Social Media site Pinterest has added a new feature – price alerts that will now let its members bookmark an item they want to buy and receive an email alert when the price goes down.
The new feature comes after Pinterest’s added the “pin price” feature which allowed merchants to add price tags and description to pins, allowing allows users to see the current price of their pinned items.
Pinterest users can set up alerts for products like home goods, clothing, and electronics. Users can activate price alerts simply by pinning items to one of their boards and they will be notified via email when the price has dropped. To avoid unintentional spamming, Pinterest says various prices will be consolidated into as few emails as possible. If the email frequency is still too high, the user can customize it in their settings.
Since rolling out the new “pin price” format to retailers in May of this year, Pinterest said that companies and their shoppers have placed tens of millions of product pins on the network that include the company’s logo, a brief description of the item, and the price.
Early results show that product pins have higher click-through rate than regular pins, Pinterest said. The new price drop alerts should help users take a step towards actually purchasing the items they see.
Pinterest has become the Internet community’s place for virtual window-shopping. Typically, users pin items that they hope to have but may never even buy at all. With the introduction of these new price drop features. Pinterest hopes to add value to the pins on their site to both retailers and consumers. Merchants can sign up through the developer site.