Are you Pinterested?
27 March 2015 by Lucinda Stacey
The recent news of Pinterest developing the “buy” button to follow in the steps of its social peers, Facebook and Twitter, will come as a great relief to some. The idea of Pinterest is that users upload pictures or “pins” to the site and can re-pin the photos of other users. Users of Pinterest use the service to save and share images of things like recipes, furniture, food and clothing. The downside for the current 70 million monthly users is that you still need to click through to the website where the pin originated from in order to buy a product.
It has been said that should Pinterest introduce the buy button, the future of e-commerce will be changed drastically. This move forward could potentially push e-commerce to a level of globalisation that has yet to exist. Pinterest already controls 23% of referral traffic to e-commerce sites and Pinterest users are 10% more likely to make a purchase than people who arrive from other social networks. A spokesperson from Pinterest commented that “part of our strategy to help people discover new things, save them, and do these things in real life has always been to make Pins more useful.”
However, an issue which may concern users is the risk of security problems. Shawn Budde, CEO of payments company 2Checkout, said that “if they are collecting account information and putting it through a payment network, people entering their card information are putting faith that Pinterest won’t lose it”. Accordingly, Pinterest is close to an agreement with Stripe, a young payments company that has similar arrangements with Facebook and Twitter. Yet whilst problems may emerge with transactions crossing borders, buyers are unlikely to be concerned where the seller is located. With this new online shopping craze, the global e-commerce market has been estimated to surpass $1.7 trillion in sales in 2015, so this opportunity for Pinterest is too good to miss.
If you would like advice on how to innovate business, protect innovative ideas with Intellectual Property Rights or any general advice, please contact our Corporate Commercial Department on 01245 584515 or [email protected].
RT @LawSocietyFAS: Are you searching for your #dreamhome this summer? Make sure you protect yourself from costly mistakes by taking expert…16 hours
The Supreme Court has today, handed down its judgement in relation to the Mills vs Mills case. Read more here: https://t.co/9QjJ4GdD2y17 hours
@solicitorchat See you tomorrow!19 hours