Since its launch in 2010, Pinterest has been the go-to platform for users to map out their “dream” lives. From “Dream Wedding” boards to “Dream Vacation” boards, Pinterest users have essentially used the popular site as a catalog to create their “dream” shopping list. The one downside many users face when using the site, however, is the intermediate step of actually searching for and purchasing the products and services they see on Pinterest elsewhere online. However, on Tuesday, June 2, 2015 Pinterest announced its new plan to help users make their dreams become a reality with the introduction of “buyable pins”.
With this new feature, users will be able to click a blue “Buy It” button featured on over 2 million items on Pinterest starting at the end of June. Buyable pins allow consumers to buy their desired products directly from Pinterest without any redirection to third-party sites, speeding up and reducing friction in the purchasing process . The launch of buyable pins has the potential to change the way people shop online, creating profound developments in the eCommerce industry.
[caption id="attachment_8601" align="aligncenter" width="543" class=" "] Image via: http://www.getelastic.com/buyable-pins-and-the-future-of-ecommerce/[/caption]
What Does This Mean for Consumers?
Put simply, buyable pins make it easier for customers to go from pin to purchase without the inconvenience of looking for products online. In fact, the new feature is built for mobile use and is initially only being launched on iPads and iPhones in the U.S. Consumers will be able to filter their pins by price and can view all color and size options directly on the pin. To further simplify the purchasing process, users’ credit card or Apple Pay information will be stored after their first purchase to eliminate the hassle of typing in their information for future purchases. Pinterest users welcomed the announcement on Tuesday with open arms, excited to turn their aspirations into action using buyable pins.
[caption id="attachment_8603" align="aligncenter" width="346" class=" "] Image via: https://blog.pinterest.com/en/buyable-pins[/caption]
What Does This Mean for Businesses?
The introduction of buyable pins should have businesses everywhere jumping on the Pinterest bandwagon. A research study recently conducted by Millward Brown on active Pinterest users found that 93% of Pinners said they use Pinterest to plan purchases and 87% have bought something because they saw it on Pinterest. These statistics clearly highlight the immense purchasing intent of Pinterest users. Having your business’ products and services featured on the site with a buyable pin has the potential to reach a significant portion of Pinterest’s estimated 75 million monthly users. By storing credit card information and designing buyable pins specifically for mobile devices, businesses may also begin to see a decrease in shopping cart abandonment How could this opportunity get any better for businesses? Pinterest isn’t taking a percentage of transactions like many other eCommerce sites. Also, businesses will still be handling customer service and shipping services themselves to prevent any disruptions in logistics processes. If your business is currently a Demandware or Shopify user, your products can already be featured with a “Buy It” button with the launch of buyable pins at the end of the month. Other businesses can sign the waitlist to be notified about future partnership opportunities.
[caption id="attachment_8612" align="aligncenter" width="300" class=" "] Image via: http://techcrunch.com/2015/06/02/tim-kendall-pinterests-gm-of-monetization-talks-buyable-pins/[/caption]
What Does This Mean for the Future of eCommerce?
Buyable pins could potentially start a revolution in the eCommerce industry by forever changing the way that people shop. Although both Facebook and Twitter have been testing “buy buttons” recently, Pinterest is the most capable of putting a dent in the eCommerce industry because of its users’ strong purchase intent. This development also may lead businesses to reconsider the emphasis they put on their own websites as consumers will have the ability to purchase their products or services without even visiting each business’ site. Instead, businesses may be wise to switch their attention to more partnerships and merchandising opportunities. With Pinterest’s announcement of buyable pins along with Twitter, Facebook, and Google’s recent testing of buy buttons, it is safe to say that the eCommerce industry will see a profound change in how shopping is done in the near future!
Buyable pins and buttons are on course to become the future of online shopping. Pinterest is paving the way for other social media sites in the eCommerce world. We are eager to see the creative ways that consumers and businesses take advantage of this new opportunity!
Drop us a line if you would like help with your Buyable pins or Social Media Marketing efforts -- oh and, Happy Pinning!