Brands now have about 76 million reasons to get their social media houses in order.
Millennials - those born from around 1980 to 2000 - are making social commerce a reality, according to a new report from the University of Massachusetts Dartmouth.
The study looked at the social habits of Gen Y and Facebook, Twitter and Pinterest, as they relate to brands and buying. One big find might not actually come as news to some savvy e-commerce marketers: Pinterest is a retail gold mine.
While Facebook is where millennials go to interact with brands online (62% of millennials surveyed said they like at least one brand on Facebook), Pinterest has the highest relative sales conversion rate. 47% of millennials surveyed said that they purchased something online after pinning it.
Pinterest even tops Facebook and Twitter in terms of money spent: the average order value on Pinterest led all social referrals at $150.
This is consistent with a recent survey from Javelin Strategy & Research, which included all age ranges, that showed Pinterest leading with an order value of $123.50, about 126% more than Facebook. A social commerce study last year, again among all age ranges, also showed Pinterest users spending more, at $80.54.
You can check out last week's episode on the value of Facebook advertising right here.
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