Pinterest is silently booming. Marketers - Are you in the know?

Pinterest announced some fresh updates as part of its presentation at ShopTalk 2023 to assist retailers in boosting their opportunities in the app.

It includes the ability for users to shop using creations within its distinct Shuffles app, expanded accessibility of its "Premiere Spotlight" ads, and catalogue display with product feed ingestion.

With a 4% increase year over year, Pinterest's platform now has 450 million monthly active users worldwide. Over the past few years, Pinterest has concentrated on improving the shopping experience on its platform.

During its earnings call, the company stated that it wants to make every pin shoppable, including videos.

Shuffles:

Pinterest is experimenting with different ways to incorporate collage content from its collage-making app, Shuffles.

It is an iOS-only app. Users create collages with Shuffles by taking pictures of the items they want to include with their iPhone's camera or from Pinterest's own photo library.

Shuffles will now be able to perform all the same shopping functions as regular pins. Users will be able to tap on individual collage cut-outs to view the brand, price, and other product metadata, as well as comparable items to purchase.

Catalogue offering:

According to Pinterest statistics, retailers have been uploading or integrating their digital catalogues into the app at a rate 66% higher than before. This has resulted in a 70% increase in active shopping feeds year over year.

Pinterest is making it even simpler to create a Pin profile for users when they upload product feeds into the app.

Premiere Spotlight ads:

On Pinterest's search page, the most prominent Spotlight advertisements are displayed. It provides brands with the chance to stand out when users use the app to search.

After initially testing it over the past few weeks, Pinterest is now making that possibility available to more brands.

Pinterest's growth story has shown a steady increase in recent months. This image-sharing platform is continuously building out its offerings to drive its usage among brands.

Not just the above-mentioned features, Pinterest has also recently launched data clean rooms, introduced longer video idea pins, and released insights for marketers on how to get the most out of this platform.

It is indeed clear that while popular social media platforms like TikTok are struggling with the ban threat, this visual platform is quietly growing and gaining brands’ and users’ attention.

For marketers:

As the competition is fierce in the market, it is crucial for brands to diversify their ad spend across multiple platforms to not get lost in the crowd.

In fact, TikTok's ban threat reiterates the same point. That is, when brands rely on only one platform, if it vanishes suddenly, it will be hard and challenging for brands to piece themselves together and build their brand from scratch on a new platform. Meanwhile, it will also lead them to miss out on potential revenue opportunities during that period.

With Pinterest keeping on coming up with new capabilities for brands, marketers have a huge chance to appear in front of their target audiences at the right time and influence their purchase decisions with an appropriate content strategy.

As Pinterest is a cost-effective platform, brands can also experiment more with a limited budget. Brands can create content for different audiences who are at different stages of their buying journey, find out what kinds of content resonate more with their audiences, and ace their Pinterest marketing game.

This way, marketers can make it an ideal platform to build their customer base, increase engagement, and improve conversions.

For audience:

Particularly for Gen Z, visual search and video are more appealing. To get inspiration and ideas for big projects or small life moments—be it vacation plans, outfits, or skin care—they seek Pinterest.

We believe this is only going to increase as the platform shines with more creative options. And, as the platform becomes more shoppable, it in turn becomes more convenient for users as well.

The reason is that, in addition to getting solutions for their needs, they get to explore various products and complete the entire purchase process instantly from the same place. It indeed adds more value to the platform.

Simply put, as Pinterest becomes more inclined towards offering engaging and shopping features, it will gain more audience attention than before. Thus, we believe it is high time for marketers to give some thought to this lucrative platform.