By Sharad, On December 4th, 2013. In Industry Insights.
- Traffic from Pinterest remained unchanged on Cyber Monday, Black Friday and the Thanksgiving weekend. This is not surprising as people were in buying mode not in discovery mode.
- Revenue from Pinterest however was up by 2x over the Thanksgiving weekend and on Black Friday, and up by 3.6x on Cyber Monday (as compared to a 30-day average preceding Thanksgiving). This is very telling about the power of Pinterest in driving e-commerce transactions.
- Top tags and images on Pinterest were related to people pinning and buying boots and coats.
On Cyber Monday, people were more in ‘buying’ mode and less in ‘collecting or discovery’ mode. Pinterest is a discovery network — hence the overall clicks on pins and outbound traffic didn’t see any meaningful jump. But the shopping intent of those clicks was really high due to the Cyber Monday effect. And that resulted in 3.6x higher revenue from those visits on Cyber Monday (and 2x on Black Friday and over the Thanksgiving weekend).
This proves that people aren’t just pinning for the sake of pinning. They are pinning to buy and they are going to Pinterest to look for products to buy. Pinners pin before they buy and they click on their past pins when they are ready to buy them. A bulk of those purchases (from self pins) happen between the 2nd day – 4 weeks of pinning.
Retailers who had optimized their website for pinning before and during the month of November had their catalog on Pinner’s boards waiting to be bought. Both pinning actively as well as optimizing the website for pinning contributes towards higher share of a retailer’s catalog on Pinterest. The higher the share of pins, the more clicks and ultimately, more revenue. Read more about Pinterest’s viral loop here.
Retailers and brands who pinned actively in the weeks leading up to Cyber Monday would have seen the benefits. Pinterest pin’s have a very long half life of over 2.5 months. Brands should get active now to take full advantage of the holiday shopping season. Pinners pin before they buy! And right now revenue and traffic from Pinterest is essentially free.