The Yes, a fashion platform, was bought by Pinterest Inc. (NYSE: PINS) last week. The acquisition’s major goal is to incorporate technology for selecting and selling items at consumers’ requests into the social network.
Pinterest Inc. (PINS) made it plain in a news announcement about the acquisition that it intends to shut down both The Yes app and website shortly after the sale is complete. Probably, the social network’s leadership is more interested in leveraging technology and the company’s workers’ skills to create an e-commerce platform within Pinterest.
It’s worth noting that The Yes personalizes the purchasing experience using unique algorithmic technologies. This technology was most likely the driving force behind the acquisition.
PINS has stated several times that it intends to enhance the capabilities of its social network. E-commerce is one of the most promising fields. The business started testing a personalized shopping tool called Your Store earlier this year, although the service is still in the early stages.
Pinterest Inc. (PINS)’s major source of revenue is advertising, but the business plans to monetize its shopping features in the future. Pinterest’s administration has stated that the social network intends to become a destination for impulsive purchases, providing members with a sort of tailored product library based on their individual preferences.
As a result, The Yes is the most crucial purchase for the online trading project’s realization. E-commerce is a massive industry, with sales of $870 billion in the United States alone last year.
PINS stock has a year-to-date performance of -46.46 percent. Its seven-day performance, however, is -0.41 percent. The stock price index has declined -19.59 percent in the last month, and it has dropped -19.52 percent in the last three months. Its six-month performance was -48.22 percent, and its 52-week performance was -69.06 percent.