The world of social media has gone a little crazy for buyable options as of late, with more and more functions in place to reduce the path to purchase for the consumer, by making elements of social media ‘shoppable’.
One of the main channels that we’ve seen the biggest growth in this trend is Pinterest, with an estimated 60 million of its pins now being shoppable with their ‘buy’ button. After all, since 93% of pinners have the intent to purchase when browsing the social site, this is the ideal platform for a brand that wants to expand their online business.
Where are ‘buy’ Pinterest pins available?
Currently, these types of pins are only available in the USA at the moment for certain retailers, yet that is definitely no reason to forget about this channel update, as Pinterest have announced that they will be rolling out this function across the globe in the near future.
What do buyable pins on Pinterest mean for brands?
One of the best things about selling your items on Pinterest through buyable pins is the fact that the channel doesn’t take a cut of the price, meaning all of the profits go to the business. The company monetizes completely through adverts. Another advantage is that as it’s such a new development, it means that brands on Pinterest are using it to get ahead, as these buttons haven’t reached the likes of Instagram and Facebook just yet.
Making social shoppable also means that you can almost automatically create a strong social buzz around your products, whilst also making your customer’s online journey to purchase smoother, quicker and more efficient. This means that pins from brands and commerce sites blends seamlessly with other content, too Users can then share their purchases, pin potential ones for later and keep a record of things they’ve bought, all in one handy place that they go to almost every day (if not daily).
With over 100 million users, Pinterest isn’t the most popular or widely used channel, but it is growing rapidly. In fact, the number of searches on its service has increased by 81% over the last year.
The success story so far
With huge American brands such as Macys already experimenting with buyable pins, we’re in the early stages of examining just how successful they have been. Some early advertisers have found that the average customer coming from Pinterest spends 50% more than regular customers. In addition, smaller brands have also seen some success from their efforts; online clothing boutique called Spool No. 72 reports that 84% of customers from buyable pins are new. A handmade goods shop called Madesmith reports that buyable pins represent around 7% of overall sales.