Bringing more “shoppable content” onto Pinterest has boosted engagement, says its CEO Bill Ready, who joined the platform from Google, just over a year ago.
Speaking in an interview on CNBC, this week, following the release of the company’s quarterly earnings, Ready said the decision to introduce shopping was paying off, particularly among Gen Z, which is its “fastest growing cohort.”
It’s Q2 earnings report showed the best user growth in two years with 50% plus year-on-year engagement on the platform
“In particular, shopping is working on Pinterest. This is one of the big things that came in a year ago. More than half the users say they are there to shop but the actionability on Pinterest was low. As we’re bringing that shoppable content onto Pinterest we’re finding that this is really driving great engagement,” Ready said.
Pinterest, traditionally has operated as a social network where users can visually share and discover new interests by posting images and videos on their own and other people’s boards. A key focus has been enabling users to discover inspiration from home and style to food recipes to skincare, among others.
The latest figures come as social media platforms continue to turn to e-commerce to enhance their brands and boost overall engagement. Last week, TikTok revealed plans to launch an e-commerce business in the U.S. to sell made-in-China goods to consumers,
Pinterest reported $708 million in revenue, topping $696 consensus estimates along with earnings of 21 cents per share, adjusted, versus 12 cents expected, according to Refinitiv. Ready told investors that the results reflected the company’s focus on “key differentiators”.
“Over the past year, we’ve been laser-focused on our key differentiators and we’re seeing results. Users are coming back more often and engaging more deeply, Pinterest is increasingly shoppable and actionable, and we’re delivering better and more measurable performance for our advertisers,” he said.
