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In the Q2 of 2022, Pinterest has managed to stay at 433 million active monthly users, the same number it reported in Q1, when its user base began to increase once more.
Pinterest also continues to grow in terms of revenue, taking in $665.9 million, up 9% from the previous year.
Although the platform has seen a couple of declines amid the pandemic and the Ukraine invasion, analysts remain positive that this will all eventually lead to better numbers.
One good indication is the Elliott Investment Management taking a 9% stake in the company, making it the single largest shareholder in the app.
Elliott Management has a history of acquiring assets from businesses it thinks may perform better and then leveraging the influence that comes with it to drive meaningful change. Elliot has done this with Twitter.
But of course, no one can be certain of what the future holds. At least, what we can do now is take note of these two recent major moves by Pinterest.
In September, Pinterest launched the new feature, Board Sticker, which users can now access in the sticker tray within the Idea Pin creation flow.
When a user taps on it, Pinterest provides the option to link to one of the current boards and select from a number of different display styles for Board Sticker, which can then put to the frame.
This sticker then directs readers to a board with a certain topic, which may assist to highlight additional material from Pins and increase referral traffic from those links.
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In an Idea Pin sequence, creators will be allowed to add up to 20 board stickers in total, so they are not limited to one sticker each frame. They can also add up to five board stickers per image.
Additionally, creators will be able to tag any public board they are in charge of, but they won’t be able to display privately owned or other people’s creations.
The Board Sticker is seen to be an excellent approach to advertise particular products by providing direct links back to larger displays of Pins, in order to better emphasize offerings on the platform.
With the inclusion of a new, more efficient conversion process, Pinterest further aimed to aid Shopify merchants in increasing their in-stream transactions. This will make it quicker and easier for consumers to make direct purchases from Pin listings.
Instead of sending them back to a retailer website to complete the transaction, Pinterest’s new “Hosted Checkout” method allows users to pick all the necessary product order information within the app.
This is a brilliant idea as consumer research indicates that they do desire more straightforward shopping choices, and Pinterest’s own data reveals that customers who have utilized Hosted Checkout are more likely to make a purchase.
This reduces friction in the Pinterest shopping experience and brings it closer to Amazon’s “1-Click” purchasing experience.
Additionally, the organic dissemination of product pins will be improved in areas including the Pinterest home feed, search results, and shopping surfaces.
This apparently is in line with the routine in-app behavior Pinterest wishes to promote, which will likely result in users receiving more exposure by utilising its most recent purchasing capabilities.
The Pinterest Verified Merchant Program participants in the US who use Shopify to sell their items are the only ones who can currently use Hosted Checkout.
These are just two of the developments being done by Pinterest and under Bill Ready’s leadership, we’ll most probably see more ecommerce features like these.
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Jaw de Guzman is the content producer for Comms Room, a knowledge platform and website aimed at assisting the communications industry and its professionals.
