To expand their shopping features beyond the main Feed, Instagram has unveiled a new shopping bag icon for Instagram Stories.
Made available to a select group of e-commerce brands from earlier this month, the icon can be added to their Instagram Stories (in the same way as you would add a GIF, location tag, or other sticker), and will provide additional information about a featured product. As Amy Gesenhues from Marketing Land explains, clicking on the icon will display various product details, including more images of the featured product, images of other products included in the story, the product description, pricing information, and links to purchase the product directly from the advertiser’s website.
Currently, the new shopping bag icon is only available to certain advertisers, with Instagram’s original announcement stating that users are able to shop products from “select brands”. However, we expect this will soon be rolled out to all brands across the platform.
According to Instagram, 300m people now use Instagram Stories every day, with results from a recent survey indicating that Instagrammers will often watch stories to “stay in the-know with brands they’re interested in, get an insider view of products they like, and find out about new [relevant] products”.
The survey also found that “one in three self-reported daily active Instagrammers” from the UK, Brazil, Indonesia, and the US become more interested in a brand or product after seeing it being featured on Instagram Stories.
The TJM take: Many businesses (particularly those that are B2C) appear to now be moving their advertising budget from Facebook to Instagram after generating more value in Instagram Stories than Facebook ads. As one brand explains, it moved their budget from Facebook to Instagram after seeing that Instagram Stories’ CPMs (Cost-Per-Thousand, or cost per a thousand ad impressions) had become half the price of its in-feed Facebook ads.
As statistics show, Instagram Stories are becoming increasingly popular, which may be helped by their prominence at the top of the page when you open the Instagram app on a mobile device. The fact that Instagram Stories are only viewable for 24-hours (unless the original poster saves them as a ‘Highlight’ on their profile), also creates a sense of urgency for anyone that’s interested in the featured product.
Our advice? if your target audience is on Instagram, then this could be a great advertising channel for your business to consider.
*Image source: Thoughts of a Netizen
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