Pinterest announces new site tools and UK shopping
By Andrea Byrne
30 Sep 2020
Ahead of the Christmas season, Pinterest is adding new shopping tools and advertisers to its platform, and UK users will now be able to shop on its site.
The platform is launching ads alongside visual search engines, more places to shop, and new conversion insights which advertisers can benefit from seeing the impact of both their paid and organic Pinterest content.
As part of the site’s new tools, Pinterest is integrating advertisements into their platform so that shoppers can be delivered relevant content in the US and UK. This includes the Pinterest Lens, which unlocks the power of visual search by allowing users to find similar results to what they capture through the Pinterest camera and in their pins.
Retailers will be able to analyse the performance of their products, view top converted pins and in turn make their best performing pins into ads. As well, they will be able to track their activity funnel, and view how Pinterest audiences converted on the path to purchase.
Pinterest's potential future growth
The users who visited places to shop on Pinterest grew more than 50 percent in the first half of 2020. During the most recently measured period (Q2), Statista stated that Pinterest generated close to 272.5 million dollars in company revenues, slightly up from 271.9 million dollars in the preceding quarter.
Pinterest’s revenues could grow from 1.45 billion dollars in 2020 to almost 3.5 billion dollars by 2023, representing a growth rate of roughly 34 percent per year. The platform’s user base is growing, with its monthly active users rising by 39 percent, meaning the site has 416 million users over Q2 2020. This could be due to the Coronavirus pandemic as it potentially pushed more people online, according to Forbes.
Photo credit: Pinterest