Instagram has grown rapidly in the last 8 or so years. To put things into perspective, Instagram was founded in October 2010 and by December of that year they had gained 1 million monthly users. Fast forward to April 2017 where Instagram announced they had hit 700 million monthly users, and have continued to grow from then on.
According to the Statista 2018 report, Instagram is the 6th most popular social media network with leading interaction rates. All good news for investors and businesses and with new e-commerce features added into the app, it’s even better news for worldwide retailers and their customers.
Introducing Product Tagging
Instagram’s integrated shopping service was first launched in the United States in October 2017. On March 2018 the feature became available in 44 other countries. This latest e-commerce profile feature lets businesses tag item prices and offers to the products they post and connect it to the item on their website.
A business profile can tag up to five prices for one photo. Customers can see in their feed a tiny basket icon in the corner of the photo that can enable the tags to appear. Retailers must offer Instagram users only physical products and must strictly comply with Commerce Policy and Commerce Product Merchant Agreement.
Features for Service Business
Are service based businesses able to use product tagging? Simple answer is yes. Businesses that offer services whether its cleaning, health, or promotional offers can use the product tagging feature but must obtain approvement from a moderator and comply with Commerce Policy.
What’s Next for Instagram’s Ecommerce
Instagram is continuously looking for new ways to evolve business profiles, and they have new features in the works which will be launched in the very near future:
Instagram native booking: Developers have added a native payment feature in the app, currently available only for some US users. Watch this space though as Instagram users will soon be able to book a cinema ticket, apartments or a restaurant directly via an app with no redirect to another website.
Expand payment system: Instagram’s native payment feature allow users to register debit or credit cards as part of their profiles and will continue to evolve for a smoother user experience. Not having to be redirected to a separate website and the ability to enter payment information any time you want to purchase something could make Instagram a much bigger player in ecommerce.
Shop video ads: Instagram has already started testing collection campaigns. This will allow brands and companies to post media campaigns with an attached catalogue of products that have been used in the video ad.
Can Instagram Be a Fruitful Sales Channel for My Business?
With more than 1 billion brands sharing and promoting their products on social media, and 75% of Instagram users taking action of viewing, buying, or participating after looking at an Instagram post, its safe to stay this is a social platform you need to be looking out for. By expanding their shopping features to more and more countries, businesses using Instagram are reaching more audiences who are active and willing.
At VYNE we will work with you and your business to make sure you are using social media, including Instagram to its full potential. Our marketing specialists will conduct a strategy, whether it’s creating an Instagram account, reaching out to influencers, or utilising the features, we can help you navigate through it. Contact us today and see how VYNE can work with your business.