Pinterest unveils truckload of new updates for retailers on the platform

Pinterest has released a new set of features that'll help in optimizing the platform for retailers. The timing of these updates is impeccable with people looking to make abundant purchases for the holiday season and given the lockdown situation the world has been in for most of this year has made people more comfortable with online shopping. Especially with Pinterest’s reputation as a platform where popular and trendy posts are shown, it makes sense that Pinterest is leaning more into monetizing the platform.

Pinterest introduced an updated Shop tab for business profiles which allows retailers to display their most recently dropped products or popular products. The new Shop tab remodels the Shop tab into something akin to a storefront with the best products on display encouraging and intriguing users into further exploring the profile which significantly increases completed purchases.

The next update is focused on increasing brand exposure in searches. When a user searches for a specific product their search result will not only show normal posts but also a list of businesses that feature the product. This will increase traffic to retailers’ profiles but only if they use generic keywords in their product name or description.

Pinterest is also testing a new product tagging feature similar to that of Instagram. It will allow merchants to attach a product link to a picture of the product that can be posted. When clicked on, this link will take the user directly to the concerned product on the brand’s website. This makes it easier for users to complete purchases or browse other products as they will be transported to the website with a single click instead of having to manually open a browser and type in the website address. This also promotes impulse-shopping behavior.

The “Catalog” option has also been updated making it easier for retailers to connect their product listings directly to their Pins. This makes it easier for brands to link their Pins to their online data-listings making sure that products that are low in availability are automatically featured and products that are out of stock are automatically removed from appearing. This improves the likelihood of a customer completing a purchase

Pinterest is also working on a new ad format that will enable retailers to feature similar or related products together in a single ad unit. Retailers will be able to assign one product as the main asset and then add other products that are related or similar to it. They will be displayed in a multi-image layout and Pinterest is also thinking of introducing an option to add a video in the ad unit.

Pinterest is also looking to make it easier for retailers to maximize their campaign profit by adding an automated bidding option. This will feature bidding campaigns for products to users who are most likely to participate in it. Pinterest looks to achieve this by monitoring users’ past habits, history, and activity.

They will also add a new and improved “Conversion Analysis” option that will streamline the process for retailers to view how well their Pins are doing according to the set objective.

Pinterest has unloaded a host of amazing tools that will be sure to maximize the revenue that businesses will generate if used correctly.

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