This week Pinterest hit 1 million businesses on Pinterest. Proving the Social Network is a viable place for many to do business. In order to be appealing for businesses to use the platform, Pinterest has been adding features for businesses.
Back in June Pinterest started rolling out Buyable Pins. Allowing mobile users to purchase items on Pinterest without leaving the Pinterest App.
Pins with a blue “Buy It” button meant that the item could be purchased. The blue price filter allowed users to find specific items for purchase.
87 percent of active Pinners use Pinterest to help them decide what to purchase. (Pinterest/SocialTimes)
Earlier this week Pinterest announced a new feature, the ability to send notifications that the price of a Pin item had been decreased. If a user saves a Buyable Pin and the price on that item drops, Pinterest will send the user a notification of the price drop. Pinterest stated that there are more than 1 million Buyable Pins with price reductions daily.
Pinterest explained more about the feature in an email to SocialTimes:
As a catalog of ideas, our mission is to help people discover and do things they love in their everyday lives. Millions of people use Pinterest to discover new products (87 percent of active Pinners use Pinterest to help them decide what to purchase), and Buyable Pins make it easier to buy products you love right in the Pinterest app from +10K brands like Nordstrom, Neiman Marcus, Kate Spade and Moorea Seal. Buyable Pins are available on iOS and Android, and have a blue “Buy it” button and price tag. You can shop from more than 60 million Buyable Pins in your home feed, search results and in the Pinterest Shop.
It is apparent that Pinterest has become more than just a bulletin board for wedding ideas and recipes. Pinterest’s Tim Kendall, the GM of Monetization at Pinterest, highlighted the great success businesses have using Promoted and Buyable Pins in a blog he wrote:
- Moorea Seal, who built her entire business after growing a loyal Pinterest following
- MVMT, who saw Pinners buy their watches at a rate 2x higher than people on other platforms
- Pura Vida, who increased orders of their artisan-made bracelets by 31% after using Promoted Pins
- Reiss, a British fashion company that saw a 46% increase in Pinterest-referred revenue after investing in some of our partner tools
- Simple Mills, a CPG brand that racked up millions of impressions and repins from Promoted Pins
- Zola, an online wedding registry that used one of our Marketing Developer Partners to increase conversions by 44% and clickthrough rates by over 50%
Businesses take note, adding Pinterest to your marketing strategy in 2016 may benefit your bottom line and improve sales, visibility and engagement.