Pinterest Price Drops And Its Effect On eCommerce

 

In eCommerce, Pinterest is continuing to gain traction with businesses and consumers alike. The service provides an easy way for users to collect items they’re interested in, and the visual interface makes it particularly appealing for shopping. If someone sees an item they’re looking forward to purchase, they can “pin” it, saving an image with a link to the product onto their Pinterest board for later use.

If a website has a verified Pinterest account they can add “rich pins” which display pricing information and a buy button on the pin itself, making it easier for consumer to buy your products from within the social networking app. Kate Spade, Nordstrom and Neiman Marcus are just a few of the designer-name merchants selling products through pins.

Recently, the giant image bookmarking website launched notifications of price drops, notifying users when something they “pinned” to monitor for price goes on sale. As long as you have rich pin’s already enabled, your customers can take advantage of this feature.

According to Advertising Age, Pinterest hopes to feature more than 1 million price drops every day.

 

Improving The eCommerce Experience

Authenticating your business page is as easy as putting a short bit of code onto your website. Once you do,, setting up rich pins only takes a few steps. In fact, Pinterest recently added official support for Magento, IBM Commerce, and BigCommerce. This allows them to offer the service to every major platform, reaching thousands of additional merchants. Verifying your website and using Pinterest as a business is free.

Although the company is progressing, its eCommerce experience leaves something to be desired. Pinterest hopes that their sale drops will make the service more popular to consumers, and they bought two small companies in the past year to help them improve user experience and clean up broken links.

The social network is free for users and businesses alike, with Pinterest depending on ad revenue to help them turn a profit. The company hopes that by making the service more attractive to consumers, businesses will purchase ads to reach their users.

 

The Value Of Price Drop Notifications – For Both You and Your Customers

Price drop notifications engage customers by keeping them informed about your products. If someone pinned one of your items, it means that they’re already interested in purchasing it. When that item goes on sale, their interest could increase, but only if they’re aware of it.

Pinterest users are also able to seamlessly integrate price drop notifications into their daily use of the site. There is no need to install or use a third-party platform and users receive all of their daily price drops in one email. Traditionally, eCommerce merchants had to maintain their own email lists to inform users of sales. This creates an additional step, and while having an email list is very valuable for the company, offering price drops through Pinterest creates an opportunity to reach a broader audience without requiring any change in their behavior.

For their pair, Pinterest hopes the new feature will make the service more popular to both users and businesses, increasing engagement and potentially attracting new customers as they prepare themselves for their IPO.

 

Capitalize on Consumer Behavior

Pinterest implemented the price drop notifications after noticing consumer behavior – people wanted to wait until the right time to purchase a good or product. The company wanted to ensure this was part of their user experience, and provide an incentive for business to invest more in the platform.

Adding rich pins to your website is a great way to reach a broad new potential audience, one that should surpass 50 million active users in the US by the end of 2016.