Ahead of a potential IPO later in the year, Pinterest is ramping up its eCommerce tools, this time through the addition of new product catalogs and personalized shopping recommendations, in order to maximize business potential.
First, in addition to the 'More like this' option beneath each Pin, which uncovers visually similar items, Pinterest is also adding a 'More from [brand]' option, which will showcase a broader range of product Pins from the same business.
As you can see in the above example, when you scroll down from a Pin, there'll be a new option, where available, to also tap on the 'More from [brand]' list, which will showcase similar items, but confined to that provider. That'll definitely prove popular with brands - at present, the 'More like this...' option can take users away from their offerings, even if they might have similar product in their catalog that would fit the bill. This option will enable businesses to keep users around for longer, and help facilitate brand loyalty on the platform.
Next up, Pinterest is also adding in new personalized shopping recommendations:
"Alongside style, home, beauty and DIY boards, you’ll see in-stock ideas related to what you’ve been saving, to match your style. Just click “more ideas” then the shopping tag to start shopping ideas picked for you. Tap + to quickly add the Pin to your board, or click the Pin to go straight to checkout on the retailer’s site."
The addition will provide more ways for Pinners to find available products similar to what they're interested in, with direct buying options, making it easier to get more shopping ideas.
Pinterest will also now enable brands to upload their full catalog to the platform, and turn their products into dynamic Product Pins. This compliments the platform's recent announcement of automated 'Shop the Look' Pins, which are able to identify products within Pins and connect them to buying options. Uploading your product catalog will ensure your products show up for more of these automated recommendations, boosting your business potential on the platform.
In addition to this, Pinterest is also making its Shopping Ads available to all businesses through its self-serve ad tool, and it's expanding its 'Shopping search', in order to showcase more products to buy for related on-platform queries.
As noted, the updates expand Pinterest's eCommerce potential, adding in more ways for users to find, and buy, relevant items, related to their search history, their interests and specific brands. That will make the platform more inviting for businesses - already, research has shown that Pinterest drives far higher purchase intent than other platforms, with some 90% of Pinners using the platform to plan for or make purchases.
Pinterest may have relatively fewer users (250 million) than other social platforms - but Pinterest has repeatedly stated that its, in fact, not a social network. It's become a 'discovery engine', 'a catalog of ideas', and in that sense, Pinterest, in many ways, is in a league of its own - a sort of middle ground between Google search and Amazon product listings, but more driven by your personal preferences and interests.
That'll be the point of differentiation Pinterest will look to underline ahead of its coming IPO, and a such, you can expect more additions like this in the coming months, boosting the platform's appeal to businesses and making it easier for users to find things they might want to own.