Pinterest, an image sharing and social media service, has recently announced the acquisition of The Yes, an AI-powered shopping platform, to improve the online shopping experience.
The latest acquisition will help establish a new organization within Pinterest to enhance the company’s shopping efforts, such as the development of features for both retailers and shoppers.
The Yes, founded in 2018, has established a personalized daily shopping feed of users that learns their shopping behavior and preference as they shop from multiple fashion merchants. This AI-powered shopping app is primarily focused on accessories, apparel, handbags, and other women’s fashion.
Moreover, the app offered a range of brands including Prada, Gucci, and Erdem; contemporary brands like Theory and Vince; DTC (direct-to-consumer) brands like La Ligne and Everlane; and everyday brands like Levis.
Of interest to Pinterest, The Yes also had developed an extensive fashion taxonomy that adopted human expertise and ML (machine learning) to power the fashion-finding algorithms. This complements the growing efforts of the social media platform to attract creators who publish live streams and videos to encourage users to purchase products they are recommending.
Upon the closing of the deal, Pinterest revealed that Julie Bornstein, The Yes’s founder, will be reporting directly to Ben Silbermann, the company’s co-founder and CEO. Bornstein will then lead its shopping vision and strategy and assume a new role as its Senior Vice President of Shopping.
As per the statement made by Silbermann, the team at Pinterest is thrilled to collaborate with The Yes team who are experts in building end-to-end shopping experiences. The company is targeting to leverage its talented team and technology to develop dedicated shopping experiences on the image-sharing platform.
Upon the completion of the acquisition, The Yes will shut down its site and app and focus solely on Pinterest. The deal is expected to be closed in the second quarter of 2022. Additional terms of the agreement have not been disclosed.