afaqs! news bureau

Flipkart launches Flipkart IRIS, an insights platform for brands

Flipkart IRIS provides extensive reports and insights crucial for brands aiming to expand and strengthen their businesses.

Flipkart, an e-commerce marketplace, has announced the launch of 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 behaviour 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.

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 mirror for brands, providing detailed reports to guide performance improvement across funnels. In addition to industry-standard comparative analysis and user behavior insights, Flipkart IRIS goes beyond offering exclusive reports which will allow brands to understand the high value actions of consumers for their products on the platform.

These reports 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. These insights can help brands improve performance even in offline channels.

Homegrown D2C and new age brands will gain numerous benefits from Flipkart IRIS, such as uncovering new growth opportunities, mirroring the perception of brands, optimising marketing campaigns, enhancing customer engagement, and measuring brand health. Leveraging business intelligence and rich data, established brands will be 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 twelve 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 monetisation is growing disproportionately in India. Brands use platforms like Flipkart to get discovered, to engage, and to retain their customers.

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