Pinterest brings out 5 new updates for retailers

Pinterest is rolling out five new updates designed to help merchants set up a storefront, generate sales, and measure their results.

Holiday shopping started well in advance this year, Pinterest says, and searches like “Christmas gift ideas” increased in April (tripling last year).

In the past six months, the number of Pinterest users engaging in shopping space has increased by over 85%.

There is a difference between shopping and buying, however, and Pinterest wants to help merchants guide users to this next step.

“Today we’re introducing our newest suite of merchant tools that retailers can use to reach customers this holiday season and beyond …”

Pinterest wants to help merchants with updates for:

  • Dealer Storefront Profile and Discovery
  • Product labeling
  • Product catalogs
  • Automatic bidding in advertising campaigns
  • Conversion analysis

You can find more information about these updates here.

Help dealers get discovered

When Pinterest users search for shopping-related ideas, they will now see recommended retailers based on the product category they were looking for.

Pinterest brings out 5 new updates for retailersDealer recommendations in the Pinterest search results.

When users visit a retailer on Pinterest, they are greeted with an updated profile that is more like a storefront.

Pinterest brings out 5 new updates for retailersExample of updated retailer pages on Pinterest.

You can find an improved shopping experience on the “Shop” tab.

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The “Shop” tab shows inventory levels sorted by category as well as product groups and dynamically generated recommendations.

Pinterest brings out 5 new updates for retailersExample of the new Shop tab.

Identification of new products

Merchants can now label their own images with exact products displayed with a new labeling tool.

Pinterest brings out 5 new updates for retailersExample of a new product identification interface.

This update makes it more seamless for buyers to buy exactly what they see in a photo.

Pinterest brings out 5 new updates for retailersExample of marked products from the buyer’s point of view.

Pinterest notes that the upgraded version of its product tagging tool is being “tested” so minor issues may arise early on.

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Updates to catalogs

Pinterest is introducing a more intuitive catalog user interface that aims to make it easier to become a retailer.

The company states in an announcement:

“It is now faster and easier for retailers to upload their catalogs and activate shopping ads. Inclusion of catalog feeds is faster, video as the main hero picture in collections, collections as a new format for shopping ads, and a new favorite planning tool that retailers can use to upload all products on Pinterest in their own time. “

With this update, Pinterest brings catalogs and collections together to create a new format for shopping ads.

The new Collections ad format allows merchants to select a main item and product group to create a multi-image ad unit.

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Merchants also have the option to use video as the main component if they prefer.

Pinterest brings out 5 new updates for retailersExample of creating a collection ad.

According to Pinterest, advertisers who were able to use collection ads early on saw their average overall basket size increase by 6 to 18%.

Automatic bidding for purchase

Merchants have a new way to scale sales with automatic bidding on purchases.

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“Set it up and forget about it with auto-bids on catalog sales,” explains Pinterest.

Automatic bidding is designed to help retailers maximize their budget without constantly reviewing their purchases.

Now retailers can dynamically adjust an ad group’s bid to get the maximum number of results.

Pinterest brings out 5 new updates for retailersAutomatic bidding is now an option when creating a campaign

“Retailers who tested auto bidding for catalog sales saw 28% more conversions when optimized for the Conversion event and nearly 29% more clicks when optimized for the Click event for the same budget.”

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Conversion Analytics

With Pinterest’s new conversion analytics, retailers can see how customers are completing their purchase journey.

The visual tool provides a more granular view of conversion performance, with all of the data collapsed into a familiar funnel.

Pinterest brings out 5 new updates for retailers

These updates are now available to all retailers on Pinterest.

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Source: Pinterest Newsroom

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