As Pinterest moves toward more of a business-friendly model, new features and capabilities are being added. As of today, the content sharing website will start sending members emails when their pinned items drop in price.
Staying Up to Date
In May Pinterest introduced information pins, a feature that allowed users to post detailed information about an item, such as its availability, where to buy it and the price. While another user could repin this item and its details to their own account, there wasn't a way to tell if that item dropped in price – unless they went back and continually monitored this one pin. This has now changed with the site's price drop email notifications.
Users don't have to sign up or change anything to get these notifications as the service will be automatically generated, but the feature is being gradually rolled out to accounts. Users should start seeing emails some time over the next few weeks in the form of a summary email, instead of individual emails about each individual pin.
Users should also note that if they don't want to receive these emails they can opt out of the service by editing their account settings.
A Business Move or a Consumer Move?
On the surface it appears that this update will be primarily beneficial to consumers looking for updates and deals on their favorite products, but as the customer experience improves so does Pinterest’s stance as a resource for e-commerce and online businesses.
Pinterest is often used as a visual wishlist for goods that they hope to buy or own in the future,” wrote Nick Summers on The Next Web, "Price tracking is a simple way of tying the platform closer to an infinite number of e-commerce sites and also monetizing the service through product pins.”
As more businesses use the site, this will also eventually generate revenue for Pinterest, who up until recently had just been about content sharing, not making money. Although since Pinterest has become quite popular, with over 50 million members, the company has expanded its own business model.This expansion has included business accounts, analytics and website verification.
Many businesses said they are eager for more tools and services from Pinterest, since consumers who flock to the site tend to click through to e-commerce sites,” wrote Pui-Wing Tam and Spencer E. Ante. “Last Cyber Monday, for example, the number of referrals that came from Pinterest more than doubled from the year-ago period.
What impact this price notification and other features have on Pinterest’s business community remains to be seen. Although, it can be said that as with many social media sites Pinterest is making sure it has a B2C component that will improve its own revenue, the business experience and the customer experience.