Authors: OPTS Home Planning Team
In 2019 Pinterest reported revenues of over $1bn for the first time. Despite large gatherings and exotic getaways being put on hold by the Covid-19 pandemic, Pinterest has seen continuing growth. As of November 2020, the number of global active monthly users had grown by 50% YoY and it’s searches are up by 60% YoY.
This growth has also led to an increase in e-commerce on the platform with user engagement on shoppable pins up 44% YoY and it has 230% more traffic to retail sites as of April 2020. In addition, Pinterest’s partnership with e-commerce provider Shopify will allow for more integrated and intuitive advertising on the platform. Coupled with Pinterest’s Lens function, which recognises 2.5 billion unique home and fashion items, users will now be able to search and buy products without having to touch their keyboard.
Many consumers use Pinterest as an aspirational platform when planning their next big life event or renovation project, and with 97% of searches on the platform being unbranded, we have the opportunity to reach consumers at the very beginning of their decision journey and provide the inspiration they seek. The fact that 83% of ‘Pinners’ report making a purchase as a result of seeing a product on Pinterest, highlights the size of the opportunity available to us, particularly for the likes of CTV Lifestyle campaigns.