Pinterest has 67 Mn users in India, with over 320 Mn monthly visitors globally
The influencer marketing industry is expected to be worth up to $15 Bn by 2022
In India, TikTok leads the chart with 466.8 Mn installs out of 1.5 Bn downloads worldwide
Pinterest has tied up with Gurugram-based influencer marketing startup One Impression to drive its brand presence in India. Through this partnership, One Impression will collaborate with content creators and influencers so that they can grow within the Pinterest ecosystem.
Apaksh Gupta told in an IANS report that the influencer ecosystem is growing rapidly, both in India and globally. One Impression believes that this collaboration with the US visual social media platform will give influencers and content creators the opportunity for broader exposure to brands, where they can co-create authentic campaigns, beyond short-form videos and other mainstream content.
According to the last available figures for Pinterest in the Indian market, it has 67 Mn users and more than 320 Mn monthly visitors globally. One Impression has over 12 Mn content creators and influencers in its network globally and has active campaigns with brands in over 10 countries. It works with over 140 enterprise customers and emerging startups across industry verticals, including PayTm, Bytedance, Pepsi, Absolut Vodka, Bombay Shaving Company, Keventers and MamaEarth among others, where the company help them drive influencer-led initiatives.
According to Business Insider Intelligence estimates, based on MediaKix data, the influencer marketing industry is expected to be worth up to $15 Bn by 2022, up from as much as $8 Bn in 2019. The social media platforms such as Instagram and short video application TikTok have already swamped the influencer marketing landscape in India.
TikTok, Pinterest, Instagram: Influencing The Influencers
TikTok and Instagram have been getting a lot of attention from the Indian audience lately. Interestingly, both platforms have been growing aggressively in the country, where the growth is majorly contributed by influencers and content creators driving the entire ecosystem.
The popularity of TikTok has reached the corridors of power. Political campaigners, political agencies and strategists are reportedly planning to increase their presence and content on TikTok for upcoming election campaigns in India. The moves cames after the social video app touched 1.5 Bn downloads worldwide on the App Store and Google Play with India leading the chart with 466.8 Mn installs, which is about 31% of all installs.
Instagram, on the other hand, has shifted its focus to promote quality content over like-chasing —the social media giant has released a ‘private like counts’ feature, which allows the creator of the post to see the number of their likes and not the followers. Instagram has launched this feature as a pilot test globally, including in India. Currently, Instagram has 1 Bn downloads worldwide on the Google Play and India is in the second position with 73 Mn users, ahead of Brazil with an audience of 72 Mn users. However, the US is on top with 116 Mn users as of October 2019.
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.