Image: Tamanna Rumee, Unsplash
Pinterest is doubling down on Shopping with 4 new ecommerce features, announced last week. It comes hot on the heels of Idea ads and paid partnerships, which were launched last month.
Product Tagging on pins
Product Tagging on pins allows merchants to make their lifestyle pins shoppable. Merchants can add products to their scene images making it easy for users to shop. Pinterest said initial tests showed 70% higher shopping intent on product pins tagged in scene/brand images than standalone product pins.
Video in catalog
Pinterest says it has seen promising results from video-like ad formats vs static formats on the platform over the past year:
- CTR: increased click-through rate by 158%
- CPC: lowered cost per click by 42%
- CPA: lowered cost per action by 58%
New video assets in product catalogs allows merchants to display their products from multiple angles.
Shop tab on business profiles
A new Shop tab allows merchants to display shoppable products easily on their Business Profiles. Pinterest said 30% of Shopify merchants on Pinterest got their first attributed checkout from their Shop tab.
The feature enables easier product group management directly on a merchant’s Shop tab, as well as customizable product descriptions and an enhanced mobile interface.
The API for Shopping gives merchants access to new catalog and product data management, enabling better, more efficient data quality for merchant products. Pinterest says early users have seen a 97% accuracy level for price and availability data.
Pinterest has 400 million monthly active users, and continues to see growth in shopping related activity:
"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."
As it rolls out innovative features to help merchants display products in an engaging way and make it easier for shoppers to buy, Pinterest continues to position itself as a serious player in ecommerce.