so that is the amount of effort it

takes to find the right person

so when we find our live streamers we do

everything to retain them from training

uh in training in their

skill development to incentive programs

whatever it takes live streamers are

hard to find and when you find one keep

them

and then the third and the most

important part is

that

your live stream is going to be our live

stream is going to be only as successful

as the users of this the live stream

find it easy to use so the product

experience

uh the ease of conducting your life has

to be phenomenal

the fact that we have been able to build

our own live streaming platform in

record time

and the fact that we have a very good

creator ecosystem at our disposal

enables us to have a very rapid feedback

loop

enabling us to build products based on

feedback

that we receive from

creators frequently

the second pillar is of course content

and this is the most exciting part i've

spent 15 years 14 years actually working

in the space of content and actually

live streaming has broken

all my preconceptions about

uh what content should be like right the

first sentence on the slide says

uh live commerce should be seen as

content shorter than shorter than a reel

now of course that is a little bit

counter-intuitive because live streamers

would say hey i'm going live for for an

hour or i'm going live for 45 minutes

and i'll spend five minutes introducing

myself and then segment b is going to be

two minutes and three minutes and then

i'm going to end right

but here's the thing

this is not appointment viewing people

are stumbling upon live commerce while

browsing for everything so people are

entering your live a live stream at

different points in time and hence they

don't know what your plan for the 45

minutes or one hours

and hence

every 10 seconds or every 15 seconds

something new has to drop because a new

consumer is joining every couple of

seconds and at that second if the life

is not interesting they are going to

drop off in three seconds so four

seconds so this is a

mental moral shift that we've had to

make and it has worked wonders for us

and the second thing is you know um

how long do you

how long do you want viewers to really

watch the live

you know again conventional wisdom would

say that i have planned a life for 45

minutes so they better watch 15 minutes

but again another spaceship that we've

had to make is that no live streaming is

there to equip you equip users to make

decisions fast there's an influencer to

assist the curation is very robust so

so we would want them to buy as quickly

get their doubts answered as quickly and

move on and if you see the second image

it's not very clear but it's a

demonstration of that it says order the

yellow heels thank you bye bye see you

later she knows the live stream is going

on the user knows but she's bought she's

gotten the value out of it and it's time

to go and we encourage that

the third is of course community the

value of community community building

can't be refuted i said it in the

beginning people are there to watch

their uh

favorite creator tell them what to wear

and how to wear

right

and hence it's very important to allow

creators to build fan communities on the

mantra platform itself some of our top

creators actually

have the largest communities on the

myntra platform more than any of their

social media handles which is very

interesting because

then now the

core fan base is on the myntra platform

on myntra studio so when they go live

these customers feel safe in an

environment because you know

fans of a certain superstar are similar

in their likes dislikes and so on

and how do we

enable creators to create communities on

the platform uh via live especially we

work with a few creators like i said

before we invest in them

disproportionately

um

we have them uh

we have them

come on live very frequently we make

their schedules predictable so that

their fans can find them and they know

when to find them

um and the second uh second set of

things that we do is that see

authenticity is very important for a

live right so we do not dictate

influences to

when they should what they should be

selling and how they should be selling

because we believe that the influencer

knows their audience the best so they

choose what they want to sell when they

want to sell and how they want to sell

sell their products we are just there as

a support system behind

the last thing is that

we are learning with the creators how to

make lives live streaming successful

right so there is no training module

that if you take eight sessions you are

done uh because if you uh do that then

the new learnings are never going to be

able to transfer we learn every

something new every almost every other

week right so the

we train influencers we have retraining

modules and then we closely monitor

their performance live on live so that

we can make sure that we interject new

learnings at the right times possible in

their journey

and the last one and the most important

important

question i believe on everybody's mind

is that why wha why what is if i've got

everything before right then how does

commerce happen right

and the most important uh thing to make

sure is that this is live commerce uh

this is of course there for

entertainment but the feeling of

scarcity that after the live

the either the price is going to change

or the product is going to run out or

the influencer may never come back again

or maybe i am the first few few hundred

users to be able to buy these products

and there are very many other constructs

by which a feeling of scarcity can be

created but that has to be true for

every life

if the user walks away with a feeling

that

after i can browse the product now and

uh by buy it later then why do a live to

begin with do it make a vod

or a video on demand content and and

host it so that people can make

decisions later on so fundamentally um

we need to make sure that the consumer

has a lot to lose if they don't make a

purchase decision in the next five

minutes

um

and just to conclude

a little bit about uh the context of

mntrans social commerce and where live

commerce fits in

um

on social media we are the largest uh

social media fashion brand uh we because

of our influencer community and our

social channels we deliver 30 billion

organic impressions every year studio

was launched in may 2020 it is a very

mature platform a very healthy commerce

driving platform

uh

uh and has

covers a mile of 20 to 25 of the mintra

platform and live is our newest baby

today we do 40 to 50 live events every

day

and the rest of the journey is ahead of

us

before i conclude i just want to say

most of the creators are women

because fashion lifestyle and creators

sort of are more attuned to the female

consumer

and i feel especially proud to have been

a part of this journey with mintra

because

we have been able to provide sustainable

employment to a lot of uh uh influencers

who are women and be allowed and

probably brought in a lot more structure

to the gig economy that the creator

ecosystem today is so that's it from me

guys thank you

check all right before we let you go we

have a quick queen q and a session where

we'll only take three questions anybody

has a question please put your hand up

the lady there

hi uh very interesting session uh thank

you i'm neha from kpmg so i see you have

uh mentor studio and mantra live but in

your experience what is the most

effective live streaming platform that

we have because now we have facebook

insta almost every platform is offering

you live streaming options so what is it

that you complement your platforms with

um live streaming is a mature uh product

our instagram has had it for years and

all other social media platforms has

have had it but they do not have the

products uh at the end so our

uh live stream is unique in its way that

we also have products that sell directly

from the mintra catalogue so the

inspiration to commerce journey is very

quick

when a streamer goes live on the mintra

platform she actually picks up products

from our catalog first there is a tray

of products

that she recommends to users and then

she goes live with them so um

for a commerce platform

just live streaming wouldn't cut it we

had to have live have live commerce

before we launched it

so

yeah that's what's unique about our

platform

check well thank you so much for that

session it was definitely enlightening

i'd request miss charles to please come

forward in hand over the token of love

so that we can go ahead with the next

one

thank you guys

check can we have a huge round of

applause ladies and gentlemen