Pinterest is a
user generated image content platform. It facilitates in ways to search through
images (i.e. converting clicking on an image to a search query, targeting
advertising based on image searches). They are different from Instagram and
Snapchat where one shares the images. Pinterest has been unabashedly vocal that
it is not a social network. Its plan is to make it as easy as possible for a
user to convert their purchase decision to a buy. It is influencing people to
buy an item that they have been planning to buy but have not been able to hit
the purchase button yet.
Their ultimate
goal is to maximize the capabilities available through Lens, a resource on
Pinterest through which users can take a picture on their phone and Pinterest
will display pins related to the objects in the photo (for example, if you
submitted a photo of a pair of shoes you would see pins of outfits including
those shoes, or even links to purchase the shoes).
Due to the relationship between Pinterest and the brands that utilize Pinterest to promote and advertise their products, Pinterest believes it has an "edge" over other companies that have tried to build visual search platforms.
Due to the relationship between Pinterest and the brands that utilize Pinterest to promote and advertise their products, Pinterest believes it has an "edge" over other companies that have tried to build visual search platforms.
Pinterest’s
initial user base was driven by women but now it has expanded to other age
groups such as millennials and middle aged groups. Pinterest’s users have
driven its growth because more people generate more ideas. People save their
favorite ideas from around the web on a single platform. This user base growth
and rich content in a single platform allows brands to reach their audience on
Pinterest. As they continue to grow faster than ever, they are adding new
business programs too. Recent initiatives include bringing ads to new markets,
launching promoted app pins and introducing Pinterest propel, new program for
small businesses and agencies.
As more people
discover the magic of Pinterest, community keeps growing. Pinterest now has 175
million monthly active users around the world. This number is almost equal to
the user base of Snapchat. Much of the recent growth comes from international
markets, where word is spreading fast about Pinterest’s unique blend of utility
and inspiration. They have seen 3x year over year growth in Germany and Brazil
and 2x year over year growth in France and Japan.
Pinterest
describes itself as not a social media site, it's a visual discovery engine
focused on helping people discover ideas, and not about socializing with
friends. Hence it is different from Facebook, Instagram, Snapchat but the
concept is similar, to grow data base of user generated content. The additional
number of users added is less compared to social platforms like Instagram where
it boasts four times the number of monthly users compared to Pinterest.
Pinterest expects
to make more than $500M revenue this year compared to $300M last year. It
started generating revenue from advertising in The company said its growth
potential depends on improving its product to match people with images that
reflect their interests and inspire them. They have e-commerce and content
aspects like its counterparts Instagram and Facebook. Pinterest is aiming to
become a shopping platform like Amazon. Pinterest recently invested to improve
its recommendation engine, which delivers targeted products to a user’s feed
based on search and pin history and this could be a game changer.
The company is
raising funds to improve its computer vision and visual search technologies
like its Lens camera search, which lets users take pictures on their phone and
search for similar items or images on Pinterest. The company will also use the
new capital to improve its offering for international users.
As per study,
brands achieve return on investment with Pinterest that blows away Facebook and
Instagram, but that only happens when marketers share useful content and
inspiring ideas. It will take time to shift habits, but the company is headed
in right direction and has lot of potential unless competition catches up to it.
Source: https://hbr.org/2017/07/what-we-learned-from-improving-diversity-rates-at-pinterest
https://www.wired.com/2016/04/pinterest-reinvents-prove-really-worth-billions/
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