While Facebook, Google and Snapchat vie for video ad sales and live broadcasting of events, Pinterest has quietly continued to innovate its product and advertising products toward moving consumers down the purchase funnel and into a transaction. New data from the annual Mary Meeker KPCB Internet Trends Report suggests that Pinterest is the social platform for shopping. As shown in the graphic below, 55% of people say they use Pinterest to shop, with the next highest being Facebook at 12%.
Other data continues to reinforce this story. A Millard-Brown study last year reported that 93% of pinners use it to plan purchases, and 87% have purchased a product after discovering it on Pinterest. Our own Ahalogy study last year showed that 64% of Pinterest users look up items they have pinned while at a brick and mortar store, up from 30% in 2014.
On the CPG brand side, the company announced a partnership with Oracle to measure in-store sales resulting from Pinterest campaigns. While specific brand results are a closely-held secret, the company shared that the combined results of several studies prove that Promoted Pins drive 5 times more in-store sales compared with the industry average.