The social network giant Facebook has initiated yet another move to help small companies. Recently, it declared that Facebook-owned Instagram is making it easier for small businesses to highlight gift cards, online food purchases and fundraisers in their posts or stories.
In the United States and Canada, IG users can click on an impressive gift card or food order to obtain a purchase through a company’s website. Fundraisers are generated by a company or its supporters present on Facebook. Users can spread the news by resharing the cool stickers in their Stories, to help their friends and followers also promote small businesses. It believes the feature will help small firms increase sales.
This initiative is meaningful because those companies are under so much stress right now. Small companies are also essential to Facebook’s future. Around 7.5 million small companies are at a risk of closing down over the following five-six months.
Small companies are at the core of the social giant’s business. Facebook states that there are 140 million companies across the apps and more than 8 million of them are promoters and advertisers.
A large amount of them are small and medium-sized companies. According to Facebook, on Instagram, around 90% of accounts follow at least one business. And people like following those brands there. According to a survey, 76% of IG users say companies on the platform are “interesting” and around 77% say the IG profiles are “imaginative.”
Apart from this, the reality is small companies generate significant revenue for Instagram parent Facebook.
During the time when larger companies in the travel and retail market are halting spending, they continue to offer valuable content to people. IG’s new tools for small companies haven’t been allowed out of altruism. The platform needs these businesses for the strength and vibrancy of its own platform to survive.