FinTech: Facebook’s Instagram Launches Revamped Shopping Option in the U.S.
Now users can shop and pay on Instagram without leaving the app.
Facebook’s (NASDAQ: FB) Instagram has just made it even easier for shopaholic couch potatoes to indulge in online retail therapy! On Thursday Instagram launched its new Instagram Shop, an online bazaar containing collections of personalized products, brands, and new launches. Special curations from its social shopping channel @shop will also be on display. (Hello Giggles)
The redesigned Instagram Shop launched across the U.S. Thursday, and there are plans to expand it globally in the coming weeks. The new shopping section will be available in the ‘Explore’ section of the Instagram app and will get its own tab later in the year.
In the coming weeks, shoppers will be able to pay for their purchases using Facebook Pay. This is a feature that Facebook intends to integrate throughout all its apps. So there’s no need for shoppers to reach for their credit cards every time they splurge.
Facebook Pay launched last year in a limited way in few countries.
The new features make shopping on Instagram very convenient. Payments were a very clunky process previously. Users no longer have to leave the app for an external site for purchases. Nor do they have to repeatedly enter payment information.
With these changes, the Facebook-owned app is transforming itself into a one-stop-shop for all lifestyle and clothing products with seamless payments. Instagram had already perfected the art of suggesting the very things a shopper was thinking of buying.
Now it makes it even more difficult to leave without a purchase. In an effort to personalize shopping to the nth degree, the app now has rows with the user’s favorite brand and creators, for example, underneath large, prominently-placed images at the top of the screen.
Instagram has now also placed a personalized “Suggested For You” section at the bottom.
Latest Alternative Investment News
Private Equity Meets Both Privacy Concerns and Major Growth in Next-Generation Industry. The PE space is buzzing over private equity giant Blackstone’s acquisition of DNA testing company Ancestry. The firm…
Ares Leapfrogs Competitors Through Pandemic. Investment firm giant Ares has raised $5 billion for its private equity fund in the second quarter. The firm’s goal is to raise up to…
The Hoya Capital Housing ETF (NYSE: HOMZ) announced Wednesday a cut in its expense ratio from 0.45% to 0.30%, effective from August 1, 2020. It claimed that it has the…