Flipkart, a Walmart-owned e-commerce platform, has revamped its offerings for brands with the launch of an insights platform called IRIS.
IRIS, short for Insights and Research Intelligence System, purportedly assists homegrown direct-to-consumer (D2C) and new-age brands in gaining a deeper understanding of consumer behavior on the marketplace.
According to Flipkart, IRIS is set to furnish brands with comprehensive reports on user behavior insights, market trends, and industry-standard comparative analysis, aiding them in deciphering consumer perception of their brands.
Brands and sellers on the marketplace can utilize these reports to refine their marketing campaigns and improve customer engagement. Flipkart also asserts that data from IRIS will enable brands to expand their offline presence more efficiently.
Furthermore, the company announced the promotion of Sandeep Karwa, formerly the business head for fashion and softlines, as the new vice president leading Flipkart Ads. He assumed responsibility for the advertising vertical of the platform in January.
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The e-commerce behemoth aims to capture a larger share of online ad spending from D2C brands. The company noted that retail media spending constitutes only 15%–20% of digital advertising expenditure in India, in contrast to 25%–30% in the US and 55%–60% in China.
The company claimed that digital advertising expenditure in India surged to over 25–30% in the first quarter of 2024. Despite this rapid growth, they emphasized that there is tremendous potential for further expansion.
This marks the second development this month for Flipkart, intended to strengthen its relationship with sellers. In May, the e-commerce giant revised its rate cards for sellers, removing collection and shipping charges and instead incorporating fixed and commission charges.
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The debut of IRIS aligns with the company’s simultaneous plans to venture into the quick commerce vertical. The e-commerce giant has appointed Hemant Badri, Senior Vice President and Group Head of Supply Chain, as the head of the quick commerce business.
D2C brands are undoubtedly set to become a critical category for Flipkart in its quick commerce business, with IRIS expected to be extended to brands selling through this channel as well.
Regarding Flipkart IRIS, Karwa stated, “With Flipkart IRIS, our objective is to furnish brands with actionable insights regarding their business performance on Flipkart. By enabling brands to make strategic decisions supported by comprehensive data, the platform is positioned to unlock unprecedented growth opportunities for brands on the platform.”
Coincidentally, Flipkart is aiming to enhance its revenue streams and lower costs as it strives for profitability, in anticipation of a potential move towards public markets.
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The company’s senior leadership has commenced internal discussions regarding relocating the company’s domicile to India. These plans are anticipated to gain momentum in the coming months as preparations for the IPO take shape.
Previously, Walmart International President and CEO Kath McLay stated that Flipkart is on a growth trajectory and the company is waiting for the opportune moment for its public debut.