Pinterest launches Buyable Pins for Android; social networks are gearing up for online retail

Over the years, more and more consumers have started opting for online shopping. Looking at this trend, many social media giants have plans to cash in on the ‘online shopping’ frenzy by incorporating it into their platforms in small and steady ways. Both Facebook and Twitter have been working on/testing buy button directly within the social site, and now Pinterest finally brings its Buyable Pins to Android after introducing it for iOS in June. Pinterest made the announcement via its blog and shed some light on its new Pinterest Shop and also highlighted some pointers about ‘on trend’ feature which offers curated collections on clothing, jewellery, home items and more. This isn’t the first social-networking platform to incorporate such a commerce strategy to its service. The only edge or major advantage to social giants getting into online retail is that they have a massive following which allows their service to be used by millions worldwide. A few would either allow shoppers to directly buy products within the website or direct them to another e-commerce portal. In any case, social networks provide a gateway for consumers and posses a strong brand name globally as well. It also makes perfect sense as almost 80 percent of the crowd spends their time on social platforms, so why not offer them the ability to shop as well! Let’s take a look at the two major players apart from Pinterest in the market who are currently ‘work in progress’ on the new ‘Buy Button’. Facebook introduces ‘Buy Button’ Facebook has began testing a new 'buy' button on its website that will let consumers purchase products that are advertised on its social network. The service, which Facebook has described as a test with a “few small and medium-sized businesses” in the United States, represents the Internet social networking company’s latest effort to play a bigger role in the e-commerce business.  The company also emphasised that it would not be currently taking any portion of the revenue for products sold with the Buy button and credit card transactions will be handled by a third-party payment processing company. And, so does Twitter!  One can now also use Twitter to buy products as it has teamed with Shopify – which boasts of about 100,000 merchants using its software – and other e-commerce software companies to expand its range. The new ‘Buy’ button allows users to discover products and make purchases with just a few clicks.  After clicking the ‘Buy’ button, the users will be presented with product details and a form to enter their shipping and payment information. Once the information is confirmed, the product would be sent to the merchant for delivery. E-commerce and social media go hand in hand It is quite possible that Facebook may extend the feature to its other services such as Instagram, which has started taking small steps with the help of advertisers.  What does this mean for e-commerce portals who have started from the bottom and grown their way up to be the most fast growing companies worldwide? It means a wider reach as social platforms are inundated with users who are now open to buying products online. Social sites can partner with brands and it could also help them earn some revenue from advertisers. Either way, it’s  a win-win situation for consumers.  Google is also believed to be working on ‘buy’ buttons on its search-result pages, in an attempt to become an online marketplace rivalling leading online retail destinations.