In June, Pinterest announced the launch of Buyable Pins. This feature allows users to buy things they want right from Pinterest. To the delight of Pinterest fans, these made-for-mobile Pins allow these purchases to take place at no extra cost. In addition, the shipping and customer service can be handled the same way it always has been. In order to make all of this happen, Pinterest has teamed up with Apple Pay, Bigcommerce, Demandware, IBM Commerce, Magento and Shopify.
In working with Apple Pay and other payment processors, Pinterest has taken the steps to ensure that all credit card information is secure. Bigcommerce, IBM Commerce and Magento are helping thousands of new merchants to become easily accessible to customers looking for products and services on Pinterest. Launch partners Demandware and Shopify are also helping Pinterest in rolling out the new Buyable Pins.
According to Pinterest, “Even in these early days, we’re seeing strong results from Buyable Pins. A study of Buyable Pins from Shopify merchants showed 2x higher conversion rates compared to other Pins on mobile. That’s promising to us (and hopefully to you!) because we wanted to build something that would make mobile shopping frictionless.”
In an effort to fully monetize, Buyable Pins will be coming to Android OS phones. Recent research from Millward Brown supports the idea that pinners are open to buying products at different price points from their mobile devices. This research found that 93% of pinners use Pinterest to plan purchases. In addition, 87% of pinners have purchases something because of Pinterest.
According to Deepak Advani, general manager of IBM Commerce, “Pinterest is turning into the go-to destination for today’s progressive shopper who expects instant gratification with exceptional experiences”.
In another big move to make Pinterest an e-commerce destination, the company made a new announcement about Pinterest Shop. This trend-focused shopping section will rotate collections on a daily basis. These listings, curated by Pinterest editors, will be a mix of items from both major chains and smaller shops.
Pinterest has reassured merchants that, because they are not charging any fees for Buyable Pins, these new sales are coming to them at no cost. For merchants, these new Pinterest announcements mean great opportunities to connect with customers and utilize social media for product promotion, all while offering customers a safe payment processing experience.
For merchants that are still concerned about the high risk categorization of e-commerce and how to secure the payment processing to get started, a high risk merchant account – like the high risk merchant accounts offered at EMB – can provide merchants with the solutions they need. Such an account can also offer customers a safe and satisfactory experience.