Goafest 2024 I Flipkart IRIS: Winning The Ecommerce Game With Deep Analytics
The second half of Day 2 of Goafest 2024 began with an informative masterclass by Flipkart Ads, on the topic of “Flipkart IRIS: Winning the e-commerce game with deep analytics”. Presenter Khushagra began by citing data from a survey Flipkart did with Bain. He stated that the Indian shopper base continues to explode, with 230-250 million online shoppers in India by the end of 2023. Yet 60% of Indians don’t shop online, indicating a massive headroom to grow in e-commerce.
After this, Khushagra introduced the “new hero and friend in the market” – Flipkart IRIS (Insights and Research Intelligence System). His colleague Saksham continued the masterclass, stating that Flipkart IRIS essentially elaborates the marketing funnel, and can process petabytes of data weekly. One of its salient features is its homepage, which gives an overview of a brand’s performance, vis-à-vis leaders as well as competitors. Flipkart IRIS also gives consumer insights, which allow a deeper look into consumer trends. It also measured brand recall – or how well consumers can recall brand names while shopping. Other features that Flipkart IRIS provides include Share of Voice, a search term report, an alternate purchases report, a complementary purchases report, a sales report, a top seller report, and a download centre. This masterclass left the attendees with constructive insights into achieving success in the e-commerce market today with the help of Flipkart IRIS.
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Flipkart Unveils Flipkart IRIS, its Insights Platform for Brands
The e-commerce company Flipkart has announced the official launch of Flipkart IRIS, its insights platform. The Flipkart IRIS platform, which stands for “Insights and Research Intelligence System (IRIS)”, represents a significant advancement in offering brands comprehensive data about consumer behavior. The platform’s goal is to give brands actionable insights that are customized to their performance on the platform, promoting growth and enabling well-informed decision-making. The goal of this state-of-the-art analytics tool is to assist platform sellers in making data-driven, well-informed decisions that will improve their performance and reach.
Flipkart IRIS – Flipkart’s proprietary insights platform for brands
For brands, Flipkart IRIS will provide a major step forward in terms of functionality and usability in terms of how Indian consumers interact with products and brands. It will act as a reflection for brands, offering thorough reports to direct enhancements in performance throughout the funnel. Flipkart IRIS offers more than just comparative analysis based on industry standards and insights into user behavior. It also provides exclusive reports that help brands comprehend the high-value actions that their products take on the platform. With the help of this information, brands can better understand how consumers interact with their products on Flipkart and adjust their marketing tactics accordingly.
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Flipkart’s initiative follows an astounding 25% year-over-year increase in advertising revenue in Q1 2024. With the help of this growth and the AWS division’s expansion, Amazon’s market capitalization has increased to almost $2 trillion. The most powerful rival of Flipkart, Amazon, also has a strong brand analytics tool that gives sellers useful information about search query performance, recurring purchase patterns, and demographic information.
What is in it for brands
With the help of these reports, brands at every stage of their development can better understand consumer behavior and market trends and use that knowledge to inform data-driven decisions that can increase sales and conversion rates. Even in offline channels, these insights can assist brands in enhancing their performance.
Flipkart IRIS will benefit homegrown D2C and new-age brands in many ways, including helping them find new growth prospects, reflecting on how consumers view brands, improving customer engagement, optimizing marketing campaigns, and tracking the health of their brands. Established brands will be able to go deeper into the funnel, where they can measure performance, grow their business, maintain competitiveness, and develop strategies that meet their goals, by utilizing business intelligence and rich data.
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New appointments at Flipkart Ads
Sandeep Karwa, vice president of Flipkart Ads, has been appointed as the new leader. He has played a key role in developing and expanding several Flipkart business categories over the previous twelve years. Following social media across geographies and search, retail media represents the third major wave in digital. In India, the growth in monetization driven by advertising is disproportionate. Platforms such as Flipkart are used by brands to attract, interact with, and keep customers.
Here’s what they said
Sandeep Karwa, vice president, Flipkart Ads, said,
“Flipkart IRIS represents a significant advancement in empowering brands to bolster their businesses and succeed on Flipkart. 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. Retail media spends are only 15%–20% of digital AdEx 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.”
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