In a similar move to Instagram’s action-oriented advertising, Pinterest announced a demand generation platform update earlier this month: the buy button. Here’s what you need to know about it.
- Pinterest is adding a “buy it” button that will enable users to purchase directly within the app, search by price, and easily select product color, size and quantity. The color selections will be available in a carousel below product image.
- The user experience has been optimized for mobile shopping.
- Payment processed by Apple Pay or credit card. Merchants fulfill their own orders and Pinterest prices will be the same as eCommerce stores.
- Launching to Apple users in the US in coming weeks. No dates on roll-out in other markets yet.
- Pinterest won’t take a cut of purchases but will monetize via Promoted Pins.
- The functionality follows Instagram “Buy” ads, Facebook’s Sell Something feature on Groups, and Twitter’s partnership with Barclays Pingit payment service.
Why should a brand use the Pinterest Buy button?
- Pinterest users want to be able to shop for the items they search for and pin. This new functionality will allow a seamless in-app purchase experience for user.
- The quick and easy potential to buy should increase sales. If not, it will give you insights to optimize Pinterest for sales!
- Social media value will be more effectively measured in terms of sales conversion and revenue, rather than re-Pins and Likes.
- Brands will gain access to data about their customers which could lead to insights for potential retail partnerships, improved media targeting, deeper social CRM … and a myriad of other things!
- Insights about which products, photographs, titles and descriptions drive conversion can be applied to optimize content on other social platforms like Instagram.
How should brands use the Pinterest Buy Button?
- Right now, if you’re not a major US brand you’ll unfortunately need to sit tight. Pinterest is working with select major brands, including Macy’s, Neiman Marcus, Cole Haan, Kate Spade and Nordstrom to launch 2+ million “Buy it” buttons this month. They aren’t clear on when the rollout will go to more brands and/or markets. If you are a major US brand I can help you get in touch with Pinterest to see if you can be part of the second rollout. No promises!
- Alternatively, retailers with Shopify and Demandware (Pinterest partners) should soon be able to use Buyable Pins. No exact timings though.
- Keep an eye out on further evolutions because Pinterest are also rumored to be planning on adding other utility buttons – such as “Wish List”.
Here’s this information in a handy ppt format you can share with your team: