Pinterest to acquire AI shopping platform The Yes
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- Image sharing platform Pinterest has announced its agreement to acquire the yes for an undisclosed amount on Thursday, according to a press release. The Yes is an “AI-powered shopping platform for fashion that allows users to shop a personalized feed based on active user input on brand, style and size”, according to the press release.
- Although The Yes is fashion-focused, its brand relationships and shopping expertise could be used for other categories Pinterest focuses on, including home, beauty and food, the companies said. businesses.
- Once the acquisition is complete, Pinterest will shut down The Yes app and website to focus on integrating the technology into Pinterest’s platform and defining its buying strategy.
Overview of the dive:
Pinterest’s latest acquisition underscores its pivot from image sharing to social commerce.
The Yes was founded by CEO Julie Bornstein in 2018. Bornstein was previously the COO of fashion retailer Stitch Fix, as well as Sephora’s chief marketing and digital officer, per LinkedIn. Bornstein will report to Pinterest CEO Ben Silbermann, who will lead Pinterest’s vision and buying strategy.
“The Yes team are experts in creating an end-to-end shopping experience. They share our vision of making it easy to find the right products personalized to your taste and style,” Silbermann said in a communicated.
Pinterest’s acquisition builds on the slate of social shopping features it’s implemented over the past year as it strives to establish itself as a shopping destination. In the release, Pinterest describes itself as a “shopping platform that brings together its audience’s unique business intent and the ability to visually explore products like you would in a magazine or catalog.”
In January, Pinterest added AR try-on features for shopping from home decor from retailers like CB2 and West Elm. Last October, he also added Television Pinterest allowing users to watch live and buyable videos from creators.
The social commerce trend is only growing with most of the biggest social media platforms entering the arena. Snap Inc. announced last month that it now allows eBay Listings to share in the Snapchat app using special stickers. A few weeks earlier, the social media platform introduced new Augmented reality tools for business to create 3D models of products for users to try out. Additionally, Instagram celebrated the third anniversary of their Shop account last month by hosting a pop-up store in New York to promote its e-commerce tools.