June 5, 2015
Searching for outfit inspiration on Pinterest? Like what you see? The new ‘Buy button’ will make it yours! Pinterest has announced some very exciting news that in a few short weeks, US consumers will be able to purchase directly from the platform through its ‘buyable’ Pin, without ever having to leave the site.
An incredibly lucrative move for the platform indeed, since 93% of Pinners are online shoppers, and 10% of Pinners are more likely to make a purchase compared with online shoppers arriving from other social networks.
Already, heavy-weight retailers including Macy’s are ready to start selling on the platform. It’s no surprise since the platform holds a sensational 23% of referral traffic to ecommerce sites, clearly evidencing the social network may have the greatest potential to drive revenue for brands, compared with Twitter and Facebook’s equivalent ‘buy buttons’. Here’s how the feature will work:
https://youtu.be/4-GpAtiSX7o
What is surprising is that there are no initial plans to profit from the feature, with no fee being implemented on retailers to set up the buy Pin. Instead, Pinterest will continue to monetise from the platform though Promoted pins.
The free ‘buyable Pin’ will make Pinterest increasingly appealing for businesses, indicating a strong driving force towards revenue-generating plans for the platform.