March 10, 2012 § Leave a comment
Pinterest may have some competition. Fancy is a new social media platform very similar to Pinterest. The difference is, Fancy is geared towards ecommerce. It’s like a Pinterest wish list. It’s less about inspirational quotes and creative pictures and more about the place you want to travel or the sundress you saw in Vogue and want to buy.
The ecommerce site is a great tool for merchants and retailers. After you “fancy” (“fancying” something is the equivalent idea as “pinning” something) the retailer can see that it was “fancied” and contact you to give you a special deal. According to Stylelist Home, Fancy has been described as “Groupon in reverse.”
It currently has 250,000 users, which is not much compared to Pinterests’ 10 million users. However, it has only been out for a few months, and with endorsements from celebrities like Kanye West and P. Diddy, I don’t think it will be much longer before the social media site really takes off.
In contrast to Pinterest, 60% of Fancy’s users are men; Pinterest’s user-base is comprised primary of women. That doesn’t mean the dynamic won’t change in the near future when the site becomes more popular. More women tend to use social media when compared to men, and shop online more than men, so we’ll have to see if men continue to hold the majority of users for Fancy
It will be interesting to see if the social media site will succeed or if it will flop. I think this might be the new big thing. What do you think? Check it out for yourself and let me know.
February 10, 2012 § Leave a comment
For those who haven’t heard about Pinterest, it’s a bookmarking site that allows its users to bookmark links and images that they find interesting. Once you bookmark or “pin” an image, it’s then placed on a virtual bulletin board of your choice. Although the social networking site is about 2 years old, its popularity has increased dramatically in the last few months. According to Compete, between Sept 2011 and Dec 2011, Pinterest had a 429% increase in new members. And who is taking advantage of this? Businesses, of course.
As people “pin” that cute dress at Macy’s or the new necklace at Tiffany’s, those retailers are attracting more traffic to their sites. Between July and December, “same-store referral traffic from Pininterst to five specialty apparel retailers rose 389%.” Although it is definitely driving more traffic to retail sites, it still falls below referral numbers for facebook, YouTube, Twitter and Yahoo; search engines still bring the most traffic to retail sites.
Although Pininterest is driving traffic to many sites like Nordstroms, West Elm and ModCloth, that doesn’t mean the site will work well for all businesses. You never want to jump into a social media site without a strategy, and if you need help creating one please refer to my previous post, What is a Social Media Strategy, Anyway, for some step by step tips.