Last Tuesday, The Verge reported Instagram is working on a shopping app. Nothing has been officially announced, but two people familiar with the matter say it would let people purchase directly on the app. It may be called IG Shopping.
According to Sheryl Sandberg, Facebook Chief Operating Officer, more than 25 million businesses already have Instagram accounts and 2 million are advertisers. Also, four in five Instagram users follow at least one business on Instagram.
This means the amount of time people use looking at an Instagram feed and the amount people they follow can be used to bring revenue to the businesses showing their products.
Facebook has been working on ways to help merchants increase their revenue by making tools for businesses trying to advertise their products on Instagram.
There are companies like Four Sixty and Shopify already giving advertisers the tools to sell products within Instagram. They help with things like making photos on Instagram feeds shoppable.
CEO of FourSixty Michael Chancula says:
“It’s not just about great visuals, you have to create an identity and learn from what your competitors are doing. There are no limits to how powerful Instagram can be for your brand. Instagram has been responsible for helping launch some of the best eCommerce brands in the world.”
The Verge reports Instagram started testing shopping features in November of 2016 and slowly became more wildly accessed by March of the following year.
IGTV was introduced last June and Instagram also hopes to release a feature that lets people purchase things from stories. We’ll continue to monitor the access to the new app and how our clients can take advantage of this powerful tool!