The process of finding, selecting and purchasing a product continues to evolve. For the one or two regular readers of this blog (thanks Dad!), this should not be a new idea. What is new are the different technologies that lead this purchase evolution.
Because we live in the age that birthed Facebook and Twitter, it is easy to be skeptical when people talk about the "next big thing". And while VC's spend their days trying to find and fund the next, technology ultimately has its future determined by consumers wielding the power to select which of the many new innovations available will become adopted.
Pinterest is emerging as one such technology.
On the surface, it is a pretty simple concept - this technology lets consumers create online boards, allowing the curation and sharing of different "pinned" inspirations, passions and products across the interwebs. What makes Pinterest a relevant technology for marketers and shopper marketers specifically is its ability to connect pinned interests to a purchase. According to a recent article, 21% of Pinterest account holders have made a purchase after seeing a product pictured on the site.
That is a pretty staggering fact - 1 in 5 users have purchased a product based on seeing it pinned somewhere by someone. This is the kind of organic word of mouth and authentic influence that is starting to build bottom lines. Forget point of sale, Pinterest is monitizing the point of interest.
What does all this mean? A couple quick thoughts:
1. All technology is becoming shopper technology. The power is found in its ability to connect, inform and influence -- and like Pinterest, ultimately lead to a purchase (or Pinterest purchase, a pinchase?!)
2. Shopper behavior continues to move upstream. The most pinned items on Pinterest? 70% cite recipes and cooking. The impact of this will be felt downstream at your local grocery store.
3. Be authentic in your engagement. Brands are still figuring out how best to use Pinterest. What Pinterest forces brands to do is find their voice and curate the world based on values, perspective, or a point of view. If you don't have any of these established for your brand, start with your brand essence before you add in technology.
Whether path of purchase or pin to purchase, your consumer continues to evolve their approach to purchase. How are you evolving your approach to understand and connect? We can help.