As Pinterest focuses on improving the online shopping experience on its platform, the company announced this afternoon that it is acquiring the AI-powered app fashion shopping service called The Yes, was founded by e-commerce veteran and former COO of Stitch Fix Julie Bornstein and technical co-founder, Amit Aggarwal. The company said the terms of the deal were undisclosed, but the acquisition will help establish a new strategic organization within Pinterest to help advance the company’s procurement efforts, including the development of new sites. features for both shoppers and retailers, the company said.
The arrival comes at a time when Pinterest is trying to navigate a shift in the way people shop online. While users used to rely on Pinterest’s image pinboard for inspiration, today they’re more drawn to creators’ highly personalized content, videos, and feeds. Yes can help with the latter, based on the technology it runs under the hood.
Founded in 2018, The Yes has built a personalized daily shopping feed to learn about users’ style as they shop from hundreds of fashion merchants. Primarily focused on women’s fashion – including clothing, bags and accessories – the app differs from Bornstein’s earlier efforts at Stitch Fix, which involved human stylists picking out items stock to deliver to more passive shoppers who want to be surprised with their monthly new finds in boxes.
On the other hand, Yes app is for people who actually browse and shop online more actively. It also offers a wide selection of brands ranging from Gucci, Prada and Erdem to contemporary brands like Vince and Theory to consumer-facing brands like Everlane and La Ligne to everyday brands like Levis , like TechCrunch previous report.
Of interest to its new acquirer, The Yes has also built an extensive fashion classification that uses human expertise and machine learning to power its fashion search algorithms. Pinterest knows the system could be further developed to extend beyond apparel to reach other popular categories on its site – like homewares, beauty, and food.
All of this is likely also related to Pinterest’s growing efforts to attract creators to its platform, who now publish videos and live streams designed to incentivize people to join. Use Pinterest to shop for the products they recommend. As users view content and then switch to Pinterest’s feed, they can discover more products, and the algorithm gets smarter as they browse.
Once the deal closes, Pinterest said Bornstein will report directly to Pinterest co-founder and CEO Ben Silbermann and will be tasked with leading the Pinterest shopping vision and strategy in the role. new role as Senior Vice President of Shopping at Pinterest. This will also involve the creation of a new organization dedicated to hobbyist shopping efforts on Pinterest. In addition, The Yes’s 40-person team will also join Pinterest after the transaction closes.
“The Yes team are experts at building an end-to-end shopping experience,” says Silbermann. “They share our vision of making it easy to find the right products that are personalized for you based on your taste and style. We’re excited about The Yes’ tech and talent team as we build a dedicated shopping experience on Pinterest,” he added.
Pinterest says the deal is a way to bring together a combination of top talent, expertise and technology to help advance its vision to make Pinterest a new home for hobbyist shopping. likes, the company told TechCrunch.
“I have spent my career at the intersection of shopping, fashion and technology and have witnessed first-hand the valuable impact of building technology that enables brands,” said Bornstein. join an easy platform while also allowing customers to share their preferences.” “Joining forces with Pinterest to expand our reach using such an inspiring platform is an exciting and ideal next step for our team and our technology.”
As a result of the acquisition, The Yes will shut down its app and website and will focus solely on Pinterest.
The company expects the deal to close in the second quarter of 2022.