With several features and tools launched for businesses and creators, 2020 was a busy year for the team at Pinterest, here’s a look at the highlights.
Over the last several years, Pinterest has developed into a platform people spend time on for inspiration and ideas. These occasions range from weddings to school craft projects. 2020 added a new dimension to the ways Pinterest can be scrolled through and enjoyed by users — it helped them with ideas of how to make the most of their time at home — something the platform has released several data points to support.
This hike in consumption on the platform led to several features being launched for businesses to interact with potential consumers. Let’s take a look at some of the most important updates announced by Pinterest in 2020.
Verified Merchant Program
Meant to help select brands and businesses on Pinterest garner credibility and prominence, Verified Merchant Program was launched by the platform with retailers such as Quay Australia, Ruggable, Filson, Coyuchi and Lotuff Leather. The brands were awarded an exclusive badge, early access to Pinterest’s Conversion Insights tool and a shopping catalogue as part of the program, along with an increase in visibility.
As a means to bring the experience of browsing through an aisle at a store closer to people stuck at homes, Pinterest rolled out a new feature called Shopping Spotlights in 2020. Appearing on the search tab with articles featuring product pins, these spotlights directly link users to in-stock retailer product pages where the purchase can be made. The feature was launched with guest editors such as Elaine Welteroth, Blair Eadie and Sarah Sherman Samuel.
In 2020, Pinterest introduced a new layer of algorithm called controllable distribution. It has been designed to work as an added layer on the traditional click-through prediction model of the algorithm for Home Feed ranking. It was introduced to achieve business objectives on Pinterest since the traditional model was only designed to increase user engagement. With the launch of the controllable distribution system, business owners can specify a global target for the percentage of impressions by content type.
Story Pins for Pinterest 2020
To help creators tell dynamic and visual stories with videos, voiceovers and image and text overlay, Story Pins was launched in beta phase in 2020. Like other pins, they can be saved for later, will be distributed across home feed and search results as well as benefit from visual discovery engines. Story Pins also make it easier for creators to build an audience on Pinterest since they aren’t ephemeral and don’t disappear after 24-hours.
New Merchant Tools
Launched ahead of the winter holiday season 2020, the new Pinterest merchant tools include a new storefront profile, faster Catalogs feed ingestion, collections as a shopping ad format, video for collections, automatic bidding, conversion insights and analysis, and an improved product tagging test. These tools were introduced to help businesses reach users who have shown interest in engaging with shopping surfaces on the platform, potentially boosting sales.
- Try On lens is launched to helps users choose makeup before buying
- Pinterest Lite, Home Feed Turner and Pin-Level controls are launched
- A new collection to support small businesses is launched amidst the COVID-19 crisis
- New planning tools are launched for Pinterest Boards to help users make notes, group items and get recommendations
- Q1 2020 revenue grew 35% year over year to $272 million
- Shopping Spotlights are launched to highlight curated picks and trends
- A shop tab is launched for visual search
- Testing: Story pins are rolled out in beta phase
- Pinterest introduces controllable distribution, a new layer of algorithm
- Pinterest insights show users are optimistic about the future, are trying to mindful at home and are interested in topics around wellness
- Q2 2020 revenue grew 4% year over year to $272 million
- Pinterest tests new shopping features: Labels, Product Ratings & Shipping Information, and Shopping Recommendations
- Platform data shows that the need for positive content is higher than ever with a hike in searches around self-love and life at home
- A significant rise in male Pinners is recorded by Pinterest
- Pinterest launches Story Pins for business accounts
- Shopping touchpoints and ad format are announced
- Pinterest introduces new merchant tools to boost sales
- Q3 2020 revenue grew 58% year over year to $443 million
- Pinterest tests a new tab called Classes, a form of online tutorials
- New board features such as Notes To Self and a New Board Toolbar were launched while Board Favourites were being tested to facilitate quarantine-driven projects
As people continue to brainstorm ways to adjust to the new normal, Pinterest is bound to come handy. The impact these trends would have on the business and creator end on the platform is surely going to be worth watching out for!