We’ve entered into a new age in online shopping: that of Social Discovery. More than ever, online shopping is aspirational and heavily influenced by discernible trends. Purchase decisions have become more emotional, and less about objective comparison. This trend has been driven by and reflected in the rise of Pinterest and a host of up-and-comers, such as Wanelo, Polyvore, and Houzz. Unsurprisingly, these destinations are growing against Comparison Shopping Engines – like Pricegrabber and Shopping.com – which offer a less dynamic, personal shopping experience.
Why Pinterest Matters to You
Pinterest is not just a pretty face – the site has begun to demonstrate real, tangible revenue contributions to go along with growing traffic. The site has established itself as a viable addition to any enterprise retailer’s channel portfolio.
As of January 2014, Pinterest had surpassed Facebook and YouTube as the largest source of social traffic to retail sites. Our own data has confirmed that this growing referral traffic is not for naught: in June of 2014, Pinterest sported a 3.19% conversion rate for Mercent’s participating retail clients, better than Amazon Product Ads, Google Shopping, Nextag and Shopping.com. Average Order Value was also best among the group of channels, at $130, while revenue per click was best by a substantial margin at $4.15.
Pinterest’s stature as a revenue growth opportunity is undeniable. What’s more, mobile traffic has skyrocketed, growing 50% over the first three quarters of 2013. This jives nicely with the overall ecommerce trend of greater mobile activity, which we expect to be in full swing during this holiday season as Google Local Inventory Ads and other complementary programs gain prominence.
How to Make the Most of Pinterest
Enable Pinning. It starts by adding the Pinit button to all of your product pages. This simple step will allow shoppers to seamlessly begin sharing products they love and desire. On average, a single pin generates 2 website visits, 6 webpage views, and $0.78 in sales.
Enhance Your Pins with Rich Data. The more detail a pin has, the more likely a shopper is to engage with and share your product content. Rich Pins, pins with rich data, have been shown to increase usher engagement and lead to more repining. Mercent’s feed can help you add realtime product data to your pins, as well as optimize other metadata, like product titles, to increase discoverability through Pinterest’s Guided Search.
Analyze Traffic. Pinterest should be regarded as a viable ecommerce channel; driving traffic to your ecommerce storefront and yielding conversion. As such, be sure to evaluate performance of the channel over time, and against other referral channels. Pinterest just rolled out a great new Business Analytics tool to give you a holistic view of your account.
For a granular view of product level performance from pins, CommcerceHub’s proprietary tracking and analytics can help you evaluate performance of your Pinterest program alongside other channels. Our clients have even found product-level Pinterest performance data helpful as an input to campaigns on other channels, like Google Shopping.
The Future of Social Discovery
Product discovery has become more transactional than ever before. Fashion trends and current collective opinion matter enormously to online shoppers, especially in verticals like apparel, home and beauty. This development is reflected in the growing influence of social media, especially among the most influential consumer demographics. Social discovery channels – Pinterest in particular – represent key opportunities for organic customer acquisition and establishing brand awareness.