Pinterest is introducing several new merchant features including the Pinterest API for Shopping, product tagging for Pins, video in catalogue and Shop tab on Pinterest Business profile, making it easier for merchants to create engaging shopping experiences.
“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,” Pinterest senior vice president of engineering, Jeremy King said.
“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. The new shopping features allow brands and retailers to reach high-intent Pinners during the earliest stage of their shopping journey with the most updated catalogue data.”
The vision for the Pinterest API for Shopping is to inspire commerce. Pinterest is extending its investments in shopping and measurement features, including catalogue and product metadata management, to enable more efficient, improved data quality for merchant products. The Pinterest API for Shopping has led to a 97% accuracy level for price and availability data.
Product tagging on Pins allows merchants to make their lifestyle Pins shoppable and helps Pinners to move from inspiration to action. With product tagging, merchants can add products from their catalogue to their scene images. Pinners can easily browse for the exact items that they love from the inspiring imagery that they find. Pinners showed 70% higher shopping intent on product Pins tagged in scene or brand images than standalone product Pins.
Over the past year, Pinterest has seen video-like ad formats increase click-through rates by 158% and cost-per-click lowered by 42% compared to static formats on the platform. Pinterest continues to invest in video with merchants, by enabling video assets in their product catalogue to give Pinners a view of the product from multiple angles when making a purchase decision.
With the new Shop tab on Business profile, merchants can display shoppable products to browsing Pinners. This new feature is a high-intent shopping surface with 30% of Shopify merchants on Pinterest getting 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 customisable product group cover images and descriptions, as well as an enhanced mobile interface.