Background:
Pinterest recently announced a new way to showcase products on the platform by introducing catalogs, after a successful beta period back in 2018.
Details and Implications:
Pinterest’s new catalog feature will now be rolled out across the platform for all advertisers.
The catalog feature allows advertisers to create a product catalog on the native platform as long as they have a claimed domain on Pinterest. With Pinterest catalogs, advertisers will be able to showcase their products with a CTA driving users off the site and can generate product Pins in bulk and organise them by product groups, allowing users to discover and purchase new products.
Catalogs turn pins into product pins, which are identified with a small price tag icon. Product pins pull in real time, up to date pricing and relevant information. When a consumer clicks on the product, they are then taken off site to complete their transaction on the relevant product page that allows them to check out directly on site.
In addition, Pinterest also announced the following updates to the platform:
Pinterest Shopping Ads will now be available to all businesses via Ads Manager, bringing their advertising offerings in line with Google and Facebook’s product ad campaigns.
Pinterest rolled out a new brand-dedicated section from retailers, allowing people to browse a brand’s full catalog by clicking “More from (brand)”.
Personalised shopping recommendations is a new feature that will now show Pinners in-stock ideas and products related to what they’ve been saving to their style, home, beauty and DIY boards. They can either save to one of their own boards or can click the Pin to go straight to checkout on the retailer’s site.
Pinterest said, “people come to Pinterest in a shopping mindset open to discovering products, which creates a great connection between Pinners and businesses…Keep an eye on more updates in the coming months.”
Summary:
Pinterest is a platform with a high purchase intent, so with these updates to their shoppable ads, advertisers will now have an accurate indication of purchase intent of a product. This will be very interesting for advertisers to now be able accurately report back on ROI and see how Pinterest is affecting their business.
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