How often do you take advantage of the unique marketplace that is Pinterest? Nowadays, most people who own and operate an ecommerce site have familiarized themselves with social media sites such as Twitter and Facebook but recently it is Pinterest that is showing great strides of growth.
The visual discovery tool has enjoyed increased use, climbing its way to become the 3rd most popular social media site. This just screams opportunity for marketers to take advantage of Pinterest to boost site traffic and sales!
In fact, Shopify reported that Pinterest garners up to 10% more conversions than other social media sites and boasts a whopping average sale price of $80! (For a frame of reference, Facebook averages a $40 sale).
Pinterest definitely sees its own potential and has begun efforts to increase its presence as a marketing tool for businesses. Pinterest already offers a free analytics tool to anyone who has registered their website with Pinterest, but they recently announced that they are soon going to be launching a new feature called “Business Insights API”. This will allow businesses to see which of their pins are raking in the clicks and which ones are lost in the crowd. In addition to that, developers will be able to use the API to help understand how consumers navigate around their Pinterest boards.
All of these efforts to take a website for hobbies and make it a selling machine sound very intriguing, but there are some potential roadblocks. Primarily, a flooding of similar pins that result from the success a certain style of pin might garner. If businesses use Pinterest to replicate sales success of other companies Pinterest will quickly become much more artificial and predictable and ultimately less interesting. Will Pinterest lose its unique appeal by catering toward an advertisement based website? Hopefully not!