Pinterest has been around for five years, but only recently started working on ways to monetise the service through dynamic shopping features. One of these features—the Buy button—was shown off at the MIT Emtech Digital conference by head of partnerships Tim Kendall.
TechCrunch managed to snap a few photos of the event (shown above), highlighting exactly how Pinterest would create an API for marketers and advertisers to embed products and services inside the social network.
One example shown was looking at a recipe and instantly ordering all of the ingredients, while staying on the Pinterest app. It would allow the developers to take a small percentage of each sale, while allowing merchants a way to sell items to an audience close to 70 million.
Pinterest’s audience is unique due to it being mostly female. Statistics show 85 per cent of Pinterest’s users are female, a huge percentage compared to Twitter, Facebook and YouTube. This should interest advertisers looking to market products for women and potentially raise the prices for advertising on Pinterest.
Companies already use Pinterest’s re-pin feature to interest customers, but the new API should allow more functionality and connection between customer and merchant. The plan is to make shopping possible on Pinterest, without having to leave the network.
Pinterest has been working on its own payments service for transactions. It was unlikely Pinterest would partner with PayPal or any other service for transactions, considering the buildup of charges that could happen through a third-party provider.
It is not clear exactly when Pinterest plans to launch the Buy button, but since executives are showing it off at conferences we can expect it soon. This could be the feature to jolt Pinterest’s valuation over the current crop of social networks and allow the company to become self sufficient.