Pinterest’s reach isn’t huge compared to plenty of other social platforms, but its impact on e-commerce is outsized, accounting for 23% of global social-mediated e-commerce sales in the second quarter of 2013.
Pinterest’s recent valuation at $3.8 billion suggests that a huge amount of potential is seen in the way the social network could bridge pins with purchases.
And even Twitter, which many thought would never drive significant social commerce, is overperforming, with a 22% share.
While Facebook’s share of social commerce was higher than both Pinterest’s and Twitter’s in the second quarter of 2013, at 28%, the lead was slight and way under what its user numbers would suggest. Facebook has about five times as many active monthly users around the world as Pinterest and more than twice as many as Twitter.
As recently as last year, Pinterest accounted for just 2% of social commerce, while Facebook dominated with a whopping 55% of social e-commerce sales. Pinterest’s rapid emergence as an important social commerce platform is reflective of its visual and product focus, which makes it a natural partner for e-commerce.
In the grand scheme of things, social still represents a small source of direct e-commerce traffic. However, we know that social does play a very important role in multi-touch attribution, as 74% of consumers rely on social networks to guide their purchases, according to Gartner.
Facebook may be phasing out physical goods it allows users to purchase via its Gifts service because of poor sales performance, but its ad retargeting platform (FBX) now accounts for more than half of all retargeted ad clicks on the Web. So Facebook clicks are clearly working for some e-retailers.
Twitter, on the other hand, recently hired its first head of commerce to figure out a way to let users shop via Tweets.
by COOPER SMITH