Keynote The Growing Trend of Live Commerce
Summary
TLDRThe 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
🎥 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.
🌏 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.
📺 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.
🛍️ 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.
Mindmap
Keywords
💡Live Commerce
💡Influencer Economy
💡Creator-Led Commerce
💡Myntra Studio
💡Conversion Rates
💡Scarcity
💡Content Consumption
💡Community
💡Authenticity
💡Gig Economy
💡Sustainable Employment
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
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