Flipkart launches Flipkart IRIS, an insight platform for brands

Walmart-owned ecommerce giant Flipkart has launched an insights platform called Flipkart IRIS (Insights and Research Intelligence System).

The new tool is designed to provide brands with comprehensive intelligence about customer behaviour. The company aims to empower brands with actionable insights tailored to their performance on Flipkart, fostering growth and facilitating informed decision-making.

How does Flipkart IRIS work?

Flipkart IRIS functions as an advanced analytics tool, offering brands detailed reports to guide performance improvement across various funnels.

It includes industry-standard comparative analysis and unique user behaviour insights. The platform goes beyond basic analytics by providing exclusive reports that allow brands to understand the high-value actions of consumers for their products on the platform.

The company said that these insights will enable brands to make data-driven decisions that can significantly improve conversion rates and sales.

How does it benefit brands?

According to Flipkart, Homegrown D2C (Direct-to-Consumer) and new-age brands can uncover numerous benefits from using Flipkart IRIS. These include identifying new growth opportunities, mirroring the perception of other brands, optimizing marketing campaigns, enhancing customer engagement, and measuring brand health.

Established brands can dive deeper into the sales funnel, identify growth opportunities, measure performance, stay competitive, and develop strategies that meet their objectives.

Providing insights that cut across different tiers of cities

Flipkart IRIS stands out due to its ability to provide insights that cut across different tiers of cities and socio-economic backgrounds in India. This broad reach means that the insights can also help brands improve their performance even in offline channels.

According to Sandeep Karwa, Vice President of Flipkart Ads, "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 on the platform."

The launch of Flipkart IRIS comes at a time when retail media is emerging as the third big wave in digital after search and social media. Advertising-led monetization is growing rapidly in India, with retail media spends currently at 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," Karwa added.