According to Fashion United, Pinterest is integrating advertisements into its platform to offer shoppers relevant content in the US and UK, including the Pinterest Lens, which allows users to find similar results to what they capture through the Pinterest camera and in their pins. Besides, retailers are enabled to analyse the performance of their products, and view top converted pins. Moreover, they can track their activity funnel, and view how Pinterest audiences converted on the path to purchase.
Furthermore, the initiative comes as users who visited places to shop on Pinterest grew more than 50% in the first half of 2020. Therefore, Pinterest’s revenues could grow from 1.45 billion dollars in 2020 to almost 3.5 billion dollars by 2023, representing a growth rate of roughly 34% per year.
The platform’s user base is growing, with its monthly active users rising by 39%, meaning the site has 416 million users over Q2 2020. This acceleration may be due to the COVID-19 pandemic, as it pushed more people online, Fashion Unites stated.
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