Pinterest has long hailed its power of helping people discover new products and soon users will actually be able to buy those pinned products from within the app.
The company has announced that it will launch ‘Buyable Pins’ that will allow sellers to place a ‘Buy It’ button besides products they post on the service.
The move is being lauded as Pinterest’s first move into e-commerce, as it fights to justify its $11bn valuation and ponies up on ideas that could drive revenues in the future.
Pinterest has partnered with Cole Haan, Ethan Allen, Kate Spade and Macy’s in the US to display over 2 million blue ‘Buy It’ buttons alongside products posted by them. Apart from these large retail partners, other merchants will be able to sell products on Pinterest using Shopify.
Payments will be made through Stripe and Braintree, a payments processing company that is owned by PayPal.
The six year old company has only recently begun to push the agenda of driving revenues – launching its first major advertising effort (Promoted Pins) back in December and only now showing signs of switching on its e-commerce appeal.
Even here, the company isn’t looking at the traditional e-commerce model to make money. It plans to sell promoted pins to retailers rather than taking a cut out of the transaction.
Supporting Pinterest’s leap into the e-commerce domain the company claims was driven by the fact that 87% of Pinterest users bought items they found on the service, while nearly two-thirds of all the content on the service is driven by brands.