Pinterest announced Monday that it is partnering with a dozen retailers and brands on a paid test to experiment with promoted pins.
The first retailers to participate in the program include Target (NYSE: TGT), Gap (NYSE: GPS), Banana Republic, Old Navy and Lululemon Athletica (NASDAQ: LULU). Originally announced in September, promoted pins will now begin to show up in Pinterest's search and category feeds.
"We're keeping the test small so that we can collect as much feedback as possible, but we're hoping to open it up to more businesses throughout the year," Joanne Bradford, head of partnerships at Pinterest, wrote in a blog post.
The first promoted pins will appear in users' search results and category feeds. Pinterest said it will do its best to ensure that promoted pins are tasteful and related to what users are interested in. It will also work to improve the promoted pins based on user feedback.
Pinterest has roughly 70 million registered users and attracted around 35 million monthly unique visitors last year, according to data from research firm eMarketer. With a substantial audience in place, Pinterest is asking advertisers for between $1 million and $2 million per campaign, reports Ad Age.
For retailers, Pinterest has become the leader in driving sales among social platforms. Unlike other social sharing services, Pinterest users, or pinners, use pins to save items they would like to buy. According to research by Piqora, a pin on Pinterest generates 78 cents in sales on average. A pin can drive both pageviews and orders several months after its original pinning — 50 percent of visits happen 2.5 months after pinning. Additionally, pinners on average spend twice the amount that a shopper referred from Facebook would spend.
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