So its no secret that while Instagram has 58 times more brand engagement than Facebook and 120 times more than Twitter (source: Curate), the picture site has always struggled with monetization. But it’s that heavy brand engagement that just might pave the way to profits yet.
Instituting their new Like2Buy feature (this AND Hyperlapse in one week?! Wowie!) in conjunction with Nordstroms, Instagrammers can now like an item (clothes/shoes/accessories) and buy it right through Instagram. Additionally, major retailers Target and Charlotte Russe have now gotten on board as well and analysts are claiming that Like2Buy is the “missing link between traffic and revenue.” Never mind that Facebook proper already has their virtual gift shop in full swing.
“Our shopper is using social media to influence purchases,” said Kristen Strickler, Nordstroms social media and PR manager, to Forbes. “And the more steps they have to take to buy something, the more it drops off.”
There is a serious discrepancy between girls liking pics of Christain Louboutin shoes and girls ACTUALLY dropping a grand on a pair. So we’ll see how this works out in the long run.