Just few weeks ago news came on buyable pins – feature that is going to be introduced later this year within Pinterest together with Apple Pay, Shopify and few retailers. Today, you can read variety of articles on the topic. It seems that the announcement itself has made a revolution and everyone is so excited just about the news not solution itself. (Few links below).
Idea itself is not anything innovative, even more it would be wrong to think that some kind of technological or business model disruption will happen. However there are some issues that are worth consideration, just to name few – buying on demand, or in other words – buying what customer likes and wishes. Buying without number of authentications thus making online shopping more easier.
To be short – particular option allows businesses to post items on Pinterest and sell them via Pinterest rather than their own web shop. But wait, there is a difference between any web shop and buyable pins. The differences is in customers attitude towards item that he is willing to buy. Customer who chooses to buy via buyable pins is not the same customer who converted his buying habit from buying offline to online like it happened some years ago with customers who started shopping online in Amazon, eBay etc. Major difference is in customers attitude – you pin something because you love the design, size, color etc. not because technically and reasonably this is the best product for the the best price. So certainly, it makes sense to have this kind of option – buy things that you love. Even more, these kind of decisions will be based on emotions, probably more impulsive. We can see some similarities with marketing approach of, for instance, a shopping mall that offers ‘looks’ and indicate in which stores you can get similar items for the look but for the cheaper price. From the business perspective, it is logical evolution for Pinterest from social platform for tagging to social platform that allows it user to buy thus becoming an online market place with pretty respectable user base overnight.
Something to watch out is price range. It may turn out that customers still will be more reluctant to buy expensive items without any comparison but certainly there is potential for relatively cheap / affordable items. Similarly to price comparison sites there could be a potential for services that do offer alternatives to your selection – loved items, and provide you with an option to pay less for the same items. And of course, if I were a fashion designer running my own shop somewhere and I would like to increase access to my clothing it could be rather good idea to sell things on Pinterest rather than to build my own web shop.
There are other fields where similar innovations should happen, for example TV commercials … why not to buy product that you see on a TV instantly?