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How Pinterest has affected Retail

How Pinterest has affected Retail. How. By Cjay and E- Smizzle. Has Affected Retail By Cody Jordan and Emma Smith. About Pinterest. Pinterest is a visual discovery tool that people use to collect ideas for their different projects and interests.

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How Pinterest has affected Retail

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  1. How Pinterest has affected Retail How By Cjay and E-Smizzle Has Affected Retail By Cody Jordan and Emma Smith

  2. About Pinterest • Pinterest is a visual discovery tool that people use to collect ideas for their different projects and interests. • People create and share collections (boards) of visual bookmarks (Pins) • Allows users to plan trips and projects, organize events, save articles and recipes. • Mission Statement: “Our mission is not to keep you online, it’s to get you offline. Pinterest should inspire you to go out and do the things you love.

  3. Pinteristory • Developed in December 2009 • Launched in March 2010, only founders could use it • Closed beta: Potential users needed an invite to join • 9 months after launch, site had 10,000 users • In 2011, Time listed Pinterest as one of the 50 best websites of the year • In 2012, Pinterest opened website up for anybody to join • iPhone app launched in 2013 • In December 2011, became one of Top 10 largest social media services, with 11,000,000 total visits per week • In 2013, company was valued at $3.8 billion

  4. Founders • Created by Ben Silbermann, Paul Sciarra, Evan Sharp. • Prior to Pinterest, Silbermann worked at Google. • Silbermann and Sciarra met each other at Yale, where they began designing iPhone apps together • After initial app “Tote” failed to gain traction, they teamed up with Evan Sharp • Evan Sharp created layout of pins

  5. How Pinterest works • Pinners range from the everyday person to CEOs • Women compose around 3/4 of Pinterest users • 50% have kids • Largest age demographic is 24-35 year olds • People find pictures by searching categories or by looking at what their friends/followers have pinned • Users can repin others posts to their own board for others to see • By pinning a picture to your board, everyone who follows you can see it. • Different categories of boards • Allows people to see a wide variety of pictures

  6. Great for retailers • Not originally intended for retail • Meant as an online playground • Focuses on discovery • Great way to spread… • Product/Brand Awareness • Brand Equity • Customer Retention • Ultimately, users should focus on it’s e-commerce & sales potential • Allows users to be social while keeping some privacy • Compared to Facebook or Twitter • Pinterest allows businesses to sign up an account • http://business.pinterest.com/en/success-stories/nordstrom

  7. Effect on Retail • By 2012, ¼ of Pinterest users had purchased an item after discovering it on Pinterest • 1/3 of people under age 35 did this • Pinterest helps spark purchasing decision • Showcasing as much info about products as possible. • Among online shoppers using Pinterest, 70% say they use it to get inspiration on what to buy • Compared to 17% of Facebook users • 75% of use occurs on mobile • Increasing use of Mcommerce • NEW: Promoted pins—top brands are using Pinterest to advertise • Company can have “promoted posts” show up in users category feeds • Ex) Banana Republic, Gap, Old Navy, Target, Walt Disney Parks and Resorts, etc.

  8. Strengths & Opportunities • Pinterest can spark imagination, inspiration, word of mouth and potentially purchases • Great way to share products with friends • Compare products • Channel surfing • Great for small businesses • Benefits: Increased traffic, insights, connections, inspiration, recruitment • Has potential to improve consumer experiences • Expanding the demographics

  9. Weaknesses & Threats • Pinterest is an online playground—it’s not a shopping marketplace • Doesn’t help retailers create meaningful engagement with local communities of consumers or drive shopping traffic into the local retail store • Not designed to track local sales, make shopping lists or interact with your friends about shopping in a meaningful way • Not designed to follow the customer throughout the shopping journey—discovery, decision and execution • Doesn’t fully appeal to male consumers yet

  10. Work Cited • http://business.pinterest.com/en/success-stories/nordstrom • https://blog.compete.com/2012/06/28/pinning-down-the-impact-of-pinterest/ • http://www.mediapost.com/publications/article/190872/pinterest-pinning-down-its-value-for-retail.html • http://www.emspace.ca/How-Pinterest-For-Business-Benefit-You • http://en.wikipedia.org/wiki/Pinterest • http://searchenginewatch.com/article/2344593/Top-Brands-Now-Testing-Pinterest-Promoted-Pins

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