In the introduction of the lively conversation for Pinterest by CB News, the CEO of Pinterest in France and Southern Europe returned to the news and the phenomenal growth of online commerce, recalling that it represents a little more than 13 % of retail trade today (source Fevad).
However, for Adrien Boyer: “E-commerce remains an experience that can be greatly improved, due to the fragmentation, the multiplication of points of contact and a great emphasis on transactions and services”. Only 4 out of 10 users are satisfied with their shopping experience online versus in-store, according to a study conducted by Comscore. An issue to which the platform is committed to offer its 478 million users (source Pinterest, Global analysis, March 2021)
worldwide and 19.7 million in France (source: Nielsen / Médiamétrie unique monthly visitors, April 2021) an ever more inspired, fluid and integrated experience, he recalled.
A particularly attractive audience for brands according to him insofar as: “Each year, several billion searches are made on Pinterest: 97% of them do not mention brand names, which represents a unique opportunity for brands of reach these individuals, in the active consideration phase, early enough in the discovery tunnel and take them from inspiration to the action phase ”, recalling that 89% of Pinterest users use the platform prior to an act purchase and claiming that their average basket is 30% higher than other platforms, and their monthly spend 30% higher as well. (source Dynata, FR, 2021 Shopping among Monthly Pinners and Non-Pinners in Home, April 2021, Fashion and Beauty verticals combined)
To help brands reach their audience, Pinterest has also developed new features, presented this week on CB News like Shopping Spotlight, a manual curation of inspiration for products from the fashion and beauty fields in a very editorial logic, or even Pinterest Lens, a tool allowing, thanks to the camera of the application, to ‘identify and buy the inspirations found in real life. “In addition, thanks to Catalogs and the Multi-feed functionality, it is very easy for a brand to create its store on Pinterest and thanks to our partnership with Shopify, which we have extended to 27 new countries (including France), all merchants can benefit from Pinterest’s unique audience ”with very small businesses and SMEs in their sights.
Selected pieces from his meeting with Laurent Thoumine, Executive Retail Director Accenture :
The upheavals in commerce this year are unprecedented. What changes in consumer behavior do you see at the end of this crisis?
Laurent Thoumine : What we are seeing is a real appetite on the part of the population for new shopping methods: we can see it through the proliferation of new delivery methods and the multiplication of promises made by retailers. 61% of the population say they want different access to products. The old world where products were put on shelves is not dead, but alternatives are needed.
The second thing is the desire to live more virtual experiences: 42% of the world population claims it (35% in France). The enthusiasm for the operation set up to accompany the launch of the Kate Pade bag, the recent offers from Galeries Lafayettes in terms of livestreaming are all examples of particularly interesting new experiences.
Adrien Boyer: This resonates with the uses observed on Pinterest this year, the peaks in traffic and engagement. Searches grew 60%, and the creation of tables grew by 40%. What is interesting is to see that at the beginning this research was very focused on the daily challenges during the 1st confinement, the activities of the house, the home office, home sport, cooking … Today we perceives more and more strongly, through research such as purchases, the return of dreams: travel, fashion, beauty explode. We also note a real appetite for different experiences through our users’ research into innovations, and the growing importance of the notion of personalization.
Laurent Thoumine : This may seem surprising at a time of debates on personal data, but indeed consumers tell us: “know me”. This will be a particularly interesting subject to follow, particularly with regard to catalogs, if the legislator definitively prohibits printed advertising without addresses. What we observe is that the existing algorithms, like those used by RelevanC, are able to analyze your browsing to share promotions that are really relevant to your household, which will guarantee an extremely significant ROI.
This is also true of the personalization of content. We are in an incredible inflation of brand content: Mercedes announced that it produced 2 trillion last year! We have passed through the era of digital factories, that of data factories today is the time for content factories. To industrialize the production of content, we are now based on computers capable of producing content at scale by duplicating it for different markets and by personalizing it with one objective: to establish a neurological connection with individuals.
Are brands ready to enter this era of content factories? For example, do they master the inspiration codes that make Pinterest successful?
Adrien Boyer: We are still at the beginning of this mutation. Until now, many traders sold products, it remains for us to accompany them so that they seize this territory of inspiration. Until recently, traders were a little lost in the face of consumer behavior. We are already helping them with our consumer insights to better project themselves, the audience that comes to Pinterest comes in a planning logic, to prepare for the future, their research is therefore as many predictive indicators that it is possible to exploit .
Laurent Thoumine : This is what the ready-to-wear industry does, for example, for large clothing store chains: yesterday’s moodboards have been replaced by content gleaned from platforms like Pinterest. This is true in fashion but, which is new, also in food: the basis of recipes made during confinements, for example, is used by brands to question the products they offer and will offer on their shelves in the future. .
Will the future of retail be really driven by CSR? Where will the next acceleration in this area come from?
Laurent Thoumine : Finance has an extremely important role to play. Much has been preached in the wilderness, but financial analysts, especially those at Black Rock, have clearly determined that the companies that are most sincere in their commitments show the strongest growth and characteristics of extremely healthy companies. Therefore, they announced wanting to delist those that do not meet the criteria that are theirs. At the same time, consumers’ desire to recognize themselves in the company’s values has never been stronger. Finance supports strong, just like consumers.
Adrien Boyer: We conducted a study on this topic and 8 out of 10 users claimed to have improved their responsible behavior. For 20%, sustainable development has become a personal matter and 15% want to take action. This is another axis of collaboration with the merchants and brands that we support: how to meet these expectations of sustainable development, how are they expressed on Pinterest and how brands can be discovered through the prism of the interests of users on this topic. This is also the reason for our partnership with Brut through which we promote role models, people acting for the planet in a very concrete way, and we feel a great appetite for this type of inspiration. (source Dynata, Sustainability study, DE, Apr 2021)
See you on CB News, Thursday June 10, for the workshop Pinterest Performs to learn more about the announced features and understand how to get hold of them in practice.