Image from: Pinterest.com /Screenshot
As we know, there is a new social platform in town. With hockey stick growth and user engagement that sites strive for, Pinterest is making its mark on the digital world. It has brilliantly leveraged the Facebook user base by integrating its strategy into the Facebook newsfeed experience, exposing millions of online social users to “pins” everyday. While still evolving into its own unique social experience, recent Compete data shows consumers are engaging with Pinterest in a powerful way.
In a recent Compete study we asked consumers how Pinterest “pins” have influenced their online shopping behavior. As illustrated below, 31% of online shoppers who noticed a “pin” on the Facebook platform said it influenced them to consider a brand while shopping. Conversely, 25% of consumers who engaged with a “pin” on the Pinterest platform, said it was used as a discovery tool within their shopping process.
So what does this mean? Not only are nearly 1/3 of online shoppers considering brands that they see “pinned” on their Facebook newsfeed, but they are also using Pinterest as a highly visual discovery tool.
But despite the fact that Pinterest is influencing a growing number of online shoppers at two crucial touch points in their shopping process, Pinterest is not yet playing a key role in many brand’s social strategy. Top spending advertisers ranging from tech companies like Microsoft to major online retailers like Best Buy have minimal presence on this highly engaging platform.
So what’s the hold up? Why are brands not taking advantage of this influential social tool? It seems that many marketers are still trying to figure out how to implement a Pinterest strategy that compliments their brand. It is not a “one size fits all experience,” and marketers need to get creative and understand the nuances of how consumers are interacting with Pinterest related to their specific product type or industry. However the bottom line is that marketers need to act fast. Given the growing number of Pinterest users, the influence “pins” have on consumers, and the increasingly competitive retail landscape, Pinterest is playing a crucial role in e-commerce today.