Pinterest in Retail

Posted by GPShopper on Mar 24, 2015 10:28:00 AM

There is no doubt that social media is a critical channel for retailers. Paid ads on Facebook and hashtag competitions on Twitter have become integral parts of digital strategy. For example, The North Face's inspirational #NeverStopExploring campaign or their #SeeForYourself photo contest, where loyal customers can win a $300 gift card by sharing the new places and ways they explore the great outdoors. 

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One platform that is becoming a powerful player in the social game is Pinterest. The metrics support this. 69% of Pinterest users have found an item on this visual platform that they have either purchased, or wanted to purchase and Sephora has reported that their Pinterest users spend 15x more than their Facebook users.

One of the unique ways that Pinterest can increase sales is the use of rich pins. Rich pins are pins that create more information than just the visual. Retailers can use Product Pins to convey pricing, product availability and where to buy. These are easily updated in real time and pincers are notified when a rich pin drops in price. Grace and Lace, an online retailer, has seen that rich pins have increased traffic by 38% in their first two weeks of use. Retailers can also use rich pins to determine what is trending. Perhaps the other most enticing thing about Pinterest is that users can discover items long after they first come out. 50% of visits take place 3.5 months after a pin is pinned and 50% of orders placed 2.5 months later. This extended lifecycle means that retailers can see what is in demand, and adjust inventory accordingly. Pinterest has the capability to drive long-term visits and sales. 

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As Pinterest continues to evolve, it will become more and more relevant to mobile retailers. The platform has recently invested in men and seen 75% of its users on mobile. New features like guided search and custom filters will help users navigate the plethora of visual media that Pinterest serves up. Retailers use of Pinterest can help drive sales and usher in a new channel to engage with consumers. 

 

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GPShopper is a mobile commerce platform and app developer for retailers, using technology to transform the total retail experience.  GPShopper is a Synchrony solution. 
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