Online shopping is here to stay, COVID-19 has seen to that. And Pinterest is perfectly positioned to sell recipe ingredients to its significant and highly engaged consumers!
If you aren’t thinking about how to rebuild your business strategy to adapt to this new consumer capability, you should be! But if you’re not sure where to start, we can help.
In this channel exploration, we’ll share consumer and market intelligence around:
- Pinterest’s latest ecommerce offering and why other social sites -and ecommerce contenders, need to worry
- Social media truly becoming a one stop shop for consumers
- How social channels are faring with sales when compared against ecommerce giants like Amazon, Walmart, Alibaba and others
To give you a sneak peek, online shopping has skyrocketed since the pandemic began.
We uncovered key insight to inform your brand’s journey in the coming months, including:
- 49% of U.S adults have purchased groceries online because of COVID-19
- 52% of Pinterest users use the platform to expand their knowledge of food and beverage
- 48% of Pinterest users use the platform to shop products
- 55% of online shoppers made a purchase via social media
And here’s what you need to know to implement these findings into your business strategy.
Pinterest’s Demographic Will Eat Up Recipe Shopping
There are currently over 335 million users on the Pinterest platform. Known as a visual discovery tool, the social channel was created with the intention of users sharing ideas and inspiration on various interests from home décor to party planning.
Of the 335+ million users, approximately 52% use the platform to develop their knowledge of food and beverages. And 48% of users use it to shop and find products. And knowing that online grocery sales are expected to surge 40% in 2020, deploying shoppable Pinterest ads should be part of your marketing strategy.
Up until the middle of last year, when users came across a recipe they wanted to try, they’d have to pin it and then go shop for ingredients, often referencing back to the pin for their shopping list. Last June, Pinterest began rolling out new technology that enable users to purchase groceries directly from Pinterest at the click (or two) of a button.
Pinterest Purchases at Push of a Button
It works like this:
- Browse pins
- Click an image you like, pin it if you wish
- Click again to order all the items necessary to recreate the dish
The shoppable ads will take you to an outside website where you can order the ingredients from a selection of retailers.
It’s hard to imagine that a feature like this hasn’t been available until the middle of last year, especially since the platform has been around since 2010. It should have been available all along.
Unfortunately, there have been many missed opportunities on Pinterest’s part, from one-click shopping that goes beyond recipes. Things like party décor, outfits and home décor.
It will be interesting to see how this takes off and expands into other areas beyond recipes in the months, or years, to come.
It’s wise to keep an eye on online shopping numbers amidst COVID-19 as well. While 49% of U.S adults who purchased online groceries in the past 12 months have done so because of the pandemic. It’s expected that those numbers will rise as people continue to follow “safer at home” orders. And over the last 90 days, traffic on Pinterest has been seeing record breaking numbers.
So, what does this mean for retailers on Pinterest and beyond? Let’s take a look.
Social Media as Consumers’ One-stop Shop
Social media has become the one stop shop for seemingly anything you could need online. From connecting with friends to reading news articles, to joining groups to connect with likeminded people. And now, shopping. Do consumers ever need to leave?
In 2018, 55% of online shoppers made an online purchase through a social media platform, and those numbers continue to climb. For example, on Facebook and Instagram, there are seemingly endless ways for marketers to reach their consumers.
From raising general awareness to driving people to make purchases, Facebook is a great way to push out content with the right messaging at the right time.
And on Pinterest, brands can use the conversions feature to generate sales using the new option that was rolled out last year.
But how do consumers feel about this? They’re talking about each quite a bit, especially about Instagram and Facebook. And we can expect to see Pinterest conversation numbers increase as this new feature is better understood. The Pinterest Passion is evident:
Now that we understand how social commerce is shifting and how consumers feel about it, how do eCommerce chains stack against this?
Social Channels vs eCommerce
The ecommerce purchase path can be long and complex. To make a sale, your focus should be on making it as easy as possible for the consumer. Difficult purchase experiences often lead to cart abandonment.
Many people take to social media to make purchases because well, it’s a one stop convenience shop. They can explore the product, chat with a customer service rep and read reviews, all in one place.
We believe the smartest thing to do here for big brand retailers would be to partner up with social media to make sales. Use the tools that are readily available. Amazon has begun doing this by implementing one click shopping with their “buy now” button. Walmart has a great opportunity to create multiple touch points with social media ads in tandem with their self-serve ad platform.
At the end of the day, it’s all about keeping an eye on your competitors and making sure you are one step ahead.
And we can help with that! If you’re ready to start monitoring your competitors or learn how next generation artificial intelligence tools can help you with your business strategy, reach out for a demo and let’s get started.