Believe it or not, there is yet another social media site that is rapidly gaining popularity. Pinterest, a site that allows users to create bulletin boards where they can collect and share things that they like on the internet, is quickly becoming the new social media darling. Users can also follow “collections” made by others. It basically seems like a mixture of Twitter, Instagram, and virtual scrapbooking rolled into one.
Lauren Indvik’s blog post about Pinterest becoming a top traffic driver for retailers raises several interesting points. Women comprise 58 percent of Pinterest traffic so it makes sense that it would serve as a key traffic driver for retailers, because many women love to shop. The question that I am most interested in is, how many women have purchased something based on an image seen on Pinterest?
I can proudly say that I have never purchased something based on an image I’ve seen on Pinterest, but that could simply be because I don’t have an account. On the other hand, it seems like every young woman I know is a frequent user of the site, yet none of the ones I asked admitted to being compelled to buy something solely because they saw it on Pinterest. Were they being 100 percent honest? Debatable, but the fact that there are users of the site who have done such a thing demonstrates the influence social media has on business.
According to Indvik, even though Pinterest is a top trafficer for retail, there isn’t enough data at the moment to determine the conversion rate of the social media site. I’m willing to bet that significant data will surface in the near future, and I expect astonishing conversion rates. Social media is a staple in most of our lives, and Pinterest is the newest craze.
Our friends influence all to a certain extent, so it is only a matter of time until the insane amount of traffic that Pinterest generates for retailers transforms into large profits for everyone involved.