To empower brands with actionable insights tailored to their performance on the platform, foster growth and facilitate informed decision-making, India’s homegrown e-commerce platform- Flipkart has launched its own insights platform- Flipkart IRIS, short for Insights and Research Intelligence System.
Designed to provide comprehensive intelligence about customer behavior to brands, Flipkart IRIS has been launched with an intention to offer a significant leap forward in functionality and usability for brands on how Indian consumers interact with products and brands.
As per the ecommerce platform, it will serve as a magic mirror for brands, providing detailed reports to guide performance improvement across funnels.
In addition to industry-standard comparative analysis and user behavior insights, Flipkart IRIS aims to go beyond offering exclusive reports which will allow brands to understand the high value actions of consumers for their products on the platform.
These reports, further, will empower all brands across their growth trajectory to gain a deeper understanding of consumer behavior and market trends, allowing them to make data-driven decisions that can significantly improve conversion rates and sales.
Given the reach of Flipkart, cutting across tiers of cities and socio economic backgrounds, these insights are believed to help brands improve performance even in offline channels. In fact, homegrown D2C and new age brands are also poised to benefit from Flipkart IRIS by uncovering new growth opportunities, mirroring the perception of brands, optimizing marketing campaigns, enhancing customer engagement, and measuring brand health.
Leveraging business intelligence and rich data, established brands are likely to be able to deep dive into the funnel, where there is an opportunity for them to grow their business, measure their performance, stay competitive and craft strategies that meet their objectives via Flipkart IRIS.
That being said, retail media is the third big wave in digital after search and social across geographies and advertising-led monetization is growing disproportionately in India making brands use platforms like Flipkart to get discovered, to engage, and to retain their customers. Additionally, drawing on a deep understanding of consumer journeys- from discovery to purchase- sellers and brands are also poised to get incrementality and measurability with this launch.
Commenting on the development, Sandeep Karwa, who has recently been appointed as the Vice President of 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.”
