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Pinterest: social network drives engagement and sales
Retailers are increasingly using social media to enhance their brands, boost consumer engagement, and drive traffic and sales. Pinterest is a particular area of focus; the social network, founded in 2010, is fairly new and growing fast. The image-based network has been found to generate sales, and retail giants such as Target and Nordstrom have utilized this.
Social media is used globally
Billions of people around the world use social media, and retailers are increasingly witnessing the benefits of this. A study found that 89% of marketers reported found increased exposure for their business through social media use.
Content sharing is on the rise; 25% for Reddit, and 14%, 12%, and 5% for Facebook, LinkedIn and Pinterest, respectively. The value of a positive online share increases purchasing intent by 9.5%, and spending value by 8.8%.
Pinterest has driven sales for some retailers
Pinterest’s image-based interface helps users quickly scan and analyze information, and its features such as Product Pins and the Gift Feed facilitate the purchase of products: Pinners spend an average of $199.16 per order.
Mobile shopping is growing fast on Pinterest: Between January 2013 and January 2014, mobile transactions through Pinterest went up by 77.2%, mobile revenue grew by 224.1%, and average order value went up by 79.3%. The number of new visitors that were sent to retailers by Pinterest increased by 46.2% in 2013.
Pinterest has been credited with ‘reverse showrooming’; 21% of Pinterest users had bought an item in a bricks and mortar store after Pinning, Re-Pinning, or liking the item on Pinterest.
Retail giants, Target and Nordstrom, have invested in social networking on Pinterest. Target’s roll-out of Rich Pins generated a 70% increase in traffic in the first six weeks.
For related content, check out our case study: Social media and retailing: Pinterest drives engagement and sales