Benzinga | Oct 7, 2021 05:20AM EDT

Pinterest Launches New Advertising Features To Boost Online Shopping

Pinterest Inc. (NYSE:PINS) is rolling out more features for advertisers and brands to promote their products to users on its platform.

What Happened Pinterest said it would automatically pull products from brands' catalogs uploaded on its site and convert them into a slideshow advertisement. The "slideshow for collections" feature would be tailored to the interests of individual users.

The digital pinboard company is also testing a new "Idea Ads with paid partnership" feature that would be a joint partnership between creators and advertisers to help them reach more users on the platform.

As part of the feature, an Idea Pin made by a creator can be promoted by a brand as an advertisement.

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Why It Matters The new features are part of Pinterest's efforts to boost online shopping on its platform amid stiff competition from social media giants like Facebook Inc. (NASDAQ:FB) and Snap Inc. (NYSE:SNAP).

Facebook in May announced the launch of the new "Live Shopping Fridays" feature in its flagship Facebook App to capitalize on the online shopping frenzy following the pandemic.

In June this year, Pinterest expanded its shopping offerings by launching the "Shopping Lists" feature. The feature enables users to save their product pins in a single location so they can quickly locate items they are interested in purchasing at a later date.

Price Action Pinterest shares closed 0.7% higher in Wednesday's trading at $50.36.

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