As Pinterest seeks to improve the online shopping experience on its platform, the company announced this afternoon that it has acquired an AI-powered platform. fashion shopping service known as The Yes, founded by e-commerce veteran and former Stitch Fix COO Julie Bornstein and tech co-founder Amit Aggarwal. Terms of the deal were not disclosed, but the acquisition will help create a new strategic organization within Pinterest that will help drive the company’s shopping efforts, including developing features for both shoppers and retailers, the company said.
It comes at a time when Pinterest is trying to navigate the changing way people shop online. While users once relied on Pinterest’s image board for inspiration, today they’re more drawn to authored content, videos, and personalized feeds. Yes may be able to help with the latter, given the technology it uses under the hood.
Founded in 2018, The Yes has created a personalized daily shopping feed that learns the user’s style as they shop from hundreds of fashion retailers. Primarily focused on women’s fashion, including clothing, bags and accessories, the app differed from Bornstein’s earlier efforts at Stitch Fix, in which human stylists chose products to send to more passive shoppers who wanted to be surprised by new finds in their monthly report. boxes.
Yes, on the other hand, intended for those who are actually more active browsing and shopping online. It also offered a wide range of brands, from Gucci, Prada and Erdem to contemporary brands like Vince and Theory to direct-to-consumer brands like Everlane and La Ligne to everyday brands like Levis. previously reported.
To engage its new customer, The Yes has also developed an extensive fashion taxonomy that uses human experience and machine learning to power its fashion search algorithms. Pinterest learned that this system could be developed further to expand beyond clothing to include other categories that are popular on the site, such as home, beauty, and food.
It’s all also due to Pinterest’s growing efforts to attract creators to its platform, who are now posting videos and live streams designed to encourage Pinterest users to buy the products they recommend. When users browse content and then access the Pinterest feed, they can find more products and the algorithm gets smarter.
Pinterest says that once the deal closes, Bornstein will report directly to Pinterest co-founder and CEO Ben Silbermann and will be tasked with leading Pinterest’s shopping concept and strategy. This will involve the creation of a new organization dedicated to taste-driven shopping on Pinterest. In addition, The Yes team will also be joining Pinterest after the deal closes.
“The Yes team is an expert in creating end-to-end shopping experiences,” Silbermann said in a statement. “They share our vision of making it easy to find the right products, personalized for you based on your taste and style. We are very excited about The Yes’s talented team and technology as we create a customized shopping experience on Pinterest,” he added.
“I have spent my career at the intersection of shopping, fashion and technology and have seen first hand the valuable impact of creation technologies that allow brands to easily join the platform, allowing customers to share their preferences,” said Bornstein. “Joining forces with Pinterest to expand our reach with such an inspiring platform is an exciting and perfect next step for our team and technology.”
As a result of the acquisition, The Yes will shut down its app and website and focus solely on Pinterest.
The company expects the deal to close in the second quarter of 2022.
Credit: techcrunch.com /