At the Pinterest Presents 2022 Summit on Thursday, the company shared its vision for the year ahead.
What were the key takeaways during the event? Pinterest’s vision for building a new type of social platform, personalized shopping suggestions just for you, and in-app shopping.
The “New” ROI (Return on Inspiration)
Country Manager for the UK and Ireland of Pinterest, Milka Kramer opened the summit sharing, “Find out how we’re building a more positive place on the internet—where people find things they love and forget about ‘likes.’ Where trends start earlier, grow faster and last longer. Where creators are known for their expertise, not their celebrity. And where you can reach a more engaged customer ready to act. There’s a new way to inspire your audience. Pinterest: It’s different here, a more inspired Internet.”
Pinterest claims to be the social platform where dreams become realities. By tapping into this inspired and positive mindset, the company is trying to measure by a new metric, return on inspiration. The social platform shared they rank number one among inspiration compared to all social platforms, according to an outside source.
Additionally, the 9,000 consumers surveyed across seven markets said an online place devoted to inspiration is more important now than ever before. So, how can brands continue to tap into this power with Pinterest’s new vision – shopping!
“Your Shop”- Tailored for You
Shopping on Pinterest is a different animal than other social platforms. It’s a more visually immersive experience with 85% bigger baskets with higher total order values. Gen Z is known to pay 60% higher for value-based products. The company has created big plans for how the user will interact with brands in the shopping arena.
Chacka Digital Media Specialist, Julius Vaughn shared, “the newly announced ‘Your Shop’ feature is a tool intended to suggest products, brands, and creators to users based on their activities and preferences.” He further explained, “with ‘Your Shop’ being built just for you and no one else, all based on the ideas you’re searching for, brands can harness the potential to compete with Instagram Shopping.”
This is currently in beta and will be released more widely later in the year.
In-App Purchasing & Other Shopping Updates
“Keep your eyes out for the new Pinterest checkout,” said Chacka Digital Media Specialist, Autumn Homer. She shared, “this product is currently in beta for select U.S.-based Shopify retailers, but it will be more widely available in late 2022.” And to further enforce the point of keeping users engaged in the app, content creators will also have the ability to tag products, so users don’t have to navigate outside Pinterest.”
Pinterest’s endgame is to establish an online ecosystem where users will never have to leave the app.”– Autumn Homer, Chacka Digital Media Specialist
Lastly, for brands looking to provide more credibility to their name, Pinterest is introducing a verified by Pinterest badge. This will reflect that your business is a value-based company.
The Future of Pinterest
What do Julius Vaughn and Autumn Homer believe to be the biggest takeaways from the Summit?
Everything is working towards being value-based. Pinterest’s vision is to become the only online oasis that is a one-stop destination for not just inspiration, but the overall shopping experience.”– Julius Vaughn, Chacka Digital Media Specialist
Pinterest is putting a stake in the ground by claiming they are not looking at the past or comparing with what others are doing in the present. Autumn Homer said, “Because it has been declared as the happiest place on the internet, and it was designed that way on purpose, they have a unique advantage to tap into a unique market and become a stronger shopping destination.” She further explained, “Pinterest is making it easier for brands to allow their products to be tagged in the shopping experience and remove the friction for potential customers. For example, you could watch a how to video on how to redecorate your house and be able to immediately buy everything you need all within the app. That’s pretty exciting for our clients.”