L2’s Intelligence Report: Instagram found that 99% of the platform’s engagement was in the form of likes. This week, Target and Nordstrom are partnering with Like2Buy to convert likes from their 300,000+ followers into cash by easing the transition to purchase. A link on @Targetstyle’s Instagram profile directs to a browser page identical to the brand’s Instagram feed. Instead of generating a ‘like’, tapping on a photo leads to a page listing its components for sale. @Nordstrom directs followers to purchase with a similar method.
The above graph from the Intelligence Report: Instagram shows that specialty retail and fashion brands have the largest following on Instagram, even though their engagement rate is lower than the hospitality, watches & jewelry, and beauty categories. Perhaps, the value of the large following can be better realized in the form of views that illicit purchases. Data from Olapic, L2’s partner in the Intelligence Report, finds that user are 7x more likely to buy a product after just viewing it on Instagram.