At its annual Pinterest Presents event, Pinterest unveiled a suite of AI-driven tools as part of its Pinterest Performance+ offering, aimed at enhancing advertisers’ creativity and streamlining campaign management. This move is part of Pinterest’s broader effort to evolve from a discovery platform into a full-funnel advertising solution.
The platform's new Pinterest Performance+ suite now includes AI-powered features that can transform product images with plain backgrounds into lifestyle imagery. The update brings Pinterest up to speed with industry trends, as similar capabilities have been introduced by other major tech players over the past year.
Amazon rolled out similar features for advertisers nearly a year ago, and recently launch generative video and Live Photos. Google also offers tools to easily modify background colors and scenes.
Despite entering the field after its competitors, Pinterest's implementation has shown promising early results. Walgreens, an early adopter, reported a 55% higher clickthrough rate and 13% lower cost per click when using Pinterest-generated backgrounds compared to white backgrounds.
The Performance+ suite also introduces AI-driven campaign optimization tools, aiming to streamline the ad creation process. Pinterest claims these features can reduce campaign creation time by 50% and improve cost efficiency by at least 10% for most advertisers.
Bill Watkins, Pinterest's Chief Revenue Officer, highlighted the platform's evolution: "We're still the place for brands to drive discovery, but we're now delivering on lower funnel and creative too."
Additionally, Pinterest is rolling out Performance+ bidding for ROAS (Return on Ad Spend) globally to qualified advertisers. This AI-powered system analyzes thousands of signals to predict conversion values in real-time, potentially helping advertisers capture larger shopping carts.
As the holiday shopping season approaches, these AI-enhanced tools could prove valuable for advertisers looking to stand out in a crowded digital marketplace. While Pinterest may not be first to market with AI-generated ad imagery, its integration of these tools into a comprehensive advertising suite signals the platform's commitment to keeping pace with larger tech companies in the evolving landscape of AI-driven digital advertising.