Pinterest continues its shift away from social media, and towards eCommerce, with the addition of two new product showcase tools which aim to prompt user purchases based on their on-platform behaviors.
The first is a new 'Picked for You' Pin collection which will appear at the top of your home feed.
As explained by Pinterest:
"As you shop, you’ll see a new personalized shopping hub in your home feed based on your interests and the brands that you engage with the most."
The prompt will serve as a reminder of the products which have drawn your interest on the platform, which may then inspire more purchases. It's similar to Amazon's recommendations based on your past actions.
Pinterest is also adding an updated shopping section below Pins from certain businesses, which will showcase expanded brand catalogs based on the items you've shown an interest in.
The new, expanded listings will provide new opportunities for brands to showcase more of their products to interested Pinners. In the initial roll-out, Pinterest will add these expanded listings on Pins from brands like Target, Birdies Slippers, Joybird, The Tie Bar, and Parachute.
As noted, Pinterest has been gradually moving away from its social media roots, and more towards eCommerce and product listings. As part of its broader pitch ahead of its IPO, Pinterest stated that it wants people to think of it as a “place for inspiration” rather than as a social network - and as such, Pinterest's updates and improvements have been more focused on connecting people to products, as opposed to other people.
Tools like Pinterest Lens, 'Shop the Look' and others expand on this capacity, and those efforts are clearly working. A recent survey by Neustar found that retail brands saw a 2x higher return on ad spend from Pinterest than from other social networks, and a 1.3x higher return than from traditional search. That comes in addition to previous data which has shown that Pinterest is much better at driving purchase intent than other social platforms.
It's clear that there's a lot of potential for retailers in Pins, and these new tools will further add to that capacity. And as the platform closes in on 300 million active users, it's definitely worthy of consideration within your digital strategic planning.