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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Snapchat

Just days after it announced a visual product search partnership with Amazon, Snapchat is launching a slew of new ad products that will help the tech giant go all in on its push to win e-commerce dollars.

Why it matters: Despite having dramatically improved its ad program, Snapchat's ad revenues have so far been a disappointment to Wall Street — but e-commerce is a market in which Snapchat thinks it can be very competitive.

What's new: Snapchat is launching several new advertising products and capabilities to lure e-commerce advertisers.

  • Collection Ads, launching in October, will let advertisers feature different products in small boxes within an ad. This will help an advertiser better tell a story about their product.
  • Product Catalogs, a format used often by some of the bigger tech companies like Facebook, will allow advertisers to upload thousands of iterations of their existing product feeds to help scale and automate ad creation for Snapchat campaigns.
  • Advanced Pixel Targeting will let advertisers create lists of who to target to get them to buy stuff based on sites they're already visited.
  • The company is also adding dozens of new partner performance agencies certified by Snapchat to help advertisers take advantage of these new products.

The bigger picture: When Snapchat first launched its ads business, most of the clients they were working with were trying to spread general awareness about their brand in the same way advertisers use TV campaigns.

  • But as their ads have become more automated, Snapchat has helped advertisers move away from general campaigns to more targeted ads designed to get people to buy products in the moment.

The bottom line: These particular additions to its advertising product suite will help e-commerce, direct response, and data-driven performance marketing, allowing Snapchat to compete with other Big Tech platforms for ad dollars.

Go deeper

Updated 35 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 52 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

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