In a significant move to empower brands and enhance their business growth, Flipkart, one of India’s leading e-commerce marketplaces, has introduced Flipkart IRIS. This innovative insights platform, which stands for Insights and Research Intelligence System, is designed to provide brands with comprehensive intelligence on customer behavior, helping them make informed decisions and drive growth.
What is Flipkart IRIS?
Flipkart IRIS is a sophisticated platform that offers detailed reports and actionable insights about how consumers interact with products and brands on Flipkart. It goes beyond industry-standard comparative analysis and user behavior insights, offering exclusive reports that help brands understand the high-value actions of consumers.
Key Features of Flipkart IRIS
1. Detailed Consumer Insights
Flipkart IRIS serves as a mirror for brands, providing extensive data on consumer behavior. This includes insights on how consumers discover, engage with, and purchase products. Brands can leverage these insights to enhance their marketing strategies, improve customer engagement, and increase conversion rates.
2. Performance Improvement Across Funnels
The platform provides detailed reports that guide brands in improving their performance across various stages of the sales funnel. By understanding where potential customers drop off and which marketing efforts are most effective, brands can fine-tune their strategies for better results.
3. Actionable Reports for Growth
The exclusive reports provided by Flipkart IRIS allow brands to identify new growth opportunities. These insights are crucial for brands looking to expand their market presence and optimize their marketing campaigns.
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Benefits for Brands
1. For Homegrown and D2C Brands
Direct-to-Consumer (D2C) and new-age brands stand to gain significantly from this platform. The platform helps these brands uncover new growth opportunities, understand their market perception, and measure brand health. By leveraging business intelligence and rich data, these brands can optimize their marketing efforts and enhance customer engagement.
2. For Established Brands
Established brands can use this insights platform to deep dive into the sales funnel, identify areas for improvement, and stay competitive. The platform enables these brands to measure their performance, craft strategies that meet their objectives, and ultimately grow their business.
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The Role of Retail Media in Digital Advertising
Retail media represents the third big wave in digital advertising, following search and social media. In India, advertising-led monetization is growing rapidly, with digital AdEx reaching over 25-30% in the first quarter of 2024. Despite this growth, there is still significant room for expansion compared to markets like the US and China, where retail media spends are much higher.
Insights from Sandeep Karwa
Sandeep Karwa, Vice President of Flipkart Ads, emphasizes the importance of Flipkart IRIS in empowering brands. “Flipkart IRIS represents a significant advancement in empowering brands to bolster their businesses and succeed on Flipkart,” says Karwa. “By providing brands with actionable insights about their business performance on Flipkart, the platform is poised to unlock unprecedented growth opportunities for brands on the platform.”
Conclusion
Flipkart IRIS is set to revolutionize how brands interact with their customers on Flipkart. By offering detailed insights and actionable reports, the platform empowers brands to make data-driven decisions, optimize their marketing strategies, and achieve significant growth. As retail media continues to grow in importance, Flipkart IRIS positions itself as a vital tool for brands looking to succeed in the competitive e-commerce landscape.
