By Sharad, On November 22nd, 2013. In Industry Insights.
The virality and the value of a pin is growing rapidly. Pinning is becoming a verb in our lives while Pinterest matures as a social commerce platform with more brands implementing Pin-It buttons on their sites and more pins leading to product pages where consumers can buy products. Pinterest’s mobile user base grew by 50% this year with 75% of the usage happening on mobile (according to AllThingsD).
Pinterest, we believe, is leading the convergence of mobile and visual networks. While there have been numerous surveys about Pinterest’s potential in e-commerce, Piqora has just finished the first scientific research to quantify the economic value of a pin. We analyzed 100s of brands on Pinterest between February 1-October 31, 2013.
Key findings from Piqora Research –
On average a Pin generates 78 cents in sales – this is up by 25% from Q4 2012
On average a Pin drives 2 site visits and 6 pageviews
50 percent of visits happen after 3.5 months of first Pinning – Pins get discovered long after they’re born and continue driving visits to sites. This is because discovery on Pinterest today is Feed Driven for fresh pins and is Search/Navigation driven for older pins. Other social networks like facebook and twitter are primarily feed driven with little or no browsing behavior. Also Pinterest Board pages can rank on Google long after the original posts.
50 percent of orders happen after 2.5 months of pinning. When a product is on Pinterest – it signals that the product is worth buying. That creates a strong latent demand for products. Popular pins continue to get discovered via search and navigation.
On average, a Pinterest Pin generates more than 10 Repins – Pins are 100x more viral than tweets, which on average only get retweeted 1.4 percent.
There’s an 82 percent jump in Repin/Pin Ratio for some brands with Rich Pin integration. Rich Pins may increase a brand’s reach on Pinterest.
- Orders from Pinterest spike on Mondays – but in general are uniform through out the week. That could be due to users discovering a lot of products on the weekend and buying them on mondays after more research and consulting with their spouses.
For a more detailed copy of the report, email us at email@example.com. Stay tuned for a full holiday report slated to come out in Q1, 2014.