[eMarketer] Pinterest revs up social commerce with new shopping features for retailers
Pinterest is looking to significantly shift from a discovery engine to more of a commerce platform—and it has announced its first major initiative since CEO Bill Ready took the helm last week.
With more than 440 million monthly active users, Pinterest has developed into a site where consumers fall in love with goods and companies they had no idea existed.
With the addition of these new capabilities for merchants, Pinterest is aiming to simplify the process for getting brands to invest time and money to optimize their presence on the platform.
The company’s acquisition of AI-powered shopping platform The Yes last month is another indicator that the company’s future is in commerce.
eMarketer posits that the number of users engaging with shopping surfaces on Pinterest has grown more than 215% year over year, according to SVP of engineering Jeremy King—impressive considering the platform’s user growth has been stagnant. Our forecast has US Pinterest users actually dropping from 85.4 million in 2022 to 84.7 million in 2026, though the platform will pick up users in key European markets during that time frame.