Olapic – data partner for L2’s annual Instagram studies – raised $15 million in funding to help brands leverage user-generated Instagram to drive sales. Olapic powers image galleries for retailers and fashion brands including Calvin Klein, Christian Louboutin, West Elm, Anthropologie, Cole Haan, Wildfox, Topshop, and Steve Madden. Brands are able to select the best photos tagged with the brand hashtag and place them on their site, product pages, social media channels, catalogues and even ad campaigns.
Tagging images with brand names has long been a pastime for social media-savvy fans. Chanel, for example, was mentioned close to 5 million times on Instagram before owning an account. Few brands, however, have been able to fully take advantage of this fan-generated content base. And even fewer have been able to measure the impact of user-generated content on conversion rates.
Olapic finds that if users encounter a piece of user-generated content on the purchase path, they are on average 4.6% more likely to by the product. If they interact with it, the increase jumps to 9.6%.
For more on how brands are using Instagram to drive sales, download a copy of L2’s Instagram study.