Pinterest bursts its audience and turnover records in 2020
In the third quarter, Pinterest announced a record increase in revenues, +58% compared to 2019! The online platform also reported an increase in its monthly number of users: 442 million, a monthly increase of 37%.
How did the social network reach such figures? Decryption.
Pinterest believes that this increase in revenue was helped by Facebook. According to the social platform, the boycott of Facebook by advertisers has benefited it.
Looking at the latest strategic decisions taken by Pinterest, we can see that this increase is not due to chance but to a winning bet on the current economic situation.
One objective: to boost and optimise the “Shopping” functionality.
The platform has implemented a strategy to evolve this year, including the launch of stories, the “Christmas gift ideas” search tool, the arrival of a more intuitive interface for retailers, a new planning tool, etc.
One of Pinterest’s new assets is the arrival of automatic shopping auction, allowing retailers to “maximise their budget without having to monitor their purchases” by dynamically adjusting the bid of an ad group.
In short, the platform has made a crucial shift in its business model by developing new features dedicated to brands. Brands and users strongly impacted in their sales/consumption habits by the pandemic, who now find in Pinterest a trendy solution adapted to their needs.