Although investors have been aware of Pinterest’s e-commerce ambitions for some time now, perhaps they hadn’t envisioned virtual car tours.
When Pinterest (NYSE: PINS) roared onto the social media scene over a decade ago, its path seemed inevitable. Its user-friendly, visual-first ‘pinboard’ design was just dripping with e-commerce potential.
And now, it’s taken that to the next level…
Pinterest’s auto aspirations
No, Pinterest is not designing a new electric vehicle — though nothing would surprise me in that particular sector.
Staying in its lane, Pinterest gave users the ability to ‘test drive’ a car through its core app. In a partnership with Volkswagen, Pinners were given access to an immersive virtual test drive of the auto giant’s new ID.4a fully-electric car. In a first for Pinterest, users were able to experience the new car from every angle with 360-degree views, giving potential car buyers a fully immersive experience that you couldn’t hope for by simply shopping on a website.
This nifty new tool, which could revolutionize Pinterest’s commerce functionality, will continue to operate through July, when Pinterest creators will walk potential car shoppers through the new vehicle, highlighting their favorite features.
Pinterest claims that more than 8 million of its current users actively engage with auto-related content on its platform, with more than a third of these users claiming to become inspired into shopping for cars they hadn’t previously been looking for. What’s more, Pinterest users are 55% more likely than non-Pinners to be concerned about their personal carbon footprint, making the EV option far more appealing.
What electric automaker wouldn’t pay top dollar for such an engaged and potentially profitable audience?
In a time of pandemics and distanced shopping, Pinterest could be a leader in a whole new medium of remote showrooming, and not just with vehicles.
Pinterest has been one of the top-performing social media stocks on the market in recent years, and is up more than 200% since it was added to MyWallSt in 2020. But we’ve got some even better growth options for investors! Want to know more? Simply sign up for a free trial today.
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