- Pinterest Shop, a new profile designed to encourage shopping on the social media platform, was launched today in preparation for Small Business Saturday this weekend.
- Hundreds of product pins will be listed in the Pinterest Shop that link directly to 17 small businesses using the service.
- Company reps say participating retail brands saw double the return on ad spend with Pinterest versus traditional search.
A new shopping experience launched today on social media, as Pinterest revealed the Pinterest Shop. Aimed at helping the platform's users find unique products from small businesses, the Pinterest Shop features a curated list of small businesses.
Featuring hundreds of shoppable items dubbed "product pins," company representatives said the Pinterest Shop "highlights the creativity, craftsmanship and entrepreneurship of small businesses using Pinterest." From bespoke neckties at Art of the Gentleman in Orlando to lemongrass mint hand and body wash from Etta + Billie in San Francisco, the company hopes that users will find something they like in time for Small Business Saturday on Nov. 30 as they shop for the holidays.
Each board will feature roughly 20 hand-selected products that give users an idea of what that small business offers. To speed the shopping process, each pin goes directly to the associated small business's checkout page.
Sticking a pin in small business shopping
The initial 17 small businesses selected for the Pinterest Shop were chosen, according to company representatives, for products they sell that "you won't find at every other box store on the block." Pinterest said that any small business will eventually be able to apply for the service, though it didn't specify when that would be.
According to Pinterest, retail brands selling on the platform saw a two times higher return on ad spend and 1.3 times higher return versus traditional search.
To have your small business considered for the Pinterest Shop, the company is asking that entrepreneurs share how Pinterest helped them grow their business.
While getting onto the Pinterest Shop page could be a goal, small businesses can, in the meantime, still take advantage of the platform by signing up for a Pinterest business account where they can post relevant content before turning product pins into shopping ads. Business profiles can also be customized with a seasonal video or image that helps with holiday branding.
To learn more about how to successfully market your business on Pinterest, the company offers its Pinterest Academy, a free e-learning tool that explains how to design pins, "inspire visual discovery" and implement the platform's best practices. [Read related article: Pinterest for Business: Everything You Need to Know]
Shopping for a bounce back
This latest move comes less than a month after Pinterest's stock dropped 21% after the company reported lower-than-expected third-quarter earnings. The news came even though its stock prices were still higher from Pinterest's initial listing back in April. Still, last month's decline marked a nearly one-third drop from its highest point in August.
With Pinterest expecting a projected 2019 loss between $10 and $30 million, the company hopes its latest shopping venture can combat similar efforts at other social media platforms. Back in March, Instagram introduced "Checkout on Instagram," which allowed users to buy items directly from posts on Facebook's subsidiary. That move came as a problem for other outlets, since Instagram is popular with younger audiences.
Still, Pinterest says "8 [out] of 10 moms" are on the service, citing a Comscore study that suggested 80% of the website's total U.S. audience comprises women between the ages of 18 to 64 who have children.