On June 2, Pinterest officially announced that buyable pins will be coming to their channel. This is major news in the social media world and your company cannot afford to ignore it.
The feature will first be released on iPhones and iPads in the coming weeks and will eventually expand to Android and desktop.
Pinterest will be integrating with Apple Pay, meaning that a user can purchase your product or service with the touch of a button without ever leaving Pinterest.
This will make Pinterest one of the most powerful purchasing platforms on the Internet.
As of right now, buying items users have pinned on Pinterest has been a major pain point for many of its users- with both personal and business profiles. Users spend a majority of their time pinning potential purchases but many of them aren’t able to act on these purchases unless they go to another website and take out their credit cards.
Buyable pins will eliminate both of these user pain points.
At this point, retailers will be able to keep 100 percent of the profits from buyable pins. Pinterest will undoubtedly make its profit from companies advertising on their channel. This will allow companies to establish a clear return on investment for promoted pins.
If you are wondering what the buying behavior pattern is on Pinterest, here are some interesting facts:
- 50% of Pinterest-driven purchases are made within one week of pinning
- 10% of sales are made within 24 hours
- 35-40% are items users haven’t previously contemplated buying
These numbers prove that there is a world of opportunity for businesses on Pinterest, especially when combined with effective advertising.
Even though Pinterest does have a long way to go and a few hurdles to overcome before buyable pins are a force to be reckoned with, this is a feature that everyone should keep their eye on.
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