Like2Buy: Monetising Instagram
Seeking to monetise their Instagram presence, US retailers Target and Nordstrom (322.9k and 536.8k followers respectively) have partnered with Like2Buy – a new digital platform that helps brands turn Instagram engagement into sales.
Created by US social media marketing and analytics company Curalate, Like2Buy is a third-party, Instagram-affiliated website designed specifically for retail brands with an e-tail presence. It works by pulling images directly from the photo-sharing platform into Like2Buy in order to render them shoppable.
Each Like2Buy brand account displays images from that brand's Instagram feed; when those images are clicked, they redirect users straight to that item on the brand's e-commerce website.
Beady-eyed Instagram users already following Target and Nordstrom's feeds will spot that the Like2Buy platform can be accessed via a link on their respective profiles that's located at the top of the page, below the account name.
While the platform still clearly doesn't offer a one-touch-to-buy solution – still the holy grail of social-media-based commerce – it does give brands another route to connecting commercially with fans inspired by what they see on Instagram. Plus, despite the element of redirection, the process is still relatively seamless as there is no need to register with the service in order to make a purchase.
Like2Buy isn't Nordstrom's first attempt at marrying its retail proposition with the influential power of social media. In 2013, it curated an in-store display of products based on their popularity on Pinterest. Capitalising on the 4.5 million followers it has on the photo-sharing network, it attached a red 'P' label to the most-pinned items. For more on this topic, see Omni-Channel Store Space, part of the Future of the Store Industry Trend.
For more examples of the value of social media platforms to the retail sector, see Instagram for Retail Brands, Social Media Seduction, Social Commerce for the Luxury Sector and Luxury Online for Millennials.