Pinterest acquires AI shopping platform The Yes! Moving towards a social e-commerce platform

According to foreign media reports, the US social networking site Pinterest recently announced that it is acquiring the artificial intelligence shopping platform The Yes. This move marks that Pinterest is once again expanding its e-commerce business and is committed to building itself into a social shopping platform.

The Yes was reportedly co-founded by Julie Bornstein and Amit Aggarwal in 2018. Bornstein previously served as COO of fashion retailer Stitch Fix and Chief Marketing and Digital Officer of Sephora, and Aggarwal is a veteran in the technology industry. The Yes is an artificial intelligence (AI)-based fashion shopping platform that supports users to complete personalized shopping based on brand, style and size input. In the past few years, The Yes has successfully expanded its scale and is well known to fashion shoppers.

The two companies did not disclose the financial terms of the acquisition, which is expected to be completed in the second quarter of 2022, subject to customary closing conditions.

It is reported that after the acquisition is completed, The Yes application and website will be closed, and The Yes team will focus on technology integration and Pinterest shopping strategy. Bornstein will report to Pinterest CEO Ben Silbermann and lead Pinterest's shopping vision and strategy. In addition to the fashion category room, Pinterest is likely to apply The Yes to other categories of purchases, such as home, beauty and food.

It is learned that Pinterest has been strengthening its digital shopping capabilities. In January 2021, the company launched Try On for Home Decor, a feature that supports users to use AR technology to buy home decoration products on Pinterest. In August 2021, Pinterest released several new services to provide advertising promotion capabilities for brands and retailers. In addition, Pinterest expanded its certified merchant program, which provides enhanced distribution and merchant services to participating sellers who provide high-quality products and content, accurate metadata, and reasonable shipping and return policies.

Ben Silbermann, CEO of Pinterest, said: "The Yes shares our vision of helping sellers find the right products based on taste and style and providing personalized services to sellers." Julie Bornstein, CEO of The Yes, said: "Joining forces with Pinterest is very encouraging and will help The Yes expand its influence."

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