Pinterest Launches New Merchant Features to Help Online Retailers Succeed on the Platform
Pinterest is introducing several new innovative merchant features to help online retailers realize success on the platform, offering Pinners an even more expansive shopping experience.
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Over 400 million Pinners come to the platform every month to discover new products and shop for brands that inspire them.
With the new merchant features, including The Pinterest API for Shopping, Product Tagging for Pins, Video in Catalog, and Shop Tab on Business Profiles, Pinterest is making it easier for merchants to create engaging shopping experiences for the millions of Pinners 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 over 215%, and 89% of weekly Pinners use Pinterest for inspiration in their path to purchase.”Jeremy King, SVP of Engineering at Pinterest
“The new shopping features such as the API for Shopping allow brands and retailers to reach high-intent Pinners during the earliest stage of their shopping journey with the most updated catalog data,” added King.
The Pinterest API for Shopping
The vision for The Pinterest API for Shopping is inspiring 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 for the potential this has to continue showcasing our talented independent creator community.” – Chris Lentini, Chief Marketing Technology Officer, Zazzle Inc.
Product Tagging on Pins
Product Tagging on Pins is the 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 company’s initial tests, it 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.
Pinterest 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.
With the number of merchant catalogs on Pinterest having increased by 87% in Q1 2022 compared to the year prior already, the new video feature will continue to drive this growth.
Shop Tab on Business Profiles
Pinterest continues to create new tools and resources to help merchants create a more inspiring storefront and showcase products to shoppers when they’re looking to take action.
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.
Not only does this new feature not enable easier product group management directly on the Shop tab but it also offers to create a customizable product group cover image and description as well as an enhanced mobile interface for a seamless Pinner experience.
Pinterest is building a home for taste-driven shopping and continually invests in new ways for shoppers to browse, discover and engage with brands.
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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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.