Paytagz to Monetise Instagram
Until recently, social image-sharing network Instagram has been entirely commerce free, with sponsored ad posts being as close to monetisation as brands could get. All that’s changing, however, thanks to the launch of US based e-commerce application Paytagz – a platform that will allow users to sell items via Instagram.
To advertise an item, users simply post a photograph to Instagram with the hashtag #forsale, along with the dollar asking price. It is then automatically reposted on the Paytagz site, which acts as a secure payment gateway for processing and authorising payments. Paytagz also streamlines the shipping process by collecting the buyers’ details and passing on a shipping label to the seller. The site also handles refunds.
Currently, shoppers need to go directly to Paytagz to view all the items for sale, as it has not yet developed a feature that would allow browsers on Instagram to be redirected to the Paytagz site. But the level of ease involved – users need do nothing more than use the specified hashtag – is likely to have widespread appeal.
So far, the site has clocked approximately 2,500 sales, with 8,751 currently registered users (all US). While the user base is currently small, this company is one of the first to tap into the potentially huge market currently locked into Instagram, which has more than 150 million monthly active users and is growing daily.
For more on how consumers are becoming merchants in their own right by selling through digital social channels, see The Social Sell and Shoppable Content: Publishing – both in our Anywhere Retail Industry Trend.