According to a recent report from Piqora, a marketing and analytics solution provider, Pinterest referral traffic drove a 67-percent increase in e-commerce revenue between January and June of this year. This data was pulled from more than 400 Piqora clients and grouped into categories, which include home decor, apparel, and retail. The report also notes increases in the average value of e-commerce orders and conversion rates by 8.3 percent and 4 percent, respectively.
Facebook and Pinterest are leaders when it comes to producing referrals for marketers. Facebook accounted for 23.4 percent of overall traffic to publishers in June 2014, according to data released by Shareaholic. Pinterest came behind with 5.7 percent, the second highest of all social networks and 2.3 percentage points more than it had at the same time last year.
With 40 million users and more than 30 billion pins, Pinterest now drives more traffic to publishers than Reddit, Twitter, and LinkedIn combined.
It’s a huge callout for marketers looking to beef up their social content strategies this year. Although there’s been some level of underestimation regarding Pinterest’s return on investment (ROI)—particularly when compared to Facebook—in the past, the social network has been increasing its efforts to become more appealing to brands. From tapping the expertise of John Yi (who previously headed Facebook’s marketing developer program) to formally launching its ads and opening a “Business Insights” application programming interface (API) to allow companies like Piqora to more effectively measure content performance, what we’re seeing is the development of a new, burgeoning social network.
“Brands are looking for real ROI from their marketing efforts, and Pinterest delivers just that,” says Piqora CEO Sharad Verma in the report. “Not only are marketers achieving a tremendous branding footprint via pins and repins, but they are also able to drive traffic with purchase intent.”
Pinterest growth and developments aren’t just on the brand marketing side, either. Last month, the Content Standard reported that a new Pinterest update allows users to follow topic categories in addition to individual pinners. Not only does the change provide brands with an easier way to distribute valuable content, but it allows users to access content that they would have never seen otherwise. And as long as it’s relevant and adds value, that includes branded content.
In fact, a study conducted by Ahalogy and AcuPOLL Precision Research, Inc., found that active Pinterest users are early adopters and are open to branded Pinterest content. Eighty percent of active users would prefer to follow their favorite brands rather than their favorite celebrities. Couple that with the recent $5-million valuation and it’s clear that the social network is looking to transform online scrapbooking from its current role as a hobby to an effective way to guide users’ purchase decisions.
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