To do that, Pinterest is positioning itself as a more conscientious, caring and kinder platform that’s not about amassing social capital in the form of likes or follows. Earlier this year, it even launched a “compassionate search” so that if you search for things like “stress quotes” or “work anxiety,” you’re then prompted to explore resources or coping exercises meant to help you feel better.
Given our collective social anxieties about so much, from the threat of climate change to tremendous political upheaval, having a platform like Pinterest that makes us feel better makes a ton of sense. Pinterest has built the foundation for a utopian platform for “inspiration,” but now it’s going to have to figure out how to make sure more and more people visit more and more often, especially when #inspiration is found in spades on Instagram too.
Pinterest’s view of inspiration isn’t just about aspiration. Instead, it sees itself as a true “productivity tool” that can help you decorate your home, find the next best recipe for your office potluck, figure out what trip to book next, or maybe even indulge in some self-care. At the same time, to keep the lights on, Pinterest also knows it needs to sell you things.
At a press event in New York City looking at some of Pinterest’s top 100 emerging trends on the platform, Vikram Bhaskaran, Pinterest’s global head of vertical strategy and marketing, told me that working with advertisers is very much top of mind for the company, too. Pinterest is investing in “visual discovery optimization” that helps brands better understand how to be discovered, not just via keywords, but by visuals and it’s investing in creators, too.
While Pinterest’s third-quarter results missed estimates and shares are now trading at an all-time low — even lower than its $19 IPO price –there are signs that Pinterest is gaining some market share: Its ads sales growth grew 47% in the third quarter from the same period last year. Facebook saw 28% ad sales growth in Q3 and Google saw 17%.
So far, Pinterest’s kindness campaign seems to be working. At that same event, one attendee likened Pinterest to “the Disney World of platforms. It’s a place that just makes you happy.”
Pinterest to give special attention to ‘trustworthy’ retailers
Pinterest is launching a verified merchant program it says will help users “discover and buy from trustworthy brands.” Retailers that are accepted into the program will have their products eligible for distribution within dedicated Pinterest shopping features such as Shop the Look pins or related product carousels.
Verified merchants will get “Verified” badges on their profile and product pins. Their product pins will also show product availability and pricing info. Other front-end benefits will include a special shop tab on their profile that makes it easier for users to see what they sell.
On the back end, verified merchants will receive early access to our the Pinterest insights tool, which helps measure the total sales impact of paid and organic pins.
According to Pinterest, 97% of the top searches on the social media platform are non-branded and 83% of Pinterest users have made a purchase based on content from brands on the site.
Pinterest is rolling out its verified merchant program as part of a broader push to become a full-fledged e-commerce site. In July 2019, the visually-oriented social network began offering personalized shopping hubs at the top of users’ home feeds, as well as an updated shopping section allowing users to browse entire product catalogs and click directly to the checkout page on the retailer’s site if they would like to purchase a pinned item.
In March 2019, Pinterest rolled out “Shop a brand,” a new dedicated section from retailers beneath product pins. Pinterest is also now offering personalized shopping recommendations alongside style, home, beauty, and DIY boards.
Pinterest now has 335 million active users, crosses $1 billion in revenue for 2019
There have been social media platforms that are much-talked about while there are other platforms which go under the radar quite a lot. Most of the times, we have a perception that the platforms that are not in the news might be struggling or the user engagement might not be great there. However, we see reports afterwards regarding those platforms which open our eyes regarding the popularity they possess. One such platform, and the best example we can take of an underrated platform, is Pinterest.
If you have never heard of Pinterest which is quite possible, it is similar to Instagram in a way that it is also an image-sharing platform. On Pinterest, people share images and even add links to sources of those webpages. People can then interact with the media shared on interact and even go to the source and become aware of other websites. There was also an interesting story regarding Pinterest where a leaked document revealed some ambitious targets from the platform.
As per that document, Pinterest expected to have monthly active users to 329 million by 2018. However, the more ambitious part was its revenue target where it was expecting $2.8B by the end of 2018. Now, we have Pinterest’s figures for 2019 and the ambitious targets from Pinterest have been achieved in one department, monthly active users. Yes, Pinterest has just revealed that the platform serves 335 million monthly active users which is what it planned to achieve by 2018.
However, the revenue for them is still quite far but they have still crossed $1 billion in revenue last year. It is worth noting that Pinterest saw a growth of 26% in monthly active users year-on-year and there is no particular reason as to why that happened. Pinterest is a platform popular in European countries such as UK, Germany, France and Italy and it is also similarly popular in the US.
Pinterest Publishes New Update on Employee Diversity and its Impacts on Product Decisions
Pinterest has this week released a new update on its efforts to employ a more diverse and inclusive range of people within its organization, and the impacts that those efforts have had on its product decisions.
As explained by Pinterest:
“It’s hard to feel inspired when you don’t feel represented – online or in your workplace – and research shows that diverse teams make us more creative, diligent and hard-working. When we are building products, a team of people with different backgrounds enables us to think through products, policies, and safety from all angles (for instance, how products could be abused or how they could unintentionally impact a community).”
Pinterest has set a range of targets on staff diversity, and it says that, for the most part, it’s now meeting those aims:
- We wanted to increase hiring rates for full-time women engineers to 25% and surpassed it with a new high of 27%
- We wanted to increase hiring rates to 8% underrepresented* minority engineers and exceeded it at 9%
- We wanted to increase hiring rates for underrepresented minority employees across the company (business and product) to 12% and exceeded it at 14%
This increased focus on diversity has lead to some significant, inclusive product developments, including improved user wellbeing policies, the creation of a gender transition guide for organizations, and the implementation of a ‘skin tone’ search qualifier to hone in on more relevant search results.
In a more progressive, inclusive online world, Pinterest is looking to lead the way in showing how expanding your employee perspective can lead to a more beneficial, supportive and welcoming situation – both for the employees themselves and for those utilizing your services. The outcomes listed here highlight exactly what that looks like in practice, and as the world becomes even more connected, such initiatives will only increase in relevance.
You can read Pinterest’s full ‘Diversity Report 2020’ update here.