The pins will contain more information than the current setup and will incorporate a new button that will allow users to purchase items directly from Pinterest’s partners. The prices of products will be listed for users, and they will also be able to select specific products, such as by colour or size, and simply press a button to complete the transaction.
The concept will be launching in the near future. Pinterest is working with a range of partners to ensure the process runs smoothly. Stripe will be supporting the payment infrastructure, and Pinterest is looking to work with Braintree and Apple to “make sure Pinterest never touches any credit card information”. There will also be no fee for buyers or merchants.
“Right now since everyone uses their phone, but it’s still a pain to buy things,” said Pinterest CEO Ben Silbermann. “There are fiddly menus, you have to squint to see the images.”
The regular Pinterest features, such as recommendations and search, will display the buyable pins. Silbermann indicated that the company had been working with a range of merchants to stock the buyable pins.
The company is clearly evolving its platform and has spent a considerable amount of time honing its existing core product. Many investors see Pinterest as a sustainable model, and it goes some way to justifying its $11 billion valuation.
As part of this expansion, Pinterest has been working internationally to gain experience and build relationships. It has been running an experiment called Jumpstart, wherein employees go to a different country in order to promote the brand and the service there. The current programme is in Japan, and Pinterest intends to expand into other countries soon.
Pinterest’s expansion has created a positive cycle. The fact that it is growing internationally has increased its user base as well as its ability to monetise products. This capital gain is being continually re-invested in the model and should facilitate steady growth in future.