Flipkart claims IRIS will enable homegrown D2C and new-age brands to better understand consumer behaviour on the marketplace
The ecommerce giant also claims data from IRIS would enable brands to more efficiently expand their offline presence as well
Former business head for fashion and softlines Sandeep Karwa will lead the Flipkart Ads business along with IRIS
Walmart-owned Flipkart
has altered its platform offerings for brands with the launch of an insights platform, IRIS.
IRIS, an abbreviation for Insights and Research Intelligence System, is claimed to help homegrown direct-to-consumer (D2C) and new-age brands better understand consumer behaviour on the marketplace.
Flipkart claims IRIS will provide brands with detailed reports on user behaviour insights, market trends, and industry-standard comparative analysis to help them decode consumer perception for their brands.
These reports could be leveraged by brands and sellers on the marketplace to optimise their marketing campaigns and enhance customer engagement. Flipkart also claims data from IRIS would enable brands to more efficiently expand their offline presence as well.
The company also announced the elevation of its business head for fashion and softlines Sandeep Karwa as the new leader for Flipkart Ads as a vice president. He took charge of the advertising vertical of the platform earlier in January.
The ecommerce giant is looking to grab a bigger chunk of online ad spends by D2C brands. The company claimed that retail media spends are only 15%–20% of digital ad expenditure in India, compared to 25%–30% in the US and 55%–60% in China.
“In the first quarter of 2024, digital AdEx in India increased to over 25–30%. Despite the rapid growth, the headroom to grow is tremendous,” the company claimed.
For Flipkart, this is the second development this month aimed at fostering a better relation with the sellers. Earlier in May, the ecommerce major revised rate cards for its sellers by eliminating collection and shipping charges from its rates, which now include fixed and commission charges.
The launch of IRIS coincides with the company’s plans to make yet another foray into the quick commerce vertical. The ecommerce giant appointed senior vice president and group head of supply chain Hemant Badri as head of the quick commerce business.
D2C brands will undoubtedly become a critical category for Flipkart in its quick commerce business, and we can see IRIS extended to brands selling through this channel as well.
On Flipkart IRIS, Karwa commented, “With Flipkart IRIS, we aim to provide brands with actionable insights about their business performance on Flipkart. By empowering brands to make strategic decisions backed by rich data, the platform is poised to unlock unprecedented growth opportunities for brands on the platform.”
Incidentally, Flipkart is looking to spruce up its revenue streams and reduce costs as it presses forward towards profitability, ahead of a potential tilt at the public markets.
The company’s senior leadership has initiated internal discussions regarding shifting the domicile of the company to India. These plans are expected to pick up steam in the coming few months as plans for the IPO solidify.
Walmart International president and CEO Kath McLay earlier said that Flipkart is on a growth trajectory and the company is looking for the right time for its public debut.
