As Facebook, TikTok rivalry heats up, Pinterest launches new features

Pinterest will roll out new features for brands to promote products and ideas to users, the digital pinboard company said Wednesday, part of an effort to grow online shopping on its site.

The features come as social media rivals including Facebook, TikTok and Snap Inc compete for the lucrative e-commerce market with in-app shopping or virtual clothing try-ons.

Brands can now upload their product catalogs and Pinterest will automatically pull items into a slideshow advertisement that will be tailored to users based on their interests, the company said.

The feature will make it easier for advertisers to have video ads, which can be time-consuming to produce, said Julie Towns, global head of ads product marketing at Pinterest.

"We want to drive that attention-grabbing aspect that video has," she said.

Even as other tech giants enter e-commerce, Pinterest's advantage is users come to the app with a shopping mindset and to "plan their future," said Jon Kaplan, Pinterest's chief revenue officer.

The site has become widely known as the place where users can save ideas for topics such weddings, home decor or recipes.

Pinterest will also introduce an ad format to facilitate companies and content creators working together on paid partnerships. For example, a creator can make a video post about a dessert recipe, and a baking brand can pay to promote that ad to more users.