Every month, more than 400 million Pinners come to Pinterest to discover and buy new products from brands that inspire them. For an even more expansive shopping experience, the platform has announced innovative new merchant features. Pinterest API for purchases, product identification for pins, video in catalogs, Shop tab on company pages, discover these four updates related to e-commerce…
Since the beginning of the year, Pinterest has set itself the goal of improving the online shopping experience on its platform. It has already taken some first steps, such as acquiring an Artificial Intelligence (AI)-powered shopping service in fashion known as “The Yes”.
According to Jeremy King, Senior Vice President of Engineering at Pinterest:
“At Pinterest, our goal is to turn inspiration into action, and our vision of shopping is to make it possible for Pinners to buy anything on the platform. In 2021, the number of Pinners interacting with shopping surfaces on Pinterest grew by more than 215%, and 89% of weekly Pinners use Pinterest as inspiration in their shopping journey. »
With this in mind, Pinterest has launched 4 new shopping features, starting with the API for Shopping, for brands and retailers to reach high-intent Pinners during the first stage of their shopping journey with the most up-to-date catalog data.
With the new API for Shopping, brands will have access to new catalog and product metadata management features to access more efficient data quality for merchant products. This tool offers a 97% level of accuracy for price and availability data according to a recent survey.
With this new feature, Pinterest makes it possible to tag products in pins to add details of each item.
This could make it easier to showcase specific items and guide users through their buying journey. Pinterest reports that, in initial testing, Pinners showed 70% higher purchase intent on tagged product Pins compared to standalone product Pins.
Over the past year, Pinterest has seen promising results on video-like ad formats compared to static formats:
- 158% increase in CTR on the platform;
- Reduced CPC by 42%;
- Reduced CPA by 58%.
Pinterest has therefore decided to continue to invest in video with brands, providing access to a detailed view of the product from different angles when making a purchase decision and driving conversions.
A Shop Tab for business pages
Finally, Pinterest is launching the Shop tab on business pages for brands to easily display merchandised products. This new feature not only makes it easier to manage groups of products directly on this new tab, but also presents customizable product descriptions and an optimized mobile interface, like a 100% responsive website.
Despite a few years behind Instagram, e-merchants and advertisers on Pinterest are now accessing new ways to better reach and interact with their targets.
What do you think of these features? Will they really be useful to you?