What is Pinterest?
“Pinterest is a tool for collecting and organizing the things that inspire you.” This is how Pinterest’s people describe the platform, which was launched in March of 2010.
How does Pinterest work?
Pinterest users can “pin” (upload) images and videos, known as pins on their collections known as “boards”. Each user’s boards are visible on their main profile page and they can be browsed and followed by other Pinterest users.
Pinterest Facts
- A 2013 study by Semiocast found that Pinterest has reached 70 million registered users, 20 million of which are active. Also, 79% of the users are located in the U.S.A. According to the same study, Canada is the second country in terms of users, with approximately 4 million registered users, while China is second for businesses, with over 190,000 out of 320,000 users registered as businesses. Another interesting fact that became apparent is that the rate of international users that are joining Pinterest is increasing and they might surpass the number of U.S. users within 18 months.
- According to YodaLondon’s recent findings, 80% of Pinterest’s users are women, and 50% of users are parents. Moreover, there are 500,000 business accounts registered. However, the most important stat they shared is the fact that 21% of the users purchased a product after finding it on Pinterest.
- As stated on RisMedia, an average user spends about 98 minutes per month uploading “pinning” content on Pinterest.
- Moreover, Pinterest is more popular among better-off people.
23% of its users have a household income of $50,000-$74,999, 18% make more than $75,000, and only 10% make under $30,000. - According to a 2013 RichRelevance study, Pinterest shoppers spend approximately $140-$180 per order, while Facebook & Twitter shoppers spend about $80 and $60 per order, respectively.
- According to Piqora findings after analyzing data from 1000 brands between February 1-October 31 2013 (source: SocialNewsDaily):
- The average Pinterest pin generates 78 cents in sales, up 25% from Q4 2012.
- The average Pinterest pin drives 2 website visits, and 6 pageviews.
- 50% of website visits occur 3.5 months after a pin is posted, signaling a long life.
- 50% of orders occur 2.5 months after a pin is posted.
- Orders by way of Pinterest spike on Mondays, but remain steady throughout the week.
- The average pin generates over 10 repins, and according to Piqora, Pinterest pins are are 100x more viral than tweets.
- Brands who took advantage of Rich Pin integration saw an 82% increase in repins.
- In addition to this, a new report states that Pinterest more than tripled Cyber Monday revenue to online retailers, and doubled revenue on Thanksgiving, including Black Friday.
- Last, Pinterest surpassed Facebook by 4% in e-commerce sharing, as shown in the infographic below.
So putting all these pieces together… Is Pinterest going to be the king of eCommerce?
