Pinterest Price Alerts: How Pinterest is Poised to Become a Major Player in E-Commerce

A few months ago, Pinterest rolled out it’s “Rich Pin” feature, which takes some of its pins to the next level by incorporating extra, actionable data. There are three categories for rich pins: movies, recipes, and products, which display additional information such as whether or not a movie is available on Netflix, what ingredients you need for a recipe, or where a product is sold, whether it is in stock, and now—with the introduction of Pinterest Price Alerts – real-time pricing information.

There’ll be no more finding the perfect pin of a product you simply must have, only to find it’s out of your price range,out of stock, or worse—not being able to find it at all. Now, if a retailer has optimized their images to become rich pins, all that information is available right there in the pin itself.

This data is meant to make a rich pin more useful and actionable for users; in fact, product pins will include direct links to the products, making for a subtle but effective call-to-action. It helps that Pinterest has already proven to be the most ideal social media site for e-commerce; even though Pinterest is only the third largest social media platform, studies have shown that Pinterest users spend 60% more than users on Facebook, the current largest platform.

Even before rich pins, images that listed pricing information were already more likely to be repinned or liked than those without. Now, with the addition of these new features, those spend-happy Pinterest users now have direct access to products and all the relevant information to turn a social share into a sale.

Pinterest Price Alerts only add another dimension of Pinterest’s retail-friendly efforts. With Price Alerts, Pinterest will automatically send a user an email if the price of a product drops. This means that not only will users already know the price and availability of a pinned product, but they will be given additional (and perhaps continual) incentives to buy the product.

 

Pinterest Rich Pin

Pinterest began its rich pin program by pairing with major retailers, including Target, Sephora, Walmart, Etsy, Home Depot, Nordstrom, and many more, but now any online retailer can incorporate rich pin data into their images by optimizing their site with meta tags and verifying those tags with Pinterest.

Though program is still in it’s early stages, it’s easy to see why e-commerce retailers would be quick to take advantage of this. Since rich pins have been in place, Pinterest has said that tens of millions of product pins have been added to the site, and thus that number will be sure to grow. Similarly, though the Price Alerts feature has only just rolled out and activity is at a minimum, Pinterest has been quick to assure people that they will not be “bombarded” with Price Alerts, and will only be sent a few notifications a day at most. Users are able to disable Price Alerts in their settings, but there are no other customization options—yet.

What this all means is that, once rich pins and product pins become more widespread, Pinterest is poised to become both a virtual pinboard as well as a virtual shopping list, with users turning to Pinterest to pin any product they want to buy, and using Price Alerts to wait until the cost of the item matches their budget.

From a marketing standpoint, that means that pins could possibly go from simple social media noise to an actual measure of potential conversions. People will begin pinning with a purpose to one day buy a product.

This is, of course, only an extrapolation of the program’s full potential, but between this product and the introduction of Pinterest analytics earlier this year, it’s obvious that Pinterest is making a clear effort to establish itself a leader in the e-commerce field.

About the author:
Marcela De Vivo is a freelance writer and online marketing consultant from Los Angeles. Her writing has been featured on SEOmoz.com, Examiner.com, Chron.com, Hostpapa.com, and more. You can read more of her work on her company blog, http://www.gryffin.com/blog

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