Dec 1, 2013

Capitalizing on Pinterest Rich Pins price notifications

Most online retailers know about Pinterest, and have made sure to add a "Pin It" button to their site, blog posts, and product pages. They know that Pinterest can drive traffic to their site, keeping their products on the Boards of the pinner, while also enabling lots of social sharing.

But what's not mentioned nearly enough is how good this traffic could be for online retailers who are willing to do a bit of research, and able to give a small (10%) discount for a product for a limited time to drive traffic.

In May 2013 Pinterest added some functionality (which was later to become Rich Pins) to a number of leading websites. This functionality enabled (for this purpose) "Product pins for things like clothes and furniture with pricing, availability, and where to buy (updated every day!)"

Then, in August 2013 Pinterest added notification emails of price drops on products that you had pinned.

Then in October 2013 Pinterest made Rich Pins available to everyone.

These Rich Pins make it possible for all e-tailers to add the meta tags and validation necessary to generate a richer pin experience that for e-commerce sites includes pricing, a buy link, and more.

So what generates a price notification?

This is an important question in our opinion, as it can have huge ramifications. How huge? Take a look at the image here of recent pins from Pinch Good's e-commerce site. Notice clusters of one product being pinned over and over again? If you are an e-commerce site manager and see a large cluster, you might want to wait a few days, and then change the product price (via a sale perhaps? no coupon code!) the threshold amount and all of the people that have pinned that product will get a notification like the one shown at the beginning of this article.

How much does the price need to drop? That question had us searching... and what we found amazed us: "if we detect a price change of more than 10% on product pins, we'll automatically send out a notification to people with this Pin that lets them know the price has dropped."

Lower your price 10% on a product and all of the people that have pinned a product from your site will get notified of that price change.

In our opinion we believe this can be huge. How big?

If you look at this second rich pin example, this one pin (not one product, but one pin of a product by one Pinterest user) as repinned 233 times. Just like other networks such as Google+, each repin can and most likely is also repinned by that person's followers. The network effect of this could be extremely large, perhaps resulting in an additional 1,000 2nd degree pins, 4,000 3rd degree pins, etc. (233 -> 1,000 -> 4,000 as an example). So one pin from one pinner turned into over 5,000 pins of your product.

And because this original pin was a Rich Pin, 5,000 people will be notified (from this one pin!) when you drop that price. Rather than discounting your product 20%, sending out a mailing to your subscribers (costs money), and promoting it on Facebook (also costs money), this -10% sale price will go out to people that perhaps haven't followed you or subscribed to you, and will also result in them getting an email direct to their inbox.


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