Ecommerce

Flipkart Launches IRIS Insights Platform to Empower Brands with Data-Driven Decision Making

• ByStartupStory     |    May 20, 2024

Flipkart, the leading Indian e-commerce company, has announced the launch of Flipkart IRIS, an advanced insights platform designed to empower brands with comprehensive customer behavior intelligence. This cutting-edge analytics tool aims to help sellers on the platform make informed, data-driven decisions to enhance their performance and reach.

According to a press release from Flipkart, IRIS will provide detailed reports that offer a deep dive into various aspects of consumer interaction. These insights will include performance metrics across different sales funnels, comparative analyses, and user behavior insights. Such data is crucial for brands to understand how customers engage with their products on Flipkart, enabling them to optimize their strategies accordingly.

“Given the reach of Flipkart, cutting across tiers of cities and socio-economic backgrounds, these insights can help brands improve performance even in offline channels,” the press release stated. By leveraging the insights provided by IRIS, brands can better mirror the successful strategies of other brands, fine-tune their marketing campaigns, enhance customer engagement, and assess their brand’s health.

Sandeep Karwa, Vice President of Flipkart Ads, highlighted the transformative potential of IRIS for brands on the platform. “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,” Karwa said. He pointed out the significant growth in retail media spending in India, noting that while it currently accounts for 15%–20% of the digital advertising expenditure (AdEx), it is expected to grow substantially. This is in comparison to 25%–30% in the US and 55%–60% in China. The first quarter of 2024 already saw a surge in digital AdEx in India to over 25%–30%, indicating a vast potential for further growth.

Flipkart’s initiative comes on the heels of a remarkable 25% year-on-year growth in Q1 2024 advertising revenue. This growth, alongside the expansion of the AWS division, has propelled Amazon’s market capitalization close to the $2 trillion mark. Amazon, Flipkart’s most formidable competitor, also offers a robust brand analytics tool that provides sellers with valuable insights into search query performance, repeat purchase behaviors, and demographic data.

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