Pinterest is working on yet another way to monetize their social media platform with plans to add a “Buy” button to pins. According to re/code, Pinterest is pushing to launch it within the next 3 to 6 months.
The buy buttons would be powered through payment processing company Stripe which is reportedly close to signing a deal with Pinterest to be their payment provider. Stripe has become the. Provider of choice for multiple social media platforms including both Twitter and Facebook.
Pinterest has been working on their monetization in order to make the platform profitable. Their main source of revenue rate now is through promoted pins, which are essentially advertisements disguised as pins. They also recently added “Install” buttons in a partnership with Apple, where pinned apps would have direct download links for iOS users.
Pinterest also caused quite a controversy last week when it made the move to ban all affiliate links on the site. While they had been removing blatant ones for several years, this time they were going after at all affiliate links, including special networks that were essentially built on Pinterest, such as RewardStyle and Hello Society. Both of these networks were extremely popular with both power pinners and brands.
Twitter is also recently experimented with their own buy buttons, although it is still in limited testing. Facebook is also reportedly working on their own button too.
Adding buy buttons to pins is a natural progression Pinterest, and one that would increase revenue for the company. Many users already use the social media platform to find new products, particularly in the fashion space, so a buy button could prove very popular brands. It could also find in niche where crafters could have a buy button on their products, the market where at sea, and to a lesser extent eBay, have locked up the market.
As with most things Pinterest does, this will very likely start out as a beta test with select advertisers.
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