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Pinterest Acquires Product Recommendation Platform ‘THE YES’ to Improve its Discovery Tools

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Pinterest Acquires Product Recommendation Platform 'THE YES' to Improve its Discovery Tools

Pinterest is taking the next steps towards becoming a central hub for product discovery with the acquisition of AI-powered shopping platform THE YES, which learns user preferences in order to provide more personalized matches for each user.

Founded in 2018, THE YES uses quizzes and direct usage inputs to refine its item listings based on your preferences.

THE YES

As you can see in this example, part of the onboarding process involves simple ‘yes’ or ‘no’ responses on various brands and product images, which helps to improve its automated matches, alongside advanced machine learning based on user activity.

As per Pinterest:

“With hundreds of brand merchants on its platform, the team at THE YES has built an extensive fashion taxonomy that uses human expertise and machine learning to power a comprehensive algorithm in fashion. THE YES’s brand relationships and shopping expertise can potentially be applied to other categories on Pinterest such as home, beauty and food.”

The deal will give Pinterest more tools with which to improve its search tools, as well as direct connection with more brands to build out its platform listings.

Current CEO of THE YES Julie Bornstein will join Pinterest as part of the acquisition, and will report directly to Pinterest chief Ben Silbermann to help improve the platform’s shopping vision and strategy.

It’s an interesting move, which could have a big impact on Pinterest’s recommendation systems and spotlights, in a range of ways, and it’ll be interesting to see how Pinterest looks to incorporate elements of THE YES into its own product discovery process.

Pinterest saw a big jump in usage at the start of the pandemic, with the lockdowns forcing more people to seek alternate shopping measures. But since then, its active user count has been in decline, while it’s also still working on how to maximize its revenue streams to improve its growth prospects.

Improved product matches are a key element in this, and Pinterest’s systems continue to improve on this front, making it a valuable companion app for regular users.

The acquisition will help in this respect, and if Pinterest can boost its revenue per user stats, that’ll go a long way towards quelling concerns around overall user growth.

The deal is expected to be finalized before the end of June.

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Pinterest Focuses on Travel Inspiration and Education for Black History Month

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Pinterest Focuses on Travel Inspiration and Education for Black History Month

Pinterest is taking a unique approach to Black History Month, with a new ‘Find Your Routes’ Black Travel Hub initiative, which aims to highlight places that have strong connections to Black history, while also showcasing Black-owned businesses.

As explained by Pinterest:

“Find Your Routes” is inspired by The Negro Motorist Green Book aka “The Green Book”. The Green Book was a guidebook for Black travelers during the Jim Crow era that provided a list of accessible hotels, boarding houses, taverns, restaurants, service stations and other establishments throughout the country that served Black Americans patrons.”

The Black Travel Hub, which you can find here, will present a range of travel options, along with their history, with creators from the US, Colombia, Jamaica, Brazil and more, all taking part in presenting their city.

It could be a good way to provide education alongside inspiration in the app, while also helping people to connect, and support highlighted communities.

Pinterest will also be showcasing Black-owned businesses on Pinterest TV, while internally, it’s also hosting a company-wide event ‘to help employees gain knowledge about the history, present, and future of Black travel through the lens of Black Pinployees’.

As noted, it could be a good way to both spark important conversations, and inspire new travel journeys, which include an extra level of cultural understanding and education, along with a leisure break.

It’s an interesting take on the celebration either way, and it’ll be worth noting what sort of reaction the initiative gets, and whether it inspires more travel as a result.

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Snap Tumbles On Weak Revenue, Gloomy Outlook

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Snap Tumbles On Weak Revenue, Gloomy Outlook

Snap shares plunged after missing analyst expectations in Q4, while forecasting a year-over-year revenue decline.

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Snapchat Adds 12 Million Users in Q4, Posts Lower Than Expected Revenue Result

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Snapchat Adds 12 Million Users in Q4, Posts Lower Than Expected Revenue Result

Snapchat added 12 million more active users in Q4 2022, and Snapchat+ subscriptions continue to rise, but company revenue missed market estimates, in another mixed result for the private social app.

First off, on users – as noted, Snap added 12 million more actives, taking it to 375 million DAU.

As you can see, North American user growth is still flat, while European users saw a slight uptick. But it’s the ‘Rest of the World’, specifically India, which is driving Snap growth.

Which is helping to boost the overall usage numbers, and expand opportunity. But on the revenue side, it’s not pushing things forward in a significant way.

Snap Q4 2022

As you can see in this chart, Snapchat’s revenue has increased, but a key problem here is that it’s still reliant on the US and Canada for the majority of that spend, with other markets trailing well behind on the revenue front.

Snap Q4 2022

In this chart, you can see that Snap’s Revenue Per User has actually declined year-on-year – so while it is growing, it’s not bringing in revenue at equivalent scale, and it’s even going backwards in some respects.

Which is why its stagnant growth in North America is a problem – though Snap has also seen take-up of its Snapchat+ subscription service increase.

“In Q4, our subscription service Snapchat+ reached over 2.0 million paying subscribers. Snapchat+ offers exclusive, experimental, and pre-release features, and in Q4 we launched new features such as Custom Story Expiration and Custom Notification Sounds, providing subscribers with over 12 exclusive features.”

That’s a handy additional revenue stream, but as with all social media subscription services (including Twitter Blue), take-up is generally limited, and at 2 million subscribers, that’s still only 0.5% of Snapchat’s active user base that’s been willing to pay extra for these add-on elements.

Snap has also faced challenges in rebuilding its ad business, in the wake of Apple’s iOS 14 update, which has impacted data collection, and Snap CEO Evan Spiegel says they still have some way to go on this yet:

“We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating to deepen the engagement of our community.”

Snap has seen improvement in its commerce integrations, which includes digital items for Bitmoji avatars which Snap is eventually looking to translate into real-world item sales as well. Snap also says that it’s facilitated over than 161 million product trials by over 35 million Snapchatters for Walmart, leveraging its Catalog-Powered Shopping Lenses at-scale.

Snapchat AR shopping

Those point to bigger opportunities, but right now, amid the broader economic downturn, and restrictions on data collection and targeting, Snapchat is in a tough spot, and will be for some time yet.

Essentially, then, you’re banking on Snap’s future, and its advanced tools that could help it better align with expanded AR and VR use. And Snap is seemingly in a good position on this front – though again, the impacts of the last year, which also forced Snap into lay-offs, will also have some effect.

Really, then, the results here are relative to your perspective.

For advertisers, more Snap users means more potential reach – but most of Snap’s growth is coming from outside the US. More advanced AR activations could become a bigger deal in future, but it depends on how you’re looking to connect, and product fit.

Investors won’t be overly happy with the numbers, but there are positive signs on the horizon. It’s just that the horizon, in this respect, remains well in the distance at this stage.

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