Everything You Need To Know About Buyable Pins on Pinterest
Green means go. Blue means buy… On Pinterest.
Starting on June, 30th Pinterest introduced buyable pins on their platform.
This is major news in the social media world.
Pinterest users can now buy products or services directly on the social media platform without ever having to leave the website.
The feature will first be released on iPhones and iPads and will expand to desktop and android devices in the coming weeks.
By introducing this new feature, Pinterest is addressing a major pain point for most of its users- with both business and personal profiles.
Users spend a majority of time pinning potential purchases, but if they want to purchase an item, they have to leave Pinterest and try to purchase the product on a different website.
This can be time consuming, confusing and a hassle for some users. Buyable pins will eliminate this problem.
Businesses will now have the ability to create buyable pins and advertise them directly to their target market. They will also be able to keep 100 percent of the profits from buyable pins.
This new feature will make Pinterest one of the most powerful purchasing platforms on the Internet.
If you are a B2C company here are three reasons why this is an opportunity that you cannot afford to ignore.
Lightning Fast Transactions
Pinterest has teamed up with Apple to integrate Apple Pay into their platform.
This means for a user to purchase your product or service all they have to do click the blue Buy Button and the transaction will take place in a matter of seconds.
The user never has to search through their purse or wallet for a credit and deal will hassle of entering in their information.
Instead, with the tap of a button and quick fingerprint scan, the product is theirs- it is as simple as that.
The shorter the transaction time the more purchases that are going to take place.
Businesses have a huge opportunity take advantage of impulse purchases on the platform.
Pinterest is a visual social media network and users make up their minds whether they are interested in a product or not in a matter of seconds.
If a business creates an appealing advertisement with a buyable pin and a tantalizing product description, they have the chance to make a quick sale from a user browsing their Pinterest stream.
Established Buying Patterns
Unlike Facebook and Twitter, a majority of Pinterest users are on the social media platform to shop.
Seeing a Buy Button of Facebook or Twitter would seem very intrusive to many people since they are not on the social media platform to shop.
Rather connect with friends and discover useful and entertaining information.
A majority of Pinterest users are on the platform to discover new products or services. The Buy Button only enhance the user’s experience and doesn’t take away from it.
If you are interested in what the buying behavior is like for a user on the Pinterest is, here are some interesting facts:
- 10% of Pinterest users will purchase a product or service that they found on the website within 24 hours.
- 35-40% of items purchased through Pinterest are items users haven’t previously contemplated buying.
- 50% of Pinterest-driven purchases are made within one week of pinning
With the introduction of buyable pins, these numbers are only going to grow and you business has the opportunity to take advantage of this new sales channel.
Many businesses complain that it is hard to track return-on-investment (ROI) on social media.
Even though it is getting a lot easier to establish a clear ROI on many social platforms, the invention of buyable will make it even more clear.
Since buyable pins are only available through advertising, it would be more appropriate to use the return-on-advertising-spend (ROAS) metric than ROI.
The formula for ROAS is (Revenue/ Spend).
When a business advertises a buyable pin, they will have a clear picture of how much they sold once the promotion is done running.
For example, a business who makes glow-in-dark nail polish advertises a buyable pin for $100 dollars.
The company sells their nail polish for $6.00 and from the promoted pins they sold 32 bottle of nail polish.
As a result they made $192 from a $100 promoted buyable pin. There ROAS for the buyable pin is $1.92.
This means that for every $1 that was spent on advertising the business generated $1.92 in revenue.
By using buyable pins with the ROAS formula you can quickly discover what buyable are working for your business and scale the investment.
Buyable pins offer a world of opportunity for businesses especially those that sell directly to consumers.
If your company is on Pinterest already, then it is definitely worth experimenting with buyable pins to see if they fit into your marketing strategy.