“This notion of content being here and commerce being there doesn’t really exist any more. Everyone has become a publisher,” Lerer Ventures partner and former Huffington Post CEO Eric Hippeau said Tuesday at Group Commerce’s Think Commerce conference in New York.

But, as content and commerce merge, he added that “it’s a lot easier for commerce brands to become publishers… than it is for people on the media side to add commerce.”

Historically, publishers have respected the line between “church and state,” separating editorial content from advertising and commercial content. Even Condé Nast’s Lucky fashion magazine, which is perfectly positioned for commerce, has not made the transition, he said. (Although the recently-launched iPad app does include direct links to products.)

And, it’s easy to understand why that bridge is difficult to cross. In addition to the cultural resistance against compromising an editorial identity with a commercial interest, e-commerce involves creating a whole new business model, with potentially new margin structures, customer service needs and other requirements.

How much credibility can commerce companies earn?

Interestingly, however, Philippe von Borries, co-founder of fashion and beauty site Refinery29 recently told Pandodaily that he thinks it’s commerce companies who have more challenges crossing over into publishing. “No one gives a shit about content from a commerce company,” he said, explaining that his is a media company that uses content to drive its commerce business.  While media companies come from a place of credibility, he believes that any content from commerce companies will only be viewed as a kind of sophisticated marketing.

But while it’s true that a customer may never look to Warby Parker or Gilt Groupe for a position on, say, the fiscal cliff, it doesn’t mean that commerce companies can’t be credible purveyors of content within the verticals on which they focus.  And, as Hippeau said, as social platforms turn everyone into some kind of publisher, the definition of “content” itself is changing, in turn altering what it means to be in the media business.

Thrillist: we’ve turned readers into buyers and vice versa

One company leading the way in the new world of content-meets-commerce is Thrillist and, at the Think Commerce conference, Ben Lerer, the company’s co-founder and CEO, said that more than half of Thrillist’s nearly $70 million annual revenue comes from Jack Threads, the e-commerce site it purchased in 2010.

“We’ve proven that we can turn a reader into a buyer,” he said. “We’re pleased that we can also turn a buyer into a reader.”

But despite Thrillist’s own success, he acknowledged not all media companies are as well positioned to cross into commerce.  From its launch, Thrillist’s value proposition was a site that recommended ways in which young men should spend their time – an ideal starting point for a commercial relationship. But news and sports publishers, even those with engaged audiences, may have a more difficult time with commerce because their content isn’t recommendation or action oriented.

Shana Fisher, managing partner at High Line Venture Partners, said that while it can be tricky to focus on two revenue streams at once and that companies initially supported by advertising revenue (like nearly all media companies) may find it difficult to later ask customers for credit card information, more companies should blend revenue strategies based on content and commerce.

“In verticals that are transactional, the divide is really small,” she said, highlighting food and fashion. “If it’s not related to something that’s transactional, it’s more abstract.”

That’s where Pickie, one of the startups graduating from TechStars NYC Thursday, comes in. Similar to how Flipboard uses social data to create a personalized magazine for news, Pickie uses social data to generate a personalized catalog for commerce.

“With the success of sites like Gilt and Fab, we believe [that] in the future the number of social commerce sites will steadily increase,” said Pickie co-founder and CEO Sonia Sahney Nagar. “As these sites create more online conversations around products, and mainstream retailers become more aggressive about publishing out to social networks, there’s an opportunity to create a shopping experience that filters out the junk but shows you the most interesting, relevant products.”

When users sign in to the app (which will launch on the iPad later this summer), they’re asked to indicate their gender as well as categories and brands in which hey’re interested. Then it integrates with Facebook, Twitter, Pinterest and other social sites to find out what the user’s friends are sharing, liking and pinning. (But if users feel like they don’t share their friends’ taste in certain categories, they can opt out of following those friends social actions.)

Beyond that, Pickie matches up the socially-curated products with relevant editorial content. For example, if a rug surfaces in the app, it might be accompanied by a relevant Apartment Therapy article. A book might come with a New York Times review or a dress might appear with a post from a fashion blog. Prior to launching Pickie, Nagar worked at Amazon and said one of the major factors that influenced sales was relevant editorial content.

In addition to displaying content informed by social data, Pickie gives users a selection of items that are trending across the different sites it tracks, as well as a collection of recommended items.

Given the proliferation of social commerce sites, I’m very interested to see if Pickie can indeed help me navigate social shopping in the way that Flipboard helps me navigate the news. The interface is very smooth and I appreciate the way it blends editorial content with the products. While it can be tricky to combine content and commerce I think it could work in an experience where my mindset is already oriented toward shopping. A skeptic could say that in a sea of social commerce sites, Pickie is just one more. But Nagar and her team seem to have the right background for the vision they’ve shared — all three are engineers with experience at Amazon, Microsoft and Applied Predictive Technologies (a big data company that works with top retailers).

Japanese e-commerce giant Rakuten has confirmed it is leading a $100 million investment in Pinterest, together with existing backers Andreessen Horowitz, Bessemer Venture Partners and FirstMark Capital plus angels.

WSJ reports sources as saying the deal means a $1.5 billion valuation.

Rakuten CEO Hiroshi Mikitani (via announcement):

“While some may see e-commerce as a straightforward vending machine-like experience, we believe it is a living process where both retailers and consumers can communicate, discover, and curate to make the experience more entertaining.

“We see tremendous synergies between Pinterest’s vision and Rakuten’s model for e-commerce. Rakuten looks forward to introducing Pinterest to the Japanese market as well as other markets around the world.”

In other words, Rakuten is excited about how enthusiastically Pinterest users clip and share items they might want to buy.

Pinterest CEO Ben Silberman:

“Our goal is to help people discover things they love, by connecting people through their shared interests. Bringing Rakuten on board gives us an amazing opportunity to move a step closer to this goal.”

Pinterest’s visual presentation of those products is not the only potential boon to e-tailers (it wouldn’t take a rocket scientist to present product listings in this way); the tie-in with social sharing could effectively enable social commerce.

There is a wide number of retailers for which Pinterest could perform this role:

• Rakuten has built up its heft through acquiring the online retailers Buy.com in the U.S., Priceminister in France, Ikeda in Brazil, Tradoria in Germany and, recently, Play.com in the UK.
• It also recently bought the Kobo e-reader and e-book store business.
• And it has made investments in Russia’s Ozon.ru and the AHA Life luxury shopping site.

Pinterest has boosted web referrals for sites in certain categories like women’s lifestyle publishing, so some publishers, as well as retailers, had become excited about the possibilities.

It’s unclear what the e-commerce investment means for the media’s current Pinterest penchant, but some pundits think content and commerce is a marriage made in heaven.

The Next Web had reported on Wednesday its expectation that Pinterest would announce a funding round at a $1 billion valuation on Friday, which is also Facebook’s IPO day.

Pinterest had previously taken a total $37.5 million from angels, Bessemer, Ron Conway, FirstMark, Andreeson Horrowtiz and others, through an angel and two proper rounds.