Why Pinterest’s Buy it Button is the big deal?
To date, click to buy it buttons are a must-have when it comes to any digital platform. Twitter and Facebook already have them. Instagram just got one recently and Google’s on it’s way to having its own. Not having the buy button is quickly turning a famous website to a not-so-popular social media platform in an instant.
But don’t ever think that Pinterest’s announcement of having the “Buy it button” is a shout out of me too. It’s a given fact that commerce is more likely to be a much bigger avenue in Pinterest rather than any other digital platform. As to my own opinion, I think a buy it button in Pinterest makes more sense than any other social platforms. The buy it button there just feels more natural.
Think about this. Pinterest is primarily a visual social network and also a search tool for about 47 million U.S users. That being said, it’s a place mainly for gathering ideas for plans and projects ranging from recipes to travel spots and even home renovations. The majority of these projects involves money and you couldn’t actually say the same thing goes with breaking news you see on Twitter feeds or merely just by looking through random photos on Facebook.
Pinning something can be interpreted as a prelude to buying something online. Once you pinned it, it only goes to show that you like it, which can mean that you might also be interested in buying it. The benefit for users on the buy it button is primarily for the convenience of everyone – for the buyers to keep their pain away from the busy malls and for sellers who wanted to have a more diverse way of shopping experience.
Why Pinterest’s Buy It Button can dominate Social Media.
Although Twitter and Facebook have more active users as compared to Pinterest, the 70 million active users in Pinterest isn’t something that you can just shrug off. The two social giants have already had their introduction of the buy button to boost e-commerce for both brands and buyers. I’m quite positive that Pinterest will change the playing field of e-commerce forever. In the first place, why would Pinterest manage to even the odds in the competition with Twitter and Facebook?
The Struggle of Facebook and Twitter.
The primary problem of Twitter and Facebook when it comes to the buy it button is that the consumers itself don’t trust these two social media sites. With the left and right stories in the news regarding privacy issues, buyers have this doubt that their financial information might end up in the hands of the wrong people. In addition to this, they might not also want the fact that everyone, including their grandma, who would eventually know what they just brought online.
If Pinterest can give the buy it button a different approach and see success, of a different kind, this can already be an advantage among other social giants such as Twitter and Facebook. It’s enough reason for everyone else who is going online to watch out for it, isn’t it?
Most people who are utilizing Facebook and Twitter primarily goes to the site to share their own news. This news may be anything from the latest girls’ night out, selfies, photos of friends and families, latest attempt to get a successful retweet from a celebrity, beer festivals, flea markets and so much more. It’s the platform where they are likely to ready about new products and services and instantly connect with the brands they like to get the latest news. But for the most part, online users only want one thing: that is to share.
Perhaps the biggest advantage of Pinterest over other social media networks is that users in Pinterest go there with only one thing in mind; shopping. Whether these people are looking for recipes or decorating ideas, the main purpose why they are browsing Pinterest is to consume. Pinterest is beginning to fill the huge void between want and own and it is slowly changing the e-commerce world.
How Pinterest can change the e-commerce business.
The big question now upon the release of Pinterest buy it button is that how will Pinterest turn these buyable pins into the new online market’s shopping mecca? Although there are a handful of reasons to come to the conclusion that buyable pins can turn Pinterest into an e-commerce powerhouse, it will however stand a greater chance to success if it can adopt key features that are currently being offered by online retailers and search engines including that of which is similar to Amazon. By doing such, Pinterest can adapt to the unique habits of these features to become applicable for the Pinterest community.
As to my own experience as an online shopper, my own opinion of the power of the buy it now button by Pinterest has been shaped both through research and how social media networks can drive purchasing. Although most people see the Pinterest buy it buttons as something that is detracting for consumers, buyable pins in my own thinking can enhance the Pinterest experience.
Currently, Pinterest isn’t taking any profit from all the sales that are being made through the Pinterest buy it button for now. Pinterest, however, plans to make good money by charging companies a good deal to promote their own buy now pins. Pinterest stands in the winning field by bridging the gap in the user experience: that is the time online shoppers spend curating potential items they want to purchase in the platform and making it possible to purchase with just a few clicks of the button.
In a 2013 Vision Critical Study, it revealed that half of the users of Pinterest actually buy items in-store when they had the chance to pin it through the website. As Pinterest is making a revolutionary approach, it might be possible that brands will now begin to shift from the offline marketing strategy into an online strategy that will make them earn more. This will also help Pinterest establish a more stable return on investments (ROI) for promoted pins.
There is also a good suggestion that proves that there is a big opportunity to increase impulse buying through Pinterest. While statistics shows, it only takes half of the Pinterest-driven sales are made within the time of the pinning, only about 10% of these are made withing the 24-hour time frame. About a third of the purchases on Pinterest buy items online without even contemplating about it, impulse buying can be a way for brands to quickly move from pin to purchase.
For Pinterest to realize these potential gains, it is essential to offer added features that will make it more competitive like other visual shopping websites out there. A number of these websites are already utilizing Pinterest-style image curation – Amazon has even introduced a pinboard-like image feature they call Amazon Stream.
For Pinterest to have a better competition, it will need to think outside the box for features that have successfully helped other websites to succeed. Giving users the capability of filtering and sorting searches gives Pinterest the extra edge over the competition. Pinterest should also think of a way to incorporate flag discounts for potential deal hunters. Another powerful purchase-driver that Pinterest can use is the ability for users to receive instant notifications whenever an item they pin goes on sale and with the click to buy button immediately accessible.
Buyable pins, however, won’t be as simple as replicating the success of other platforms elsewhere. Pinterest needs to leverage the game by utilizing its unique strengths as a platform. One of the many strengths of Pinterest is the power of curation whereas 43% of purchases made via Pinterest is said to be influenced by the additional information and product reviews. If Pinterest will successfully come up with a business model that will allow makers to earn income by simply curating buyable pins, then this will somehow inspire value-added pinning that in the long run will be the primary driver for purchasing items on Pinterest.
If Pinterest would like to drive focused curation, one obvious way to do this is to through an affiliate marketing program which will allow users to earn a portion of the revenue of any items purchased through a buyable pin on their boards. This will also encourage users to prioritize buyable pins among anything else when they are creating their boards.
Although this curation model is quite obvious when it comes to home décor and fashion, reports released by Vision Critical suggested that dining and cooking was actually the most-followed topping in Pinterest (with about 66% of the pins they follow). There are also about 24% of Pinterest purchases that are made from dining and cooking categories. Per-pin purchase, however, won’t work quite well especially when users intend to purchase multiple ingredients for just one recipe. Pinterest can also have an opportunity here by enabling a single click that allows users to add all ingredients in one purchase – just like what Amazon is currently doing.
Why Pinterest’s buy it button is a big hit for online retailers.
According to a recent survey on Pinterest, more than 2,000 users or about 87% of them were curious enough to look for the buy button while exploring the website. However, only 25% of these people divulged that they did not make a purchase or even visit the manufacturer’s site after viewing a pinned item.
What’s more interesting about Pinterest is the fact that the site’s engagement rate has always been incredibly high – a conclusion that was disclosed by an industry analyst at Altimer Group. At the same rate, though, Pinterest were unable to know whether their pins can really be translated into online sales.
Although the Pinterest Buy it Button is fairly just a simple feature that any site can have, it could have a really big impact when it comes to online businesses today. With just a few clicks on Pinterest, it is now possible to purchase an item online. Buyable pins somehow eliminate the second step of shopping and allows users to shop using their credit cards or Apple Pay.
Customer data acquired through Pinterest Pins.
From the perspective of a retailer, the buy buttons can provide a much more adept data on the people who are pinning their products as well as those who are willing to buy them. This is actually critical to brands who are using Pinterest as an avenue to make sales and at the same time as a forefront for their online marketing strategy.
There are those companies who are hesitant but should be patient enough to focus on the discovery of new things rather than just focusing on conversion. For example, if a consumer sees a pair of boots on Pinterest from Macy’s and they aren’t a customer of Macy’s yet, this is actually a gain for the retailer as this consumer can be converted to sales.
Businesses who are using the buy it button from Pinterest should make sure that their inventory system is in good shape as the significant results should arise anytime soon while using the buyable pins. The buy it buttons were initially rolled out to large retailers, but Pinterest has the vision to offer it to smaller retailers in the long run too.
Have I missed anything in this post? If so, feel free to add your thoughts in the comments and most importantly, remember to “Pin it – to Win it”
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