Pinterest, the social media scrapbook where users can ‘pin’ images and articles from websites has announced the release of several new analytics features of interest to eCommerce site owners.
Pinterest has established a reputation as a excellent source of traffic and exposure for eCommerce sites. Figures show Pinterest both drives more traffic and has a significantly higher conversion rate than other social networks like Facebook and Twitter. In an attempt to begin monetizing its services — it currently has no revenue, in spite of being valued at $2.5 billion on the basis of recent investments — the social network has created Pinterest Web Analytics so that sites can see exactly how beneficial to them a Pinterest presence is.
The free analytics services will allow site owners to see how much traffic is driven to a site from Pinterest, how many users have pinned items, and how many views each pin has.
Cat Lee, Pinterest product manager said that, "The goal is really to help websites understand what content is resonating with people on Pinterest,"
Other social networks, including Facebook, already offer analytics services. Quantifying the benefits of social networking and product promotion is the first step in a plan to begin generating revenue. While the analytics service is free to use, it provides data that can later be used to target potential paid services like promoted or sponsored pins, much as Facebook and Twitter do already.
Pinterest has carved out a niche for itself as the premiere location for eCommerce social sharing. Its — much copied — layout lends itself very well to the display of product images and information. In a recent survey, 66% of regular users reported that they used Pinterest to follow and share retail items, compared to only 17% of Facebook users.
According to the Nielsen 2012 Social Media Report, Pinterest saw a growth rate in their number of unique visitors of 1,047%, which far outstrips it’s nearest rival for growth, Google+, which increased by only 80%. In January, Pinterest was the 38th most visited site on the Web and the third most popular social network. Pinterest’s demographics, which are dominated by women between the ages of 25 and 49, are particularly well suited for targeting by eCommerce stores.
Many large brands are taking advantage of Pinterest’s effectiveness at driving eCommerce traffic, including Whole Foods, Patagonia, and The Gap.
The company already has a set of features it offers to businesses, which include case studies, guidance and site verification. Magento users can take advantage of Pinterest by adding the ‘Pin It’ button to their product pages and signing up for a Pinterest For Business account.
Photo by shardsofblue, flickr.