Pinterest, the social media platform that allows users to search for and share pinboards for inspiration, is increasingly focused on generating revenue as an online shopping destination for Canadians, says a company executive.
Erin Elofson, Pinterest VP for Canada, Australia and Japan, told BNN Bloomberg in a Wednesday interview that the platform’s unique structure has been resonating with Canadians for years, and the company’s Canada-based operations have grown steadily since they were established in 2018.
“Luckily for us, Canadians love Pinterest,” she said, noting that the number of Pinterest employees in Canada has grown from “a few people” in 2018 to more than 200 today.
“We have a large engineering hub and we work with many incredible Canadian partners and businesses to innovate. It’s been really a wild journey, and it’s changed – it’s changed a lot.”
Elofson said one of the biggest changes Pinterest has seen in recent years is an increased focus on creating a seamless shopping experience different from other online platforms.
“Through artificial intelligence and the launch of several new products like collages and shop-able video, this whole experience of shopping becomes even more rewarding for both people using Pinterest as well as our partners,” she said.
Elofson said that what separates Pinterest from other online marketplaces is the ability for users to intentionally look for specific products and discover the brands that sell them.
“People don’t go to Pinterest for passive consumption, they go very, very intentionally to be inspired. It’s interesting to note that Gen Z is our largest and fastest growing audience, and they have very specific reasons why Pinterest is resonating with them,” she said.
“They go for that personal exploration; they don’t want to be told what they care about, they really want to find out for themselves what matters and what resonates, and that’s a really big differentiator.”
Elofson added that Pinterest also offers a unique, “full funnel experience” for retailers.
“People come with very high intent, (saying) ‘I really know I want black pants, but I haven’t decided who I’m going to buy those black pants with,’ which is an incredible opportunity for brands,” she explained.
“That combined with our investment in shopping technology means that the experience of discovering those pants and purchasing them is just so seamless versus how it might have been before, so it’s a very, very natural relationship between Pinterest and retailers.”