Ae per the recent reports, Pinterest has finally gained around 416 million monthly active users, and 49 million new customers started using Pinterest during the coronavirus pandemic. In the Q2 of 2020, Pinterest also saw a very slight increase in revenue, approximately 4%.
Due to the lockdown and social distancing measures that were implemented because of COVID-19, people got more engaged in looking for ideas for home decorations, inspirations for new distance learning, self-care and work from home measures, looking for building vegetable gardens, planning activities for kids, seeking ways to stay connected and entertained and to shop relevant products online through, and all of this increased their usage of Pinterest. This helped Pinterest to gain a 39% Year-over-Year growth, which is greater than other tech apps like Facebook, Snapchat, and Twitter.
This result is also better than Q1’s growth, which was almost nil. So, within three months, Pinterest managed to gain momentum and show remarkable growth is something truly commendable. This also escalated the shares of Pinterest by 25%.
Pinterest is considered as a virtual mall, a directory that provides information and connection links for everything, especially for eCommerce. The Pinterest community is getting very much used to shop online, and with the limitations and inhibitions of COVID-19, the trends of online shopping have increased remarkably, and inarguably, Pinterest has played a major role in the growth of eCommerce too.
Pinterest’s streamlined connection process was launched in May, and the catalog ingestion increased by 350% sequentially in Q2, with a 10 times growth pattern in the first six months of 2020. This is all because businesses are looking for ways to merge their sales and operations online to keep the business running amidst the lockdowns, and Pinterest is the place that is popular with the shoppers. Therefore, businesses are showing a lot of interest in the app.
The app has seen a 4% increase in Year-over-Year revenue. This increase is small, and it is because of the reduced advertiser demand during the pandemic. The rate of increase in revenue is also less, but if we look at the overall picture, the app is showing slow but steady growth, is becoming popular with the masses, and gives potential in eCommerce on a broader scale.
Pinterest can get more monetization options in markets outside the US with better and more significant opportunities. It is already trying to explore the ad tools in international markets, but it needs to focus more on different areas to increase its revenue generation.
Pinterest also claims that there is a significant increase in the number of people returning to the platform, with users less than 25 years of age taking interest in the app. But this growth in the monthly active users is owing to the special circumstances, and it is quite understandable of this MAU growth declines or does not increase in the same way in the coming year.
Pinterest is also focusing on new steps to build a truly inclusive and diverse community culture and to reflect these values in their products. Some of these measures include improving the representation of content for the Pinners, training for unconscious bias within the workforce, and to give unbiased representation for senior levels. All these steps are being taken concerning the recent #BlackLivesMatter protests.
All these areas where Pinterest is focusing now will definitely help in its steady growth process.
Read next: Pinterest’s Recent Update to Its Algorithm Enables It to Better Balance the Content in Home Feed of Users
Due to the lockdown and social distancing measures that were implemented because of COVID-19, people got more engaged in looking for ideas for home decorations, inspirations for new distance learning, self-care and work from home measures, looking for building vegetable gardens, planning activities for kids, seeking ways to stay connected and entertained and to shop relevant products online through, and all of this increased their usage of Pinterest. This helped Pinterest to gain a 39% Year-over-Year growth, which is greater than other tech apps like Facebook, Snapchat, and Twitter.
This result is also better than Q1’s growth, which was almost nil. So, within three months, Pinterest managed to gain momentum and show remarkable growth is something truly commendable. This also escalated the shares of Pinterest by 25%.
Pinterest is considered as a virtual mall, a directory that provides information and connection links for everything, especially for eCommerce. The Pinterest community is getting very much used to shop online, and with the limitations and inhibitions of COVID-19, the trends of online shopping have increased remarkably, and inarguably, Pinterest has played a major role in the growth of eCommerce too.
Pinterest’s streamlined connection process was launched in May, and the catalog ingestion increased by 350% sequentially in Q2, with a 10 times growth pattern in the first six months of 2020. This is all because businesses are looking for ways to merge their sales and operations online to keep the business running amidst the lockdowns, and Pinterest is the place that is popular with the shoppers. Therefore, businesses are showing a lot of interest in the app.
The app has seen a 4% increase in Year-over-Year revenue. This increase is small, and it is because of the reduced advertiser demand during the pandemic. The rate of increase in revenue is also less, but if we look at the overall picture, the app is showing slow but steady growth, is becoming popular with the masses, and gives potential in eCommerce on a broader scale.
Pinterest can get more monetization options in markets outside the US with better and more significant opportunities. It is already trying to explore the ad tools in international markets, but it needs to focus more on different areas to increase its revenue generation.
Pinterest also claims that there is a significant increase in the number of people returning to the platform, with users less than 25 years of age taking interest in the app. But this growth in the monthly active users is owing to the special circumstances, and it is quite understandable of this MAU growth declines or does not increase in the same way in the coming year.
Pinterest is also focusing on new steps to build a truly inclusive and diverse community culture and to reflect these values in their products. Some of these measures include improving the representation of content for the Pinners, training for unconscious bias within the workforce, and to give unbiased representation for senior levels. All these steps are being taken concerning the recent #BlackLivesMatter protests.
All these areas where Pinterest is focusing now will definitely help in its steady growth process.
Read next: Pinterest’s Recent Update to Its Algorithm Enables It to Better Balance the Content in Home Feed of Users
