Revolutionizing Brand Building: Insights from Myntra Ads' CMO Conclave
Explore the transformative impact of online retail media marketing on brand building. Discover key strategies and industry perspectives from Myntra Ads' groundbreaking CMO conclave in Bengaluru
Sumit Rawat
The surge in online retail media adoption in India is driven by digital transformation, changing consumer behavior, and a growing interest in innovative advertising strategies. Chacko Lakshminarasimhan, MD at Accenture in India, predicts that online retail media could constitute nearly 15% of total ad revenue by 2028, surpassing TV revenue, particularly dominating the lifestyle and fashion categories.
Nawal Ahuja, Co-founder of E4M, noted the substantial growth of brands investing in online retail media, attributing it to the expanding e-commerce user base, especially in Tier 1 and Tier 2 cities. Myntra Ads, a prominent player in India's online retail space, aims to bring brands and customers closer through its platform, fostering meaningful connections.
Nandita Sinha, CEO of Myntra, emphasized the organization's mission during her keynote, highlighting the imminent generational shift in shopping behavior in India. The rapid growth of e-commerce platforms like Myntra Ads presents unique opportunities for brands to connect with their target audiences and provide personalized experiences.
The rise of online retail marketing has empowered niche and homegrown brands to thrive in the digital age, enabling them to build authentic connections with their audience. Kaushik Mukherjee, Co-founder and COO of SUGAR Cosmetics, stressed the importance of creating entertaining or educational content to build a long-term brand.
The core of online retail media marketing lies in precise audience targeting with a strong purchase intent. Sunder Balasubramanian, CMO of Myntra, led a panel discussion on the power of online retail media marketing, showcasing brands' digital journeys and the evolution from Ads to leveraging online retail media for building brand salience.
Santosh Kevlani and Raghu Krishnananda from Myntra discussed how Myntra Ads serves as an enabler for brands to establish deeper relationships with customers. They outlined future plans to integrate social media aspects and personalized content on the platform, emphasizing personalization as a key strategy to engage users effectively.
The event concluded with a vote of thanks from Rahul Sachdev, Head of Myntra Ads, who highlighted the importance of patience, brand equity, and creating brand love in the gradual journey of brand building.
