Pinterest to Buy Shopping Platform The Yes Amid E-Commerce Push
Pinterest announced a deal last week to acquire shopping platform The Yes, as the social media company attempts to increase e-commerce activity on its platform. The Yes uses algorithmic techniques to develop a personalized feed for shoppers. Pinterest began testing a similar service called Your Shop in the U.S. earlier this year, with plans to roll it out later in 2022. The Yes was founded by CEO Julie Bornstein and Chief Technology Officer Amit Aggarwal. Bornstein will take over Pinterest’s efforts to develop better shopping technology, with the announcement stating that she “will lead shopping vision and strategy across Pinterest, creating a new and strategic organization dedicated to Pinterest’s taste-driven shopping efforts.”
Total Retail's Take: The growth of consumer interest in social commerce is leading to announcements such as this from Pinterest. Social media companies are working to integrate commerce into their platforms, hoping to capture their piece of a market that's forecast to reach $1.2 trillion by 2025. Consumers are increasingly looking to shop on social platforms, driven by factors such as convenience, inspiration and validation, the latter two from other users in the social community. Pinterest is looking to make itself a shopping destination, and the acquisition of The Yes is a step in that direction. Giving consumers an easy way to shop and make purchases, combined with inspiration from friends, family members and influencers is the formula that retailers and brands are tapping into to drive social commerce sales.