When it comes to social commerce, Pinterest is a channel that is often overlooked by retailers. Wrongfully so, as the following analysis shows.Since its conception in 2010, Pinterest has evolved from a simple photo platform for decoration ideas and fashion trends into one of the strongest social commerce platforms of all. This development has become quite apparent after the introduction of the Pinterest Shop in 2019. Since then, the number of active monthly users has risen by 26 per cent. Pinterest is now even the most popular social media channel for digital shopping. Because of this, the photo platform is an important channel for companies to reach relevant target groups with their own Pinterest Shop.
The heart of the Pinterest Shop is the product catalogue in which all products can be viewed – and most importantly bought – by clicking on them. Once created, the catalogues require little work. If new products are uploaded, for example, the catalogue is updated automatically and places the new products in the front, all without retailers having to do anything.
That is but one of many advantages. To make Pinterest even more attractive for companies, the platform recently implemented three new features.
One of them is the Shop tab. With it, products pinned to buy can now be found not only in search results, but also in personal Boards, style guides and via other Pins.
This feature has turned out to be a real business driver for retailers. Pinterest retailers have been registering a rise in traffic on their websites of up to 230 per cent since its implementation. To maximise this traffic, Pinterest has introduced an automated bidding for better pigeonholing of target groups.
The automated bidding is an analysis programme for advertisements that Pinterest has developed for companies. The tool analyses available data such as user behaviour or search preferences in order to bring advertising campaigns to the most relevant target groups.
Advertising customers that used the feature recorded 28 per cent more conversions and 29 per cent more clicks – and that with an unchanged advertising budget. Retailers can significantly improve their e-commerce turnover with the help of the data analysis. This is also accompanied by Pinterest’s third innovation: the conversion analysis tool.
With the conversion analysis, companies can monitor and visualise their performance better. The new tool shows retailers how different Pins perform. That way, retailers can keep better track of the path their customers take from the initial search query up to the actual purchase, thereby gaining valuable insight into how to further optimise their sales figures.
These new features have hoisted Pinterest up to a new level for companies because they supply retailers with important insights into the purchasing behaviour of their customers and make increases in turnover possible. This makes Pinterest an interesting social commerce platform for brick-and-mortar retailers as well.
The focus of many companies in the stationery sector may well be on brick-and-mortar retail. However, a look into Pinterest is worth it as a gateway or expansion into the world of e-commerce. On the contrary to Instagram, 95 per cent of Pinterest users do not search for specific brands but rather purposefully for products. That way, even small retailers can achieve outstanding sales success on Pinterest.
Especially during the ongoing pandemic, social commerce is offering the stationery sector new opportunities. For example: Search queries for terms such as home office have in some instances risen by 70 per cent. Whoever places their products appropriately can reach relevant target groups via Pinterest, thereby increasing sales figures even in times in which over-the-counter sales have stagnated.
Every Pin should have a title and a description so the product can be found easily.
Relevant keywords and hashtags are extremely important and should be chosen with care for each product.
In addition, it is worthwhile to keep up with the latest trends to better place products with trending tags such as #homeoffice.
Every Pin should have a target link. Make sure to test it works!
Product pictures or videos should be appealing and have a high resolution and the correct format for Pinterest.
About the author:
BASIC thinking is an online magazine and is one of the widest reaching tech platforms in German-speaking countries. The magazine reports about social media, marketing, and business topics daily.