Social media has rapidly evolved from a communication platform into a powerful marketing tool for businesses. Instagram, one of the largest social networks, now boasts over 1 billion monthly active users (MAUs) and continues to play an increasingly important role in eCommerce. This article will delve into some interesting Instagram shopping statistics to provide an insight into how this platform is reshaping the retail landscape.
A Brief Overview of Instagram Shopping
Launched in 2010 as a photo-sharing app, Instagram quickly gained popularity with its user-friendly interface and visually appealing content. As the platform grew, it soon caught the attention of marketers who saw its potential for promoting their brands and products. In 2015, Instagram introduced advertising which allowed businesses to reach out to their target audience more effectively, boasting over 130 million users at the time.
The true game-changer came in 2016 when Instagram rolled out its shopping features, enabling users to buy products directly through the app without having to leave it. This transition transformed Instagram from a mere advertisement space into an eCommerce platform by allowing businesses to create a seamless shopping experience for their customers.
Growing Popularity of Instagram Shopping
Since its launch, Instagram shopping has continuously grown in importance among retailers and consumers alike. Here are some key statistics that showcase the rise of this social commerce channel:
- According to Business Insider Intelligence, around 130 million accounts tap on an Instagram shoppable post every month.
- eMarketer forecasts that by the end of 2021, 76% of US businesses will have an Instagram account.
- Data by Social Annexe reveals that 74% of customers rely on social media to make purchasing decisions.
- A survey conducted by Facebook (which owns Instagram) shows that 58% of people surveyed said they use Instagram to discover new products, while 55% made a purchase after discovering a product on the platform.
These numbers indicate that Instagram shopping is already playing a crucial role in modern consumer behavior. With more retail businesses joining the platform and optimizing their marketing strategies for this medium, its significance is bound to increase further.
Instagram Shopping Features: Expanding Social Commerce Capabilities
In order to cater to the growing demand for a simplified buying process and provide better opportunities for retailers, Instagram has continuously enhanced and introduced shopping features over the years:
Shoppable Posts and Product Tags
This feature allows businesses to add clickable product tags to their posts. Users can tap these tags to view product details and pricing information without leaving the app. This not only simplifies the purchasing decision-making process but also reduces friction in the user experience as it eliminates the need for users to leave Instagram and visit another website or app just to make their purchase.
Shopping Via Stories
In June 2018, Instagram extended its shopping capabilities beyond just regular posts by introducing shoppable stories. With more than 500 million daily active users engaging with stories every day, this feature offers brands yet another opportunity to promote their products directly within the platform.
Checkout on Instagram
In March 2019, Instagram eliminated one of the last remaining barriers between browsing and purchasing by launching its checkout feature (currently available only in the US). This feature allows users to complete their purchase within the Instagram app itself, without having to navigate to an external website for payment. With this streamlined process, customers enjoy a more seamless shopping experience while retailers benefit from potential increased sales conversions.
Top Industries Harnessing the Power of Instagram Shopping
Several industries have experienced significant growth by leveraging social commerce capabilities on Instagram, and these statistics provide insights into how this platform continues to shape consumer behavior:
Fashion and Apparel
Fashion-forward brands have found a perfect match in Instagram as it allows them to showcase their products through aesthetically pleasing visuals. According to Facebook Research, 96% of fashion brands in the United States have an Instagram account. Furthermore, data by Statista reveals that around 73% of US-based apparel retailers used shoppable posts in 2020.
Similar to fashion brands, beauty companies are also increasingly using Instagram shopping features to offer their wide range of products directly to consumers. In fact, L2 Inc reports that 66% of cosmetics brands use Instagrams shoppable posts feature.
Home Decor and Furniture
The visually driven appeal of home decor and furniture products has led many businesses in this industry to capitalize on Instagrams shopping capabilities. For instance, the popular home decor brand, West Elm, reported a 7x increase in traffic from Instagram between 2016 and 2017 after adopting shoppable posts.
Final Thoughts: The Future of Social Commerce on Instagram
In conclusion, social commerce is here to stay and with platforms like Instagram at the forefront; its impact will continue to grow. As users become even more comfortable purchasing through social media channels and technology evolves to streamline such processes further, retailers can no longer afford to ignore the infinite opportunities presented by Instagram shopping.
By understanding these statistics and trends, businesses looking to ride the social commerce wave can develop comprehensive strategies for success in an increasingly competitive landscape. Stay ahead of the game by keeping up-to-date with ongoing developments in Instagram shopping and other emerging social commerce platforms.