Pinterest recently raised $200 million dollars to their 2.5 billion dollar net worth. But if the company seriously starts to monetize what marketers like Sephora are finding in the social shopping platform, two and a half billion dollars is too cheap.
Beauty products retailer and digital trailblazer Sephora says that per-capita, its Pinterest followers spend more money than its Facebook followers, and not just a little bit more. In fact, Pinterest users spend 15 times more on Sephora products than Facebook followers, according to Sephora’s head of digital Julie Bornstein.
“The reality is that when you’re in the Pinterest mindset, you’re actually interested in acquiring items, which is not what people go to Facebook for,” Bornstein said. “Facebook continues to be just a great customer interaction tool that gives us the real-time ability to dialog with our customer; it’s a big customer-service venue for us.”
Sephora jumped on Pinterest hard, mostly because its largely-female marketing team were enthusiastic early adopters. When the company re-launched its website in April last year, it was one of the first retailers to integrate the ‘Pin It’ button sitewide. Individual users share their lists of what Sephora products they love and why — rather than just a putting together a list of fashion products, they can use Pinterest to tell a visual story about why a certain eyeshadow is so great and seek to inspire others. And a dedicated resource on the Sephora digital team helps Sephora staff craft Pinterest strategies.
Sephora’s following on Facebook is still huge and significant, at 4.7 million fans. And it’s a critical early-warning system for the company. “We hear instantly” about what people love and don’t love, Bornstein says, and Sephora clients connect with each other on the platform, giving each other fashion and beauty tips and advice.
If Pinterest and Facebook were left to fight to the death, Pinterest would be currently unmatched. “E-commerce really is still in the first innings of really leveraging the power of social,” Bornstein says. “But we’ve experimented a lot with social shopping, and this is the first one that has really gotten to scale.”
More and more companies are channeling ways to get their products into the niche of Pinterest for that extra boost in sales. Pinterest is truly rising in eCommerce.
If you like to see how the Annex Cloud Pin It to Win It tool helps retailers drive new traffic that converts quickly you can check it out here.