VYB Store, a pioneering social commerce platform based in India, is reshaping the digital shopping landscape through influencer marketing. Recognizing the profound connections influencers forge with their audiences—built on trust, relatability, and genuine engagement—VYB Store leverages these bonds to create a dynamic shopping ecosystem centered around influencers.
Central to VYB Store’s mission is the empowerment of influencers, equipping them with essential tools, resources, and robust support to elevate their brands into flourishing enterprises. By prioritizing authentic connections between influencers and their followers, the platform enhances the shopping experience with meaningful interactions. Integrating influencer-driven content seamlessly, VYB Store ensures a compelling and impactful shopping journey.
What sets VYB Store apart is its influencer-centric approach, diverging sharply from traditional e-commerce platforms that rely on celebrity endorsements. Emphasizing the profound relationships influencers cultivate with their followers, the company fosters community engagement. Moreover, it provides a dedicated space for substantive conversations and collective decision-making in purchases. Tailored solutions enable influencers to expand their reach and effectively monetize their content, positioning VYB Store as the foremost destination for a unique and immersive social commerce experience.
In an exclusive exchange with The Interview World, Yatharth Gupta, Founder and CEO of VYB Store, delves into social commerce trends, highlights core business strategies, and offers insights into upcoming youth purchasing behaviors. Here are the pivotal takeaways from his conversation.
Q: Could you please explain in detail what you mean by the concept of social commerce?
A: In the realm of social commerce, sales surge on the back of dynamic social engagement and influential sway. Across China, luminaries and influencers command live broadcasts, showcasing and vending products in real-time. Meanwhile, TikTok in the United States touts a social commerce platform, embedding products during interactive sessions like makeup tutorials. This enables viewers to purchase directly while actively engaging with influencers and peers. At its essence, this approach seamlessly melds shopping into the fabric of social interaction.
Q: Can you explain the core business operations of your company?
A: We aim to cultivate formidable alliances with influencers, empowering them as integral partners within our enterprise. We are at the vanguard of originating a robust social commerce platform from India, with influencers at its helm. Unlike celebrities, influencers forge profound connections of relatability, empathy, and resonance with their audience.
This connectivity also enables everyday consumers to discover and value budget-friendly products endorsed by influencers, fostering positive purchasing experiences and potential for repeat business.
Key players in e-commerce, such as Amazon through its Influencer Academy and Myntra with its influencer affiliate program, acknowledge the substantial sway of influencers. Yet, our approach distinguishes us by focusing on social commerce, where influencers wield significant grassroots impact. Our mission is to harness this influence to redefine the landscape of social commerce.
Q: What is the current size of the global social commerce market?
A: At present, social commerce in India lacks a definitive estimate. Yet, influencer marketing commands a substantial Rs. 2500 crores, growing annually at 15-20%. With projections anticipating a rise to Rs. 3400 crores by 2026, this burgeoning market shows no signs of slowing. Social commerce is poised to significantly amplify its growth trajectory.
Q: How will the purchasing habits of Indian youth change in the future?
A: Social commerce has revolutionized how influencers operate today. They wield their influence to sell products directly through DMs or their own Shopify storefronts, and sometimes on platforms like Myntra. However, a critical downside is that on these platforms, influencers forfeit their personal identity and morph into mere brands.
Transitioning to mainstream e-commerce giants such as Amazon or Myntra dilutes their unique discoverability as influencers. This is precisely where our marketplace steps in. Focused exclusively on influencers, we also offer a platform that amplifies their visibility and accelerates growth beyond the capabilities of traditional e-commerce behemoths.
Unlike platforms that levy hefty commissions, we operate on a zero-commission model. This approach removes barriers for influencers who may struggle with platforms like Shopify or Amazon due to lack of technical expertise. Instead of hemorrhaging profits to Amazon or Flipkart, influencers can leverage their influence at no additional cost. In essence, our proposition is clear: empower influencers to capitalize on their influence, retaining more earnings and gaining prominence in a crowded marketplace dominated by corporate giants.
