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Business

Social Media Apps Inspire Discovery for Retail and E-Commerce

Source: https://www.appannie.com/en/insights/mobile-minute/social-media-discovery-retail/

Globally, downloads of the Pinterest app exceeded 193M in 2020

What’s Happening:

The retail industry during the pandemic has undergone a huge shift in its offerings, fulfillment and prominent shopping channels. E-commerce-focused brands, like Amazon, have done extremely well, given that many consumers are choosing to forgo entering physical stores. Some big-box retailers have adapted to the need for fast, free shipping, using their physical presence as an advantage for more same-day delivery options. Traditional retailers, e-commerce providers and mobile-first companies have one central thread: the mobile app is key to shopping and fulfillment in our new normal. Mobile shopping has also opened the door for other industry disruptors: including social commerce. Pinterest saw significant growth with 193 million global downloads in 2020, up 50% year over year — driven by an acceleration of consumers leveraging the platform for product discovery, design inspiration and shopping.

Why It Matters:

Research estimates show that social commerce and live shopping could present a $2 trillion market globally by 2024. As consumers spent more time at home this year, Pinterest expanded its global footprint in 2020, ranking in the top 10 breakout social apps by average monthly active users in LATAM, North America, Asia-Pacific and EMEAR. Success of the app has also continued into 2021, seeing an additional 33 million downloads in January and February alone.

In an effort to capitalize on the growth of social commerce, Pinterest released a number of new features in 2020, including a new ‘shop’ tab in search and a number of merchant tools to help retailers reach customers, like a new storefront profile. Retailers have also taken to the app in recognition of its growing popularity. In October, Michael’s brought three virtual holiday shopping experiences to Pinterest, which included do-it-yourself projects and shoppable products.

We’ve seen cross-app usage of Pinterest and major retailers grow over the last year — a possible indication of Pinterest’s expanded use case is resonating with consumers: as a shopping destination on top of a discovery tool and emphasizes the platform’s influence on shopping decisions. As of Jan 2021, 64% of Pinterest’s iPhone users in the US also used Amazon and 27% used Walmart, up from 59% and 22%, respectively, a year prior. Additionally, while Amazon ranks #1 in the US in 2020 for monthly active users among Shopping apps, the average US user spent 60% more time in Pinterest each month than they did in Amazon on Android phones.

To learn more about the data behind this article and what AppAnnie has to offer, visit www.appannie.com.

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

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ETR Research

ETR is a primary technology market research firm, capturing real-time evaluations and spending intentions from thousands of enterprise-leading technologists.

For almost 10 years, Global 2000 corporations have trusted ETR’s proprietary technology research to capture real-time market activity. ETR produces market research through standardized surveys and round table discussions, not analyst opinions – our data driven approach quantifies the narrative driving the technology landscape. Marketing, Investor Relations, Corporate Strategy and Corporate Venture Capital teams no longer need to rely on anecdotal evidence to make business decisions. Vendors covered in our surveys gain mindshare among global IT leadership & gain key insights into navigating their competitive landscapes.