Pinterest isn’t putting a pin in its ecommerce ambitions any time soon.
The social media platform announced the rollout of additional ecommerce-focused offerings at its second-annual Pinterest Presents Advertiser Summit on Thursday, including a tool to identify trends, ads to monetize idea pins and an API that allows partners to tap into Pinterest’s first-party data.
In 2021, Pinterest saw a 52% increase in revenue to roughly $2 billion, and the company is looking to its ecommerce business as a source of continued growth this year, CRO Bill Watkins told AdExchanger.
The plan is to develop Pinterest into “a personalized shopping destination with more ways for brands to tap into trends and creators and develop meaningful connections with our high-intent users,” Watkins said.
That might sound like a sales pitch, but it’s how Pinterest frames its differentiation from other platforms doing the ecommerce thing, like Instagram.
“Our investments are focused on making shopping as inspirational as possible, like flipping through the pages of your favorite catalog or walking through the aisles of a store that feels handpicked for you,” Watkins said.
First-party data is key to enable that level of personalization. Pinterest is continuing to develop its in-house tech stack with a focus on automation and improving its reporting capabilities so that its advertiser partners can get more out of Pinterest’s user data.
Shopping list The purpose of Pinterest’s latest shopping-related products is to provide retailers with a better sense of how consumers are going from research to intent to purchase, Watkins said.Checkout, which is now in beta with select US Shopify merchants, allows shoppers to purchase products on Pinterest’s platform without being redirected to a separate checkout experience.The Pinterest API, meanwhile, will allow developers, retailers and advertisers to integrate with Pinterest’s first-party dataset to help with targeting, Watkins said.The rollout of the Checkout product […]
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