Instagram announces new features for small businesses including gift cards, food orders and fundraisers [CNBC]
Meta Platforms, Inc. - Class A (FB)
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Source: CNBC
FacebookStarting Wednesday in the U.S. and Canada, Instagram users can spread the word by resharing 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.This – along withFacebook's launch of gift cards for small businesses last weekSome7.5 million small businesses are at risk of permanently closingSmall 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 generate crucial revenue for Instagram
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