Pinterest has introduced new merchant features to help retailers achieve their objectives on the platform and offer Pinners an expansive shopping experience.
The Pinterest API for Shopping, Product Tagging for Pins, Video in Catalog, and Shop Tab on Business Profile provide new ways for merchants to reach over 400 Mn Pinners that come to the platform every month to discover new products and shop for brands. The new merchant features are designed to make it easier for merchants to create engaging shopping experiences on the platform.
“At Pinterest, our goal is to turn inspiration into action, and our vision for shopping is to make it possible to buy anything Pinners are inspired by on the platform. In 2021, the number of Pinners engaging with shopping surfaces on Pinterest grew by over 215%, and 89% of weekly Pinners use Pinterest for inspiration in their path to purchase. The new shopping features such as the API for Shopping allows brands and retailers to reach high-intent Pinners during the earliest stage of their shopping journey with the most updated catalog data", says Jeremy King, SVP of Engineering at Pinterest
The number of merchant catalogs on Pinterest increased by 87% in Q1 2022 compared to the year prior.
The Pinterest API for Shopping
The vision for The Pinterest API for Shopping is designed to improve commerce. Pinterest is extending its investments in shopping and measurement features, including catalog and product metadata management, to enable more efficient improved data quality for merchant products. The Pinterest API for Shopping has been shown to lead to a 97% accuracy level for price and availability data.
“Pinterest's new API has allowed Zazzle to efficiently and effectively promote hand-curated design collections via shopping campaigns. We're seeing some promising early performance and are excited about the potential this has to continue showcasing our talented independent creator community", shares Chris Lentini, Chief Marketing Technology Officer, Zazzle Inc.
Product Tagging on Pins
Product Tagging on Pins is a shopping feature that allows merchants to make their lifestyle Pins shoppable and helps Pinners move easily from inspiration to action. With product tagging, merchants can add products from their catalog to their scene images. Pinners can easily shop for the exact items they love from the inspiring imagery they find. In the initial tests, the platform saw that Pinners showed 70% higher shopping intent on product Pins tagged in scene/brand images than standalone product Pins.
Video In Catalog
Over the past year, Pinterest has seen promising results from video-like ad formats vs. static formats (increased CTR by 158%, lowered CPC by 42%, lowered CPA by 58%) on the platform. the platform continues to invest in video with merchants by enabling video assets in their product catalog to give Pinners a view of the product from multiple angles when making a purchase decision and driving conversions.
Shop Tab On Business Profiles
With the new Shop Tab on Business Profile, merchants can easily display shoppable products browsing Pinners. This new feature is a high-intent shopping surface, and in fact, 30% of Shopify merchants on Pinterest get their first attributed checkout from their Shop tab. This new feature not only enables easier product group management directly on their Shop tab but also customizable product group cover image and descriptions and an enhanced mobile interface for a seamless Pinner experience.
This is the most recent announcement in Pinterest’s continued investment in Shopping, following Pinterest’s acquisition of AI Shopping platform, THE YES.
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