- Pinterest aims to enhance its platform to become a premier shopping destination.
- Chief Technology Officer Jeremy King highlights Toronto’s abundant machine learning talent.
- The company plans to hire 40 engineers in its Toronto office to bolster its team.
- Canadian universities like U of Waterloo, U of Toronto, and McGill are vital talent sources.
- Pinterest sees significant revenue potential in untapped international markets.
- The Toronto office focuses on shopping features, advertiser tools, and global product shipping.
- Engineers in Toronto are pivotal in integrating retailers with the platform.
Main AI News:
Pinterest is embarking on a strategic initiative to transform its platform into a premier shopping destination, leveraging Canada’s rich talent pool in artificial intelligence (AI) and machine learning (ML). Jeremy King, the company’s Chief Technology Officer, emphasized the abundance of top-tier machine learning talent in Toronto during an interview with BetaKit. As part of its expansion plan, Pinterest aims to hire 40 engineering professionals to bolster its existing team of 80 in its Toronto office, a pivotal engineering hub for the company.
King highlighted the pivotal role of Canadian post-secondary institutions, such as the University of Waterloo, University of Toronto, and McGill University, in nurturing world-class machine learning talent. Leveraging this talent pool is integral to Pinterest’s strategy of enhancing product features to drive profitability. King reiterated the company’s commitment to investing in the region, citing the impressive caliber of engineering talent available in the market.
In the fiscal year 2022, Canada and the United States accounted for the majority of Pinterest’s revenues, totaling $2.3 billion USD. However, despite its global user base, comprising 80 percent of users outside the US, international markets contribute only 20 percent of sales. Pinterest’s CEO, William J. Ready, has identified this segment of users as “the most under-monetized,” presenting a significant opportunity to increase average revenues per user.
King underscored Pinterest’s vision of transforming every aspect of the platform into a shopping experience, aligning with the perception of more than half of its users. The Toronto office, established in 2019, initially focused on developing shopping features but has since diversified its portfolio to encompass advertiser tools and global product shipping. Engineers in Toronto are actively involved in projects aimed at facilitating retailers’ integration with the platform, further enhancing the shopping experience for users.
“Shopping remains a primary focus for us this year, as we strive to streamline the process for merchants and brands to showcase their products on Pinterest,” remarked King. He emphasized the ongoing development of machine learning products, which are pivotal in shaping Pinterest’s core offerings.
Conclusion:
Pinterest’s strategic move to harness Toronto’s AI talent underscores its commitment to evolving into a leading shopping platform. By tapping into Canada’s rich talent pool and expanding its engineering team, Pinterest aims to capitalize on international markets and drive revenue growth. This indicates a shift towards a more robust e-commerce ecosystem, potentially reshaping the competitive landscape in the digital shopping sphere.
