Instagram announces new features for small businesses: gift cards, food orders and fundraisers
Instagram users can spread the word by re-sharing the stickers in Stories, to encourage their friends and followers to also support small businesses. It hopes the feature will help small businesses ramp up sales.– is meaningful because small businesses are under so much pressure right now. Small businesses are also crucial to Facebook's future.
Small businesses are at the center of Facebook's business. The social giant reports that there are 140 million businesses across the Facebook apps and 8 million of them are advertisers. The majority of them are small and medium size businesses. On Instagram, 90% of accounts follow at least one business, according to the company. And consumers like having those brands there. A Facebook survey found 76% of Instagram users say brands on the platform are "entertaining" and 77% say the Instagram profiles are "creative."
The bottom line: small businesses just generate crucial revenue for Instagram parent Facebook – at a time when larger brands in the travel and retail space are halting spending. They also provide valuable content for consumers. Instagram's new tools for small businesses aren't offered out of altruism. Instagram needs these companies for the health and vibrancy of its own platform to survive.
"Small businesses are the backbone of local communities and restaurants are the soul of neighborhoods," says Instagram COO Justin Osofsky. "They bring people together and build community. We want to do our part in helping them stay open, keep in touch with customers, and be informed on how to navigate this crisis."
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