Myntra Ads hosted the first edition of Ramp-Talk, a CMO conclave in association with the exchange4media Group in December in Bengaluru. The theme of the event was ‘Power of Online Retail Media Marketing in Shaping the Future of Brand Building,’ with the day-long conclave comprising insightful keynote, standalone sessions, fireside chats and panel discussions by industry stalwarts, brand founders, CEOs, and thought leaders from across the fashion, beauty and lifestyle industry.
The online retail media sector in India has been witnessing significant adoption, fuelled by factors including digital transformation, shifting consumer behavior, and inclination towards exploring innovative advertising and marketing strategies. The evolution of advertising strategies has been a captivating journey. From traditional print and broadcast mediums to the digital era, where the internet reigns supreme, the shift in ways of advertising has been nothing short of revolutionary. Amidst this transformative tide, online retail media marketing has emerged as a game-changer, redefining the rules of engagement for brands seeking to forge meaningful connections with their audience. Talking about the future of digital advertising, Chacko Lakshminarasimhan, MD, Accenture in India, said, “We estimate that online retail media is expected to dominate the lifestyle and fashion categories in the coming years and could account for close to 15% of total ad revenue by 2028, exceeding TV revenue.”
More brands are strategically investing in this powerful medium. “The growth rate of brands investing in online retail media is significantly higher as compared to other platforms. We all experience online retail media, we are all e-commerce users, with this, naturally, the size of e-commerce base is increasing every year. A massive jump is seen in users from Tier I and Tier II cities where first time users or repeat buyers are fuelling this growth, putting online retail media into a dominant position”, said Nawal Ahuja, Co-founder - exchange4media said during his opening note.
Myntra, one of India’s leading fashion, beauty and lifestyle e-commerce platforms, has emerged as a frontrunner in the country’s online retail space, with its trend-first selection, portfolio of brands and tech-led innovations for enhanced customer experience. During her keynote address, Nandita Sinha, CEO - Myntra spoke about the organisation’s mission to bring the brands and customers closer by leveraging the power of retail platforms such as Myntra Ads. It also aims to help brands discover their audiences and customers discover what works for them, and take the overall fashion journey of the country forward. “We are at the cusp of a generational change regarding how people will shop in the country”, Sinha said. The rapid growth of e-commerce platforms in India, such as Myntra Ads, has led to increased opportunities for brands to foster a deeper connect with their target audiences and offer them personalized experiences.
Brands embracing the power of online retail marketing
The advent of online retail marketing has paved the way for niche and homegrown brands to thrive. In this digital age, where consumers seek authenticity and a sense of belonging, these growing enterprises have adeptly seized the opportunity to build deeper connections with their niche audience through platforms such as Myntra Ads. This shift towards digital storefronts has not only levelled the playing field but has also allowed niche brands to carve out their unique identity in a crowded marketplace, where authenticity and personalization reign supreme and provide value to consumers. Speaking at the fireside on the topic ‘Building Brands in The Digital Age and The Role of Online Retail Media Channels in Brand Building’, Kaushik Mukherjee, Co-founder, and COO, SUGAR Cosmetics, said, “Building a brand on digital channels takes time. To stay in the audience’s mind-space, one should look beyond offering deep discounts and engage users via social media. At SUGAR Cosmetics, we look at our content either as entertaining or educational. That’s when you start adding value to build a long-term brand. Earlier it was enough for a brand to just list a product and add pricing. Now, brands are building on positioning and creating their stories.” Sidhant Keshwani, Founder and CEO - Libas, spoke about the importance of brand building today, and how it has evolved over the years. “Over the last few years, the most important aspect of marketing has been community building, which we as a brand feel is going to increase loyalty. It is a cluttered space where we need to be consistent in our efforts”, he added.
The essence of online retail media marketing lies in precisely targeting audiences with a strong intent to make a purchase. Sunder Balasubramanian, CMO - Myntra, hosted a panel on ‘Power of Online Retail Media Marketing in Shaping the Brand Building’, discussing the brands’ digital journeys, which started with Ads, moved to the world of creators, and now harnessing online retail media marketing to build salience with customers. Vaishali Gupta - Co-founder, mCaffeine, while participating in this panel, shared, “Online gives us the flexibility to understand where our consumers are, how well you can target, and the form of communication we can target with. There are a plethora of consumers sitting at every platform at this point. However, it is important to understand the right medium to reach out to the consumer.” The learning curve on digital has been the highlight for ABFRL last year. Meghna Khandelwal, AVP-Marketing, ABFRL, shared the brand’s keenness to experiment with various content formats to strengthen connect with their customers. Khandelwal said, “Gen-Zs are browsing much more on Myntra and other retail media platforms, and we want to hack growth out of this medium.”
Myntra Ads as an enabler for brands to forge deeper relationships with customers
Santosh Kevlani, Head – Monetization & Partnerships, and Raghu Krishnananda, CPTO, Myntra, talked about Myntra’s journey and how Myntra Ads is helping brands reach their consumers with expertise in fashion, beauty and lifestyle. They further highlighted Myntra’s ability to innovate with technology, fashion-forward customer base, rich data and analytics.
“In the next 5 years, we want to use this aspirational and engaging platform not only to go beyond transactional online retail media but also to bring in the social media aspect and content for a personalised touch.” Kevlani said. Krishnananda highlighted the use of video ads, polls, rich content formats as some of the innovative ways the platform uses to maximise reach and engage with customers. “Personalisation is the way to get there. For an online platform like us, our ability to understand trends helps us show our customers the relevant product ads along with their search results during their browsing journey”, he said.
The day-long event concluded with a vote of thanks by Rahul Sachdev - Head, Myntra Ads. Talking about the journey of brand building, Sachdev said, “Brand building is not a journey that happens in a day, it takes time. At the core of it is patience, being true to your brand equity, creating the brand love”.
