Imagine the visual aesthetic of social bookmarking site Delicious, mixed with the sociability of Facebook and Twitter, with a bit of Google+ organizational sophistication for good measure, and you’ll have the web’s best up and coming social media network. Already at number three, can Pinterest make a dent in Twitter’s marketshare? Here’s a few reasons why that answer is a resounding YES.
Visual Appeal and Ease of Use
When you log in to Pinterest for the first time, you’re immediately reminded of the cork pin-boards of the local pool or the quad at the local college. The whole set up is intuitive and immediately socially interactive.
Adding a new link is as simple as clicking “Add Pin” and within moments the Pin finds and adds a relevant image for your link and makes it the centerpiece. Images naturally attract the eye, and the clicks and there is a wide variety of topics listed on the site.
Despite recent updates, Twitter is still very text heavy and is a flowing torrent of quickly moving information. Pinterest is designed to be browsed at leisure and has appeals to someone looking for a more laid back, stress free browsing experience.
In the past six months Pinterest growth has been exploding, increasing 40 fold to almost eleven million users and is growing faster than any other website in history. And consider this: Pinterest has a waiting list for new users! After signing up there is a delay of a few days to a week before one is allowed to log in and start using the service.
In this way, Pinterest is able to control and monitor growth. The exclusivity also has the side effect of generating even more interest as new users hear about and would like to join this brand new – “exclusive” network.
When it comes down to it, the main factor responsible for Pinterest’s continued growth comes down to money. And Pinterest generates more revenue than both Twitter and Facebook. 17.4% of social media e-Commerce transactions was driven by Pinterest last quarter, up from just 1.2% a little over a year ago. That kind of revenue generation in such a short time is almost unheard of, and is projected to climb to 40% by the close of 2012. This revenue is estimated to be mostly non-credit transactions, and may even lower the average US credit card debt per family.
With it’s easy on the eye looks and it’s extremely user friendly interface, Pinterest attracts even the most burnt out social media networker. They’re users are mostly women in the highly desirable 25-34 age demographic, and help drive sales of products across multiple retail categories. This kind of buying force is a first in the history of the web, and is only expected to increase over the next three years. Taken in total, this almost certainly spells out the toppling of Twitter as it’s usurped by the newcomer Pinterest.