Social media E-Commerce is on the rise, and Pinterest is no exception in adding new features to assist retailers to advertise and sell their products.
The popular image-sharing app has now added a feature called ‘Shopping List’ where users can pin their desired products and receive price drop notifications.
Shoppers from the U.S and U.K are also able to access the “Goods by Pinterest” feature, which offers limited edition products from brands that partnered with Pinterest.
Pinterest entered the e-commerce business last year when it launched a “Verified Merchant Program” and shop tab features. Retailers which meet certain requirements have access to the Verified Merchant Program which gives them a blue checkmark, a shop tab on their profile, and other benefits, allowing them to attract more customers.
Pinterest aims to become a place where advertisers can meet their customers and the customers can find quality products.
Last year, the user’s engagement with shopping surfaces on Pinterest increased more than 200%.
The Next Step will be Video
Though Pinterest notes its users, on average, outspend non-users by 2x every month and have a 85% larger basket size, the way people want to shop online is rapidly changing.
Historically an image-centric idea board of sorts, Pinterest may be left behind as more consumers — and particularly younger shoppers — begin to more heavily rely on shopping via video (both recorded and live), including through influencer-driven content across platforms like Facebook, Instagram and TikTok. Pinterest has only more recently expanded into this area, with the launch of video-first “Idea Pins” last month aimed at creators, and a test of livestreamed creator events around the same time.
Social Media Platforms Taking Over Retail
Retail has changed significantly due to the rise of social commerce, and influencer marketing is becoming a bigger part of the overall marketing mix as a result.
Facebook has already recognized this opportunity and has invested in developing features for retailers to sell their products on Facebook and Instagram apps.
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