Pinterest wants to become an e-commerce platform.
Set to launch later this month on iOS, “buyable pins,” which were announced today, will allow Pinterest users to complete product purchases without ever leaving the company’s app. Once the update goes live, a new blue “buy this” button will appear next to the more familiar “pin it” button. Once a user has clicked on this button, they can either use their credit card or Apple Pay to complete a purchase.
This marks the first time Pinterest has dabbled in the realm of e-commerce. Previously, the company’s sole source of revenue was the native advertising it did with promoted pins. In some sense, buyable pins will generate money for the company in much the same way. Rather than taking a cut of each sale, Pinterest will charge major retailers to have their pins featured in users’ feeds. The company’s initial retail partners in the United States include Macy’s, Nordstorm and Neiman Marcus, and it’s expected that more than 2 million items will be available to purchase at launch.
Finding new ways to generate revenue is something that the company has focused much of its attention recently. In May, Pinterest opened its platform up to third-party developers, asking them to create apps that allow to further monetize pins.