Flipkart claims IRIS will help domestic D2C and new-age firms better understand consumer behavior in the marketplace. The e-commerce giant also believes that data from IRIS will enable firms to more efficiently increase their offline presence. Former business head for fashion and softlines, Sandeep Karwa, will manage the Flipkart Ads business alongside IRIS.
Walmart-owned Flipkartdatalabs has changed its platform offerings for brands with the introduction of IRIS, an insights platform.
IRIS, an abbreviation for Insights and Research Intelligence System, is said to help domestic direct-to-consumer (D2C) and new-age firms better analyze consumer behavior in the marketplace.
Flipkart claims IRIS will provide brands with extensive data on user behaviour insights, market trends, and industry-standard comparative analysis to assist them in decoding consumer perception of their products.
These insights could help companies and marketplace sellers optimize their marketing strategies and increase client engagement. Flipkart also says that data from IRIS will help marketers increase their offline presence more efficiently.
Sandeep Karwa, the company’s business head for fashion and softlines, has been promoted to vice president and will handle Flipkart Ads. He took over the platform’s advertising vertical in early January.
The ecommerce company hopes to capture a larger share of D2C firms’ online ad spends. According to the business, retail media spends account for only 15%-20% of digital ad expenditure in India, compared to 25%-30% in the United States and 55%-60% in China.
“In the first quarter of 2024, digital AdEx in India increased by more than 25-30%.” Despite the rapid growth, the headroom for expansion is enormous,” the company asserted.
Flipkart’s second initiative this month is to improve its relationship with sellers. Earlier in May, the ecommerce giant changed its rate cards for sellers, removing collection and shipping expenses from its rates, which now contain fixed and commission fees.
The debut of IRIS coincides with the company’s plans to make another move into the fast commerce space. Hemant Badri, senior vice president and group head of supply chain at the ecommerce giant, has been named head of the rapid commerce sector.
D2C brands will definitely become an important area for Flipkart in its rapid commerce operation, and we may see IRIS expanded to brands selling through this channel as well.
Coincidentally, Flipkart is aiming to improve its revenue streams and cut costs as it works toward profitability ahead of a potential public market debut.
