Flipkart IRIS, Revolutionizing Brand Insights with Cutting-Edge Analytics
Elevate Your Marketing with Flipkart's Advanced IRIS Analytics Tool
21 May 2024
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Kunal Tyagi
An advanced analytics tool providing brands with detailed reports on customer behavior to improve performance, conversion rates, and sales.
Homegrown D2C and new-age brands can identify growth opportunities, optimize marketing campaigns, and measure brand health, while established brands can dive deeper into sales funnels and stay competitive.
Launch aligns with Flipkart's broader goals, including enhancing its quick commerce vertical, revising seller rate cards, and preparing for a potential IPO with a focus on data-driven decision-making and profitability.
Walmart-owned e-commerce giant Flipkart has introduced a powerful new insights platform called Flipkart IRIS (Insights and Research Intelligence System). This innovative tool is crafted to provide brands with comprehensive intelligence about customer behavior, aiming to empower them with actionable insights. The goal is to foster growth and facilitate informed decision-making tailored to each brand's performance on Flipkart.
Flipkart IRIS operates as an advanced analytics tool, delivering detailed reports that guide performance improvement across various funnels. The platform includes industry-standard comparative analysis and unique insights into user behavior. These exclusive reports enable brands to understand the high-value actions of consumers interacting with their products on the platform, thereby enhancing their ability to make data-driven decisions. As a result, brands can significantly improve conversion rates and sales, aligning their strategies with actual consumer behavior.
The benefits of Flipkart IRIS are substantial, particularly for homegrown Direct-to-Consumer (D2C) and new-age brands. These businesses can identify new growth opportunities, compare their performance with other brands, optimize marketing campaigns, enhance customer engagement, and measure brand health. Established brands can delve deeper into the sales funnel, identify growth opportunities, measure performance, stay competitive, and develop strategies that meet their objectives, making Flipkart IRIS a versatile tool for a broad range of brands.
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One of the standout features of Flipkart IRIS is its ability to provide insights that span different tiers of cities and socio-economic backgrounds in India. This broad reach ensures that the insights can also help brands improve their performance even in offline channels. As Sandeep Karwa, Vice President of Flipkart Ads, noted, Flipkart IRIS represents a significant advancement in empowering brands to bolster their businesses and succeed on Flipkart. By providing actionable insights backed by rich data, the platform is poised to unlock unprecedented growth opportunities for brands.
The launch of Flipkart IRIS comes at a time when retail media is emerging as the third big wave in digital advertising, following search and social media. Advertising-led monetization is growing rapidly in India, with retail media spending currently at 15%–20% of digital AdEx, compared to higher percentages in the US and China. This rapid growth in digital advertising expenditure highlights the tremendous potential for further expansion. Karwa emphasized that despite the rapid growth, there is still significant headroom for development in this sector.
This development aligns with Flipkart's broader strategic initiatives. Earlier in May, Flipkart revised its rate cards for sellers, eliminating collection and shipping charges from its rates, which now include only fixed and commission charges. Additionally, the company is planning to enhance its quick commerce vertical, appointing senior vice president and group head of supply chain, Hemant Badri, to lead this effort. As D2C brands become critical to Flipkart's quick commerce business, IRIS will likely extend its benefits to these brands as well, further integrating Flipkart's ecosystem.
As Flipkart moves towards profitability and a potential IPO, the introduction of IRIS is a key part of its strategy to enhance revenue streams and reduce costs. The company's senior leadership is discussing shifting its domicile to India, a move expected to gain momentum as IPO plans solidify. Walmart International President and CEO Kath McLay has highlighted Flipkart's growth trajectory, indicating that the company is looking for the right time for its public debut. With Flipkart IRIS, the e-commerce giant is well-positioned to support brands in making strategic, data-driven decisions, ensuring robust growth and success on the platform.
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