I recently lost my original Instagram account and had to recreate it.
I noticed a decline immediately in views and a bit in sales due to losing the following I had built. I was sitting at about 1000 followers and have managed to build it back up to almost 500.
If you use it correctly, it can generate lots of views which, for me personally, has turned into many sales and new/repeat customers.
Its fun, easy, and FREE, so I say use it all you can! Flash sales are one of my favorite ways to get multiple sales in one day & gain new customers. And don't forget the hashtags to get found! :)