Pinterest (PINS) Acquires AI-Powered Shopping Platform The Yes
Pinterest, Inc. PINS announced the acquisition of the AI-powered, high-tech fashion-shopping platform, The Yes, for an undisclosed amount. The acquisition is believed to help Pinterest accelerate its initiative to evolve as a “home of taste driven shopping” platform.
The Yes, a startup founded by CEO Julie Bornstein in 2018, provides a personalized feed-based shopping platform based on users’ preference of brand, style and size. The Yes, with numerous brand merchants on its platform, has evolved as an extensive fashion taxonomy by using AI to power a comprehensive algorithm in fashion. Pinterest and The Yes share a common vision of making it easy for customers to find products matching their tastes and style.
On the likely closure of the deal in second-quarter 2022, CEO Julie Bornstein will become a Pinterest executive, being in charge of leading the platform’s shopping vision and strategy.
The acquisition will allow Pinterest to create a strategic organization to help steer the evolution of its features and merchants. The company has been making continuous efforts to absorb creators publishing videos and live streams in order to make the shopping experience swift and easy for customers.
Pinterest is visibly different from other social media platforms and popular digital advertising channels. The company is increasingly establishing a unique value proposition for advertisers that could provide a competitive advantage in the long haul. Through various innovations, it continues to dramatically improve the advertising platform, which presently appears to be one of the best ad platforms for consumer discretionary brands looking for innovative ways to reach out to customers and stretch smaller ad budgets.
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Pinterest has declined 68.2% over the past year compared with the industry’s decline of 58.8%.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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