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Pinterest PINS recently announced new shopping features for users and more selling features for merchants on its platform.
Additionally, the company is expanding its shopping features to Australia, Canada, France and Germany, enabling Pinners in those markets to shop directly from Pins, boards, search, Shopping Spotlights and real-world inspirations through the integrated Lens camera visual search feature.
Moreover, on the seller side, Pinterest has extended its Verified Merchant Program to Australia, Canada, France, Germany and the U.K., and its shop tab on profiles and product tagging have been rolled out in Australia, Canada, France and Germany.
Further, Pinterest introduced a two-week Shopping Spotlight named The Goods by Pinterest for Pinners in the United States, UK and Canada that will offer limited-edition products sold exclusively from emerging brands including Charlotte Tilbury (UK), Lucy and Yak (UK), Olive & June (US), Outdoor Voices (US) and Park and Fifth (Canada).
Pinterest, Inc. Price and Consensus
Pinterest, Inc. price-consensus-chart | Pinterest, Inc. Quote
New Shopping List Feature to Drive User Growth
Pinterest’s newly launched Shopping List enables Pinners to automatically save Product Pins in one place, making it easier for them to return to those Product Pins and shop for items they were interested in. Pinners will also be notified if the prices are lowered on items they have saved.
Additionally, users can opt for Shop by Search feature to check products by price and brand available in accordance with their style and price point besides a visual search option available through Shop by Lens feature using the Pinterest camera.
Innovative features and enhanced product offerings are expected to aid Pinterest’s subscriber growth in the near term. Markedly, the number of Pinners engaging with shopping surfaces on Pinterest grew more than 200% in the 12 months ended Mar 31, 2021 and at the end of first quarter, product searches grew more than 20x year over year.
Pinterest estimated in February that 4 million additional incremental users each month came to its site, and it ended the first quarter of 2021 with 478 million monthly active users globally.
Pinterest’s Updated Selling Features for Merchants to Boost Advertising
Small businesses and direct-to-consumer brands, alike, are increasingly embracing Pinterest’s platform, driven by stay-at-home trend. This, in turn, has opened up new business avenues for Pinterest in the recovering digital marketing and advertising domain.
Pinterest has rolled out the Verified Merchant Program with retailers like Culture Kings in Australia, KNIX in Canada, ROUJE in France, UNDGretel in Germany and M&S in the UK.
Launched last year, the Verified Merchant Program offers retailers a way to sign up for a manual review to determine if they meet Pinterest’s qualifications for high-quality customer service experiences.
Moreover, this Zacks Rank #2 (Buy) company has updated the Shop Tab profile for merchants besides product tagging improvements. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
On Apr 21, Pinterest announced expanding its existing partnership with Shopify SHOP to 27 new countries, which is expected to improve advertiser engagement and experience on the platform.
The Shopify Pinterest channel is now live in these new countries including Australia, Austria, Brazil, France, Germany, Italy, Spain, Switzerland, and the UK. Now, more than 1.7 million Shopify merchants around the world have an easy way to bring their products to Pinterest and turn them into shoppable Product Pins that are discoverable across the platform.
Further, Pinterest will launch its advertising platform for Brazilian marketers to tap business opportunities among its 46 million users in the country. The expansion of Pinterest ads into Brazil is the platform's first push into South America, following Europe with launches awaited in countries including Mexico, Argentina, Chile and Colombia in the near term.
Enhanced product offerings, wider Pinner and advertiser base, simplified ad systems through Verified Merchant Program and Pinterest Partners Program for small businesses are key catalysts for growth in 2021.
However, increasing competition for ad dollars globally from the likes of Facebook FB, Amazon, Google and Twitter TWTR is a major headwind for the company.
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