Monitor your wishlist
Pinterest continues to push into e-commerce with a new way to entice users to make purchases. This new addition comes in the form of price drop notifications. Announced last week, the handy new feature helps Pinterest users monitor price drops on Buyable Pins they’ve saved by sending users a notification whenever the price drops. Pinterest said there are more than 1 million price drops daily.
If you’ve saved a Buyable Pin, you’ll be notified if the product has dropped in price. Depending on your settings preferences, notifications will be served via the mobile app and/or email. From there, you can go directly to that pin and make the purchase.
The waiting game
According to Pinterest product marketing manager Sarah Shere, price drop notifications were added because when users are shopping, they often wait for the price to drop to the point right before they finally make a purchase.
“I don’t think it’s a unique psychology to Pinterest, but we tried to build a shopping experience that worked for that customer experience — discovering a product, waiting for the right moment, and then completing the purchase in a seamless way,” said Shere. “In this case one of those right moments is waiting for the price to drop.”
Buying products in-site
Launched earlier this year, Buyable Pins make it easier for users to buy products in the Pintrest app. The tool lets retailers add a “buy” button to pins, enabling users to buy products straight through Pinterest. Any products with a blue “Buy It” button and price tag can be purchased. Purchases can be made from anywhere on the app, such as boards and through search.
Rollout of the new feature comes on the heels of Pintrest celebrating a key milestone with 1 million businesses now setting up shop on the site. With current brands such as Nordstrom, Neiman Marcus and Kate Spade selling goods through the site, businesses launching Buyable Pins are in good company. And the addition of price drop notifications helps get users to come back to Pinterest over and over, which gives more opportunity to better monetize its user base.