Is Pinterest trying to take the Internet by Storm with the click of a Button?
Marketers make note! Pinterest recently unveiled that it will be launching “buyable pins” later this month, here’s how it works: Rich Pins are pins which have much more information than a normal link, for instance a step by step infographic on oven cleaning will get a new button that allows users to purchase ovens directly from retail partners like Macy’s, Nordstroms and so on in order to stock Pinterest with millions of products. Users will see prices, be able to select specific types of a product, and then they can tap the button to buy the product. Which is then shipped directly to you.
Pinterest is using Shopify (jobs at Shopify) and Demandware (jobs at Demandware) right out of the gate with Stripe handling its payments, and collaborating with companies like Braintree and Apple to “make sure Pinterest never touches credit card information.” They claim there isn’t any fee for buyers and merchants which they says will include working with tens of thousands of local brands. Buyable Pins show up in all of Pinterest’s features, like recommendations and search. Users can pay with a credit card or with Apple Pay.
It appears that this is just a tip of the Iceberg for the company, back in May they launched a new service that helps marketers craft better pins in order to help them perform better. So all you strategy crazed Marketers, you’re getting stuff like pin scheduling and optimization in the form of APIs for companies that post branded content across a variety of channels. They even started making video ads. Also the pricing has been refined and defined for advertisers. To all the third party developers – go get crazy the platform is now open, but only after you apply.
After being valued at $11 billion by investors the company seems to be justifying it by moving into bigger bolder value generating territory, especially since the vast number of users go to the site to get ideas. They even started sending employees to other countries in order to ramp up their international service natively, called Jumpstart. Pinterest (Jobs at Pinterest) already has a slew of international users, and as it continues to grow its user base, it continues to make money off of them.
If they dump all that cheddar back into the company and keep adding those new features for users and advertisers, it’ll blow a hole into another dimension, a black hole for advertisers. Think about it, maybe now’s the time to have your girlfriend or wife explain Pinterest to you and consider trying to get in the door over there.