Flipkart, India’s homegrown e-commerce marketplace, launched its insights platform, Flipkart IRIS. The platform, which stands for Insights and Research Intelligence System (IRIS), signifies a substantial advancement in providing comprehensive intelligence about customer behavior to brands. Flipkart IRIS is designed to empower brands with actionable insights tailored to their performance on the platform, fostering growth and facilitating informed decision-making, the company said.
“Flipkart IRIS will offer a significant leap forward in functionality and usability for brands on how Indian consumers interact with products and brands. It will serve as a magic mirror for brands, providing detailed reports to guide performance improvement across funnels,” Flipkart said. In addition to industry-standard comparative analysis and user behavior insights, Flipkart IRIS offers exclusive reports which will allow brands to understand the high value actions of consumers for their products on the platform. These reports 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, it added.
Given the reach of Flipkart, cutting across tiers of cities and socio economic backgrounds, these insights could help brands improve performance even in offline channels.
Flipkart aims to provide homegrown D2C and new age brands numerous benefits from Flipkart IRIS. These include uncovering new growth opportunities, mirroring the perception of brands, optimizing marketing campaigns, enhancing customer engagement, and measuring brand health. It also aims to leverage business intelligence and rich data, so established brands are 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.
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.”
Sandeep Karwa, Vice President, Flipkart Ads, is the newly appointed leader for Flipkart Ads. Over the past 12 years at Flipkart, he has been instrumental in shaping and scaling various business categories at Flipkart.
Retail media is the third big wave in digital after search and social across geographies. Advertising-led monetization is growing disproportionately in India. Brands use platforms like Flipkart to get discovered, to engage, and to retain their customers.