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Spotify Merchants Can Now Sell Directly To Pinterest's 335M Users

Pinterest Inc. (NYSE: PINS) on Thursday announced that Shopify Inc. (NYSE: SHOP) merchants can now sell directly on its platform through "shoppable Product Pins."

Benzinga · 05/08/2020 03:07

Pinterest Inc. (NYSE: PINS) on Thursday announced that Shopify Inc. (NYSE: SHOP) merchants can now sell directly on its platform through "shoppable Product Pins."

The Shopify merchants will be able to upload their catalogs on Pinterest using a new app, where the latter's 335 million users can discover the products and make direct purchases from the merchant website, the two companies said in a joint statement.

The feature is currently only available in the United States and Canada. It will go live for merchants in countries where Pinterest ads are available, including the European Union, Australia, and New Zealand, in coming weeks, the companies noted.

The number of Pinterest users who engaged with shoppable Product Pins has increased 44% year-on-year in the first quarter, the statement read, and total traffic to retailers increased 230%.

"Merchants are adapting to new realities and looking ahead to the future of retail, which is why we're focused on making both our ads and organic features available and impactful to businesses of all sizes," Pinterest Senior Vice President of Technology Jeremy King said in a statement.

Shopify beat analyst estimates for its first-quarter earnings this year, and Pinterest reported mixed-numbers.

Price Action

Pinterest closed 5.53% higher at $18.70 per share on Thursday and added another 1% in the after-hours session.

Shopify closed 1.5% lower at $722.76 per share and dropped another 0.4% in the after-hours.