The news: Pinterest is looking to significantly shift from a discovery engine to more of a commerce platform—and it has announced its first major initiative since CEO Bill Ready took the helm last week.
Zoom out: With more than 440 million monthly active users, Pinterest has developed into a site where consumers fall in love with goods and companies they had no idea existed.
The number of users engaging with shopping surfaces on Pinterest has grown more than 215% year over year, according to SVP of engineering Jeremy King—impressive considering the platform’s user growth has been stagnant. Our forecast has US Pinterest users actually dropping from 85.4 million in 2022 to 84.7 million in 2026, though the platform will pick up users in key European markets during that time frame.
The big takeaway: When we covered Ready becoming Pinterest’s new CEO, we (accurately) predicted social commerce would be more prominently featured in the company’s plans. This is the first step in those plans, with undoubtedly more to come in the near future.
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