Social media site Pinterest has announced a new feature that will allow users to make purchases from a selected number of online shops as it continues to expand and grow, according to a report from CNBC.
The feature, called the Pinterest Shop, has hundreds of what the company is calling “Product Pins.” Users will be able to select from 17 curated “shops.”
Despite falling revenue and a missed company outlook, Pinterest has continued to see impressive growth, with ad revenue growing 47 percent more than the year before, faster than Facebook and Google.
The company expects a 2019 loss of between $10 and $30 million, which is a different range than the previous estimate of between $25 and $50 million.
In contrast to Instagram’s younger demographic, Pinterest users typically skew older. The site says “eight of 10 moms” are on the social media platform, according to a study by Comscore, which showed that about 80 percent of all users encompass women from ages 18 through 64.
Pinterest said it already has millions of “Product Pins,” which enable users to tap and shop from their own curated feeds for larger brands like Home Depot and Target. The company has also been developing a search feature that would allow item recognition for things like fashion and home items.
Earlier this year, Pinterest rebranded its third-party partner program, Marketing Partners, into Pinterest Partners to facilitate a greater number of shopping experiences on its platform. The company linked up with shopping experience platforms like Shoppable, MikMak and Basketful to connect the dots between a pinned image and a retailer that can get the product to a customer. It also teamed up with PixelYourSite and Tealium to measure conversions and sales.
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