Pinterest has unveiled a handful of new tools to find real-world objects and trends on the digital catalogue, a behavior the company calls “visual discovery.”
On Wednesday at Pinterest headquarters in San Francisco, Calif., CEO Ben Silbermann announced the site’s three new tools: “Lens,” which lets “pinners” use their phone camera to search on Pinterest (a photo of a clock, for example, can generate room decor ideas with similar clocks and different arrangements); “Shop the Look,” a new button on home and fashion “pins” that surfaces related items users can buy directly on Pinterest; and “Instant Ideas,” a new button in the home feed that will surface new, personalized pin recommendations in real-time while users scroll (tapping this button on a cookie pin, for example, will surface similar desert images and recipes.)
“Everything on Pinterest is visual,” Silbermann said at Wednesday’s person. “That’s the thing about a good idea, you know it when you see it.”
“That’s what visual discovery is all about — tools to find the ideas that are your taste and your style,” Silbermann added.
Pinterest, which most recently said it has 150 million monthly active users, serves more than 10 billion pin recommendations every day. “Lens” is rolling out starting on Wednesday as a test on iOs and Android, “Instant Ideas” is launching for all users on iOS and Android and “Shop the Look” is rolling out on iOS, Android and the web.
In tests of Instant Ideas, Pinterest said it has seen a two- to three-time increase in users’ engagement with real-time recommendations. And tests showed users engage with “Shop the Look” three to four times more than pins without the feature, the company said. Currently users make more than 250 million visual searches monthly in addition to 2 billion text searches.
Pinterest reportedly generated about $100 million in revenue in 2015 and about $300 million last year. The six-year-old company was most recently valued by investors at $11 billion and has raised $1.3 billion in funding to date. Pinterest now has about 1,000 employees. By comparison, Snap Inc., which was founded around the same time as Pinterest, plans to go public early this year. Public filings revealed the company had revenue of $404.5 million in 2016 with a net loss of $515 million. Snap said it has 1,859 employees.
Pinterest has been pushing into more immersive content formats and expanding its ad offerings. Over the summer, Pinterest launched its first video ads, which will likely be key to the company’s business. Marketers are expected to spend $12.82 billion on digital-video ads in 2018, up from $7.7 billion last year, according to the research firm L2.
Blog by : Kathleen Chaykowski
About Blogger :I’m a San Francisco-based reporter on Forbes’ tech team. I cover tech with an emphasis on the people, companies and innovations in the world of social and digital media. Before joining Forbes, I worked as a news writer and producer at The Wall Street Journal in New York. I have reported for Bloomberg News in San Francisco and New York and for the WSJ in Johannesburg, South Africa. In college, I edited and wrote for The Stanford Daily. You can find me on Twitter @kchaykowski or reach me with story ideas, thoughts or tips at firstname.lastname@example.org