Pinterest for Retail March, 2013
Pinterest for Retail
Pinterest is a social networking website where a user can share their favorite images, views and ideas through a virtual pinboard that connects across the web. The platform also helps the user organize their pinboards through the “Pin” and “Re-pin” options. Additionally, Pinterest enables users to share pictorial images and link the pins to original web sites too. Pinterest also connects Facebook, Twitter and ecommerce companies’ sites directly from its own portal, thus giving multiple options to retailers to engage and attract the users. Thanks to the visual appeal that Pinterest offers, almost all ecommerce retailers are eyeing to market their products on Pinterest.
Why Pinterest? Pinterest was the fastest standalone website to hit 10 million unique visitors a month, and now boasts more than 25 million members Pinterest is very visual, something that is of immense importance for retail. A recent survey by Bizrate Insights found 32% of North American buyers bought a product after seeing it on a social site such as Pinterest
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Facebook, Twitter and Pinterest Pinterest’s promotional pinboard is different from Facebook and Twitter, in the sense that it gives the retailers an opportunity to present their products in an attractive way in front of the users Facebook leads the online shopper’s traffic (85.8%) followed by Pinterest (11.3%) and Twitter (2.9%) Facebook shoppers visit around seven ecommerce sites while Pinterest users visit four and Twitter users visit three sites in one session. The conversion rate of shopping is around 2.68%, 0.93% and 1.09% for Facebook, Pinterest and Twitter, respectively “The current cost of acquiring a Pinterest follower is a penny to 50 Pinterest user spends more than ($168.8) per cents, depending on type of business. session while average order value of That compares to 50 cents to $2.50 on Facebook is ($94.70) and around ($70.84) for Facebook,” Daniel Maloney (CEO – Pin Twitter League) The user acquisition cost on Pinterest is as low as 50 cents as compared to USD 2.50 on Facebook
…..Retailer link their business on Pinterest
“Pinterest is by far one of the best tools for retailers who want to see exactly what their shoppers like and don’t like” Vicki Cantrell (Executive Director - Shop.org)
"It's (Pinterest) a huge window-shopping platform … It helps people find what they really like. Does it encourage people to be a little impulsive? Of course." Kyla Brennan, chief executive of HelloInsights, Santa Monica, California
The online retailers are well aware of the advantages of social media and they regularly update their web site to connect with social media followers. Pinterest allows retailers to connect with their user through “Pin It” button on their web site. Pinterest is increasingly becoming one of the favorite social media platforms in order to support their users. There are many retailers who regularly come up with some creative contest to leverage out their visitors on Pinterest. For instance, Gilt.com, a Fashion Retailer launched “Pin to Win" contest that offered USD 2500 shopping spree to women who shared certain images from their wedding dress collection. The company also rewarded those who received 50 re-pins of children's dress and got the chance to buy the item for 77% off. As the Pinterest continues to grow its presence in social media among the retailer and the consumers, a lot of possibilities are expected to come up with much more creative ideas in the near future. Source: All data from Secondary Research; Sutherland Analysis
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