Image sharing platform Pinterest 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 enables users to shop a personalized feed based on the user’s active input on brand, style, and size,” per the release.
Although The Yes is centered on fashion, its brand relationships and shopping expertise could be used for other categories Pinterest focuses on, including home, beauty and food, the companies said.
Once the acquisition closes, Pinterest will sunset The Yes app and website to focus on integrating the technology into Pinterest’s platform and defining its shopping strategy.
Pinterest’s latest acquisition underscores its pivot from image sharing to social commerce.
The Yes was founded by Chief Executive Officer Julie Bornstein in 2018. Bornstein was previously the Chief Operating Officer of fashion retailer Stitch Fix, as well as the Chief Marketing and Digital Officer for Sephora, per LinkedIn. Bornstein will report to Pinterest CEO Ben Silbermann, leading the shopping vision and strategy at Pinterest.
“The Yes team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalized for you based on your taste and style,” Silbermann said in a statement.
Pinterest’s acquisition builds on the list of social shopping features it has implemented over the past year as it works to establish itself as a commerce destination. Pinterest in the release describes itself as a “shopping platform that brings together the unique commercial intent of its audience and the ability to visually explore products as you would in a magazine or catalog.”
In January, Pinterest added AR try-on features for shopping home decor from retailers like CB2 and West Elm. Last October, it also added Pinterest TV for users to watch live and shoppable videos from creators.
The trend toward social commerce is only growing, with most of the largest social media platforms entering the arena. Snap Inc. announced last month that it now allows eBay listings to be shared in the Snapchat app using special stickers. Just a few weeks earlier, the social media platform introduced new AR tools for businesses to create 3D models of products that users can try on. Additionally, Instagram celebrated the third anniversary of its Shop account last month by hosting a pop-up shop in New York City to promote its e-commerce tools.
(Source: RetailDive
Chinese
Japanese
Korean
