At this point, you are well aware Pinterest exists and probably have read multiple articles on how to best leverage the network. If you haven’t implemented a Pinterest strategy, the infographic below from Socially Sorted and Mookoo Design details best practices and tips to make Pinterest part of your social media strategy.
Do you think any of the below tips are more helpful than others? Is Pinterest already part of your social media strategy? Have you seen results from your presence on the network? Read more
A sputtering economy isn’t slowing the growth of e-commerce. In fact, new data from comScore shows $44 billion in business now moving through U.S. e-commerce channels, up 17 percent from a year ago. More, the last three quarters show accelerating year-over-year growth.
Of course, e-commerce is a beneficiary of economic belt tightening, but there are much bigger factors at play. Economic pressures are combining with technology-driven disruptions to create a perfect storm of online opportunity. These disruptions are nothing new; what is new is the pace at which they are happening. Big, established retail players are having trouble adapting to this accelerating pace of change, while nimble start-ups feed and thrive on it.
I see three megatrends driving e-commerce change that I call the Three P’s: Personalization, Pinterest and iPad (well, iPad almost starts with a P). Together they ensure that U.S. e-commerce will continue to experience double-digit growth and pass the $100 billion mark in less than five years. Read more
One of the newest social networks, Pinterest, may be about to achieve something that neither Facebook, Google+ or Twitter have been unable to accomplish at scale. No, it’s not creating a social network made up almost entirely of women. Pinterest may be preparing to monetize all of those shared photos of things you wish you owned, which could make the social network one of the stickiest e-commerce destinations ever.
The Rise of Pinning
Unlike millions of women, I am not a fan of Pinterest. I have spent a total of 45 minutes on the site and at least 30 of those were to research an article. It seems I am again an anomaly.
According to data from comScore, Pinterest now has 11.7 million unique U.S. visitors per month. This means the infinitely scrolling photo collecting site has managed to attract 10 million unique visitors per month faster than any other standalone website in history. No, not just among social networks. Faster than any site in the U.S. Ever.
Users spend over 98 minutes on the site per month. Only Facebook, which consumes 7 hours of users’ time per month, and Tumblr, where users spend 2.5 hours each month, keep users’ attention longer.
According to Experian Hitwise, Pinterest is also number three, right behind Facebook and Twitter in terms of total visits. What’s even more notable, the majority of Pinterest users are women between 18 and 44, and almost 30 percent of visitors have an income of at least US$ 100,000.
The rapid growth of an engaged audience ripe for buying has left many industry observers wondering exactly how Pinterest planned on monetizing its popular site. We just received a big clue.
The large Japanese e-commerce company Rakuten has confirmed it is leading a US$ 100 million investment in Pinterest, which will help the network expand to more international markets and solidify its business model.
Pinning on Dollars
Hiroshi Mikitani, CEO of Rakuten, expressed in the company’s official announcement how excited he is about combining the love Pinterest users have pinning things they might want to buy with his company’s model for e-commerce.
Rakuten is extremely strong in Japan. The company reports that 75 percent of Japanese Internet users have an account on their platform. However, the company’s reach is limited to Asia. Rakuten also owns Buy.com, France based Priceminister, Brazil based Ikeda, Germany based Tradoria and U.K. based Play.com.
Pinterest has already increased referral traffic to many retailers of items like women’s clothing and books. It is unclear what the next steps will be for the company beyond the start of a new funding round scheduled to begin on Friday, which is also the dayFacebook launches its IPO.
Although no official statements have been released, it doesn’t take a great deal of imagination to foresee a future Pinterest where commerce is tightly integrated with content. Each image can be used as advertising, pinned images could trigger promotions and product suggestions and single clicks could add items to a shopping cart. If implemented correctly and unobtrusively, Pinterest’s potential to sell goods could vastly exceed the current leader in social advertising, Facebook.
According to AllThingsD, the funding is expected to be announced on May 17.
The Tokyo-based Internet giant will invest upwards of $50 million in a $100 million round that values the social bookmarking phenom at $1.5 billion.
There might other individual investors in the new round, but those were still to be determined tonight by Pinterest co-founder and CEO Ben Silbermann. Read more
Pin2Sell.com, a new site that allows anyone with a PayPal account to create purchasable products and post them directly on Pinterest, launched on April 20. Created by Clique Studios, an interactive and eCommerce agency based in Chicago, the service is completely free and enables users to sell items without signing up for any additional services.
With over 10 million users, Pinterest’s base is intensely loyal, spending 88 minutes bookmarking every day. They are also social, driving more third-party traffic than Google, LinkedIn and YouTube combined.
“It just seems like the perfect place for social commerce,” said Ted Novak. “Pin2Sell makes it incredibly easy and integrated. Just take a picture, enter the price and your PayPal account, and your Pin can be purchased by anybody who is interested in it.” Read more
What is Pinterest?
Pinterest is a new social network whose main feature is its ability to act like a digital scrapbook, bulletin board, or wish list. While there are several other websites that offer extensive image sharing capabilities, Pinterest has developed this as its main competitive edge against other more popular social networks. In fact, it has been so successful in carving out a niche for itself that in two short years after launching its private beta, it has skyrocketed. It is now ranked among the top 10 social sites, and is estimated to be worth around 500 million USD.
The company was conceived a while back in 2009. It officially launched its invitation-only beta in 2010. Right from the start, Pinterest’s client base has always been mostly composed of women. Its first frequent visitors were mostly interested in the recipes and stylish home decors they found on the site. This core group of people then spread the word to their friends, who in turn told theirs, and so on. Pinterest owes its marketing success to the quality of its content and the power of referrals. On July 2011, only 13 months after its launch, the company had already its 1 millionth unique visitor. This rapid growth has often given it the reputation of being the fastest growing internet site in history. In truth however, it is only second to yet another internet sensation – formspring. Read more
While many mentions of Amazon from early Pinterest adopters refer to the rainforest, users have mentioned the site in their picture captions, even before the e-commerce giant included the Pinterest share button on pages.
Statements like one from Pinterest user Mary Kobayashi: “I bought this dress on a whim, as I had never bought clothes from Amazon before…. Either way, I’m so glad I did it,” are easily found. Read more
Brands using Pinterest to drive traffic to ecommerce sites are reaping the rewards, with the one-year-old social network already driving more revenue per click than Facebook and Twitter.
Analysis from Convertro, which tracks the marketing performance for its clients across various channels, including Facebook, Twitter and Pinterest, found that Pinterest was generating up to four times the revenue per click as Twitter and 27% more than Facebook.
The research found that Pinterest is the fastest growing social media traffic source for ecommerce websites in terms of revenue, having grown from 1.2% of social media revenue in quarter two of 2011 to 17.4% in quarter one of 2012. Read more
Move over Facebook, Google+ and Twitter. There’s a new social site stealing some of your buzz: Pinterest, a social photo-sharing site that allows users to create and share collections of images. Based in Palo Alto, Calif., the pinboard-styled service is focused on connecting people through the things they find interesting.
The images pinned on the Pinterest homepage continually change, but on one visit to the site on Wednesday, it included images of the elements of various outfits; sayings about God; a recipe for a steak dinner; a chart to calculate your healthy weight; how-to exercises for flat abs; and how to make bracelets out of popsicle sticks. Read more