Research reveals impact of Pinterest on e-commerce
Software firm Piqora, which offers a marketing suite for "the visual Web" (Pinterest, Instagram and Tumblr), has released preliminary findings of its research into the impact Pinterest is having on online retail.
According to the company, it has performed "the first scientific and quantitative research" of 1,000 brands on Pinterest between February and October of this year. It notes that Pinterest's mobile user base grew 50 percent this year, and 75 percent of usage happened on a mobile device.
Earlier today, Pinterest announced in its blog that it is making its API available to select retailers and brands, including Target and Whole Foods.
Findings from the survey include:
- On average a Pin generates 78 cents in sales — this is up by 25 percent from Q4 2012.
- On average a Pin drives two site visits and six page views.
- Fifty percent of visits happen after 3.5 months of first Pinning — Pins get discovered long after they're born and continue driving visits to sites. This is because discovery on Pinterest today is feed driven for fresh pins and is search/navigation driven for older Pins. Other social networks such as Facebook and Twitter are primarily feed driven with little or no browsing behavior. Also Pinterest Board pages can rank on Google long after the original posts.
- Fifty percent of orders happen after 2.5 months of pinning. When a product is on Pinterest, it signals that the product is worth buying. That creates a strong latent demand for products. Popular pins continue to get discovered via search and navigation.
- Orders from Pinterest spike on Mondays, but in general are uniform throughout the week. That could be due to users discovering a lot of products on the weekend and buying them on Mondays after more research and consulting with their spouses.
- On average, a Pinterest Pin generates more than 10 Repins — Pins are 100 times more viral than tweets, which on average only get retweeted 1.4 percent.
Read more about social media in retail.