Payments

Pinterest Is Introducing Buyable Pins!

MEDICI

Many users of Pinterest have said that they want to buy things they discover on Pinterest. This is why Pinterest is introducing buyable Pins. Buyable Pins will be offered by Pinterest within next few weeks in the US. Pinterest is one of the most popular style-browsing apps which is available on both iOS and Android. The company claims to have a large user base of more than 72 million.

How Do Buyable Pins Work? Wherever a user spots a Pin with a blue price, he/she can buy it right from the app. If the user is searching for something specific, he/she can use the price filter for the right Pin.

Buy Pins

Why Are Buyable Pins Special?

The new way to reach shoppers and make sales, that too absolutely free!  Pinterest doesn’t take any commission from sales driven through Pinterest; merchants can still handle shipping and customer service the way they’ve always done it.

A simple and secure payments system. When a user is ready to check out, he/she just needs to tap the “Buy it” and pay with Apple Pay or a credit card. Once the user enters his/her personal information, it is stored and can be easily used for transactions in future. No one likes to share their credit card details with others. That is why Pinterest themselves won’t store users’ credit card information. They are working with payment processors who have been protecting user information for years. Pinterest will be working with Stripe and Braintree, both of them well-renowned payments processors. When a user uses Apple Pay, it uses a device-specific account number instead of the actual credit card number, so neither the device nor Apple Pay will send the actual card numbers to the seller.

Buyable Pins on Pinterest will be available for great brands like Macy’s, Neiman Marcus and Nordstrom, retailers powered by Demandware like Cole Haan and Michaels, and thousands of Shopify stores like Poler Outdoor Stuff and SOBU. As soon as the buy button is enabled, Pinterest will have an estimated 42 million-plus shoppers at its disposal.

Why Is Pinterest Integrating The "Buy It" Button? -Pinterest wants to increase its engagement with people; more content and commerce would increase the time spent by users on Pinterest. -The company already has multiple partnerships and after introducing commerce, the number of partnerships is expected to grow even more, resulting in a larger discovery network. -The startup can also charge partners to increase its reach.

How Will Pinterest Earn? Pinterest charges companies to promote Pins referencing their articles for sale to users, in the form of advertising. Advertisers are more likely to spend if they believe that it would lead to sales. The buyable Pin would do exactly that. 

Pinterest claims that in the US, one will be able to discover more than two million buyable Pins on iPhone or iPad by the end of June. There was no notification from the company regarding Android users or people accessing Pinterest through desktops. It seems that Android and desktop users will have to wait for few more months.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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