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Nordstrom (NYSE: JWN) and Target (NYSE: TGT) are remaking Instragram shopping with Like2Buy, part of the retailers' growth strategies.
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Instagram Shopping Made Easy
Nordstrom and Target teamed up with Curalate – a visual marketing and analytics firm – to form Like2Buy. With Like2Buy, Instagram users can instantly purchase items they like when they appear on their feed. Previously Instagram shoppers had to enter email addresses and were then contacted about buying the product. That’s far from effective since consumers had plenty of time to change their mind.
Here's the Like2Buy process:
1. Click on retailer’s profile page.
2. Browse gallery of Instagram product photos.
3. Click on the item you would like to purchase.
4. You will be taken to the retailer’s website.
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5. Purchase product.
In practice, the process is so smooth that purchasing an item can be quicker than reading that short list. For shoppers on the fence, Instagram users will also have the option of saving an item to purchase at a later date via “My Likes.”
Related Link: Whole Foods Market Rejects Checks"
Big Picture
Making Instagram shopping simple should have a big payoff for retailers.
User engagement on Instagram is 58 times higher than on Facebook (NASDAQ: FB) and 120 times higher than on Twitter. Instagram sports a global traffic ranking of 30 and a U.S. traffic ranking of 17 according to Alexa.com. Over the past three months, pageviews-per-user has increased 5.49 percent to 4.90, and time-on-site has improved five percent to 4:35.
With retailers becoming more involved on this popular social media platform, Instagram and its pictures might begin to look even prettier to Facebook, which owns the company. Bryan Galipeau, Director of Social Media & Display at Nordstrom, recently said: “We connect with more than 500,000 customers on Instagram by posting items we hope they find inspirational, beautiful, and fun. Like2Buy enhances the experience for customers who want to take the next step and learn more about the great fashion we’re featuring to make a purchase or save items for another time.”
Instagram's potential for Target is different: helping it expand its core market. Target's current core target market is Generation X, but this generation’s population is only half the size of the younger Millennial generation. By increasing its exposure on Instagram, Target is highly likely to expand its Millendial reach.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.