Social Media
Is Instagram Getting Ready To Challenge TikTok In Social Commerce?
Updated on Thu, Apr 13, 2023
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The social media giant announced on April 11 that it is extending access to parts of its creator marketplace via API. The goal is to make it easier for brands to discover and work with creators on the third-party creator marketing platform they already use. The company is also expanding creator marketplace access to brand agencies.
In its recent blog post, Instagram wrote, "Today, we're announcing new ways to discover and reach Instagram creators by expanding access to brand agencies and testing integrations with top creator marketing platforms. With these updates, our goal is to complement and help evolve the robust third-party ecosystem of agencies and platforms already helping creators and brands form partnerships."
With these updates, Instagram is attempting to evolve the robust third-party ecosystem of agencies and platforms already helping creators and brands form partnerships.
However, the move resembles TikTok's Creator Marketplace, the video app's in-house influencer marketing platform. TikTok's Creator Marketplace allows brands to discover top TikTok personalities for their marketing campaigns, similar to Instagram's goal with its marketplace.
Driven by Gen Z and millennials, social commerce is predicted to grow three times faster than traditional Ecommerce to a projected $1.2 trillion by 2025. Brands are now scrambling to get in front of new social platforms like BeReal, primarily used by Gen Z. For example, Chipotle has experimented by sharing coupon codes, and e.l.f. Cosmetics used BeReal to show their offices' "inside" look.
Experts are not surprised by this trend. The viral hashtag #TikTokMadeMeBuyIt has 28.6 billion views, including ads, influencer content and reviews. This has skyrocketed the engagement for brands like CeraVe, The Pink Stuff and e.l.f. Cosmetics, creating sellouts of items like the Revlon one-step hair dryer and the Lululemon belt bag.
An excellent social media program can make or break a brand's image or engagement; there's a difference between doing it and doing it right. It will be interesting to see what unfolds with Instagram’s announcement!
Are you excited to see what’s next in this social commerce space? Will Instagram eat into TikTok’s social commerce dominance? Feel free to pitch your thoughts in the comment sections below.
First published on Thu, Apr 13, 2023
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