If you are an online retailer and have not paid much attention to Pinterest, we recommend you get on board really fast.
Last month, Piquora released the first scientific study to quantify the economic value of a pin.
Here are the key findings from that research:
- On average a Pin generates 78 cents in sales – this is up by 25% from Q4 2012
- On average a Pin drives 2 site visits and 6 pageviews
- 50 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 like 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.
- 50 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.
- On average, a Pinterest Pin generates more than 10 Repins – Pins are 100x more viral than tweets, which on average only get retweeted 1.4 percent.
- There’s an 82 percent jump in Repin/Pin Ratio for some brands with Rich Pin integration. Rich Pins may increase a brand’s reach on Pinterest.
We would like to delve into a recently launched feature called “Rich Pins“.
Currently, there are 5 types of Rich Pins, Place Pins, Article Pins, Recipe Pins, Movie Pins, and Product Pins.
The one that should be especially useful to online merchants is Product Pins that make it easier for people to find the products and purchase them.
Product Pins allow merchant’s website feed the product’s real-time data such as pricing, availability, rating, related items, etc.
What product information can be included in Product Pins
Old standard for Pins only includes a link and description. Savvy users could manually add a static price tag as part of description. That price-tag functionality is now deprecated in favor of Rich Pins.
Rich Pins functionality brings a lot of changes, good changes.
Currently, besides product URL, title, and description, Product Pin fields that are worth noting include:
- Store name
- Currency code (USD, CAD)
- Brand (Levi’s, Lucky, Diesel)
- Availability (In stock, preorder, backorder, out of stock, discontinued)
- Standard price ($125)
- Sale price ($110, would display as “$110 (was $125)”)
- Sale start and end date
- Product expiration
- Gender (male, female, or unisex)
- Geographic availability
- List of URLs for additional hi-res images
- Related items
- Rating scale
- Rating Count
Pinterest is actively developing the feature, so the list of supported fields is continuously expanding.
What are Benefits of Product Rich Pins for online businesses
Product Rich Pins are great for online merchants on so many levels!
- Increased exposure of your product on Pinterest
Since the product information, including URLs, price, and availability are dynamically updated, the Product Pin and offer information stays relevant for months and years after it has been pinned.
That means that the Product Pin continues driving site visits and sales long after it got pinned.
It should also be noted that according to that same research from Piqora,
On average, a Pinterest Pin generates more than 10 Repins – Pins are 100x more viral than tweets, which on average only get retweeted 1.4 percent.
- Ability to cross-sell
One of the recent upgrades to Rich Pin functionality is the ability to display related products and include URLs to those referenced items.
- Increased traffic and conversion rate
With relevant product description and up-to-date offer details, Product Pins help potential customers make more informed purchase decisions.
Pinterest Rich Pin capability should generate even more impulse buying than ever.
- Leveraging Pinterest email notifications of price drops
Merchants can widen the marketing outreach during the product sales when the price drops 10% or more.
For Product Rich Pins, Pinterest now automatically sends email alerts on Price drops related to products the users have pinned.
- Seamless Integration
For those merchants that have implemented oembed solution for Product Rich Pins as opposed to Semantic Markup, information is updated dynamically, in real-time.
There is no additional maintenance for when product price or availability changes on the website.
Enabling Product Pins for online store
However, despite all the benefits and opportunities to increase online sales and revenue, why don’t we see a wide adoption of Rich Pins?
The main reason why online businesses do not take the step to add Rich Pin functionality to their sites is that it requires technical knowledge, and to non-programmers documentation can be intimidating.
At Nakamoa, we developed a service that would allow a business to take advantage of Product Rich Pin functionality on their online stores.
Nakamoa is the first and, so far, the only developer to offer the service for online stores on Yahoo! Small Business Platform.
Store owners can sign up for 2-month free trial with no obligations and have the first-hand experience with Product Rich Pins.