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Mastercard: Creating experiences beyond transactions

Mastercard is on a mission to curate and create priceless experiences that money cannot buy, says Raja Rajamannar, CMO of the company, on the latest episode of the Innovators podcast.

While credit cards have historically been about giving consumers speed and convenience, over the past couple of decades they have made strides into becoming an integral part of how consumers live their lives.

“We are a lifestyle brand. Lifestyle doesn’t mean it’s lifestyle for the rich and famous -lifestyle for everyone,” explains Rajamannar. “Everyone deserves to lead a beautiful life and to grow.”

On the one hand there’s the fact the technology is more seamless – gone is the swiping and signing, and in is the tapping and dipping. And if you’re shopping online, digital wallets mean you don’t even need to remember your password.

But on top of that today are perks focusing on giving consumers exclusive access to events, services and treats that help create an even deeper emotional connection between brand and participant.

A few years ago, Mastercard noticed a change in consumer behavior and strategically shifted its advertising spend into experiences. It now hosts over 750 experiences on any given day globally, from recreating the iconic The Rock restaurant from Zanzibar in NYC’s Tribeca, to enabling card holders to shadow Cirque du Soleil cast members in Canada. This strategy is based on addressing key consumer passion points, ranging from music and sports to the environment and philanthropy.

During this episode, Rajamannar explores creating emotional connections, gives advice to brands on how to drive loyalty through having a clear purpose, and reveals an industry first: why the brand is launching a sonic identity.

Listen here: Entale | Spotify |  Apple Podcasts | Android Google Podcasts | Stitcher | RSS

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by the Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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Campaigns e-commerce Retail technology

Fred Segal launches online virtual shopping experience

Fred Segal partners with Mastercard and Refinery29
Fred Segal at Refinery29’s 29Rooms

Fred Segal has teamed up with Mastercard to introduce a virtual shopping experience that will launch exclusively from Refinery29’s 29Rooms concept in Los Angeles.

The initiative allows shoppers to explore the three-dimensional physical store as if they are there in person, through any online browser. This enables them to navigate the space as they would in real life, rather than by using search terms and category breakdowns to scroll through product pages, as well as interact with different brands and engage with digital content curated by the retailer.

“Fred Segal has always been at the forefront of experiential retail. From our inception, our curated offerings made the store a must-shop destination in Los Angeles,” said John Frierson, president of Fred Segal. “Having an online presence is of course an essential part of business, however at Fred Segal we rarely do things the traditional way. We’re thrilled to be the first major retailer to create a truly experiential online shopping destination.”

The experience is backed by Mastercard and Next Retail Concepts. It also allows frictionless, secure payments to occur through the same environment by integrating with the merchant’s existing e-commerce platform.

“At Mastercard, we’re using our products and services to create solutions for retailers that allow them to meet the ever-growing expectations for a frictionless, customized experience, across any channel or connected device,” said Sherri Haymond, executive vice president of digital partnerships at Mastercard.

The companies have curated an exclusive collection of holiday gifts shoppable only online. The experience at 29Rooms will otherwise come to life in Los Angeles from December 5-9.

Retailers have been exploring the use of 3D simulations for retail for some time. In 2015, Harvey Nichols in the UK created a virtual version of their new store, allowing anyone to take a tour of the space themselves at home. Others including Macy’s and Walmart have been experimenting with virtual reality for retail, trialling initiatives that allow for immersive experiences facilitated by VR headsets. A successful example of both experience and conversion rates remains to be seen.

How are you thinking about retail innovation? We’re all about finding you the perfect partners to do so. TheCurrent is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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mobile Retail technology

Fred Segal partners with Mastercard on shoppable storefront

Fred Segal’s shoppable window by Mastercard

US retailer Fred Segal has partnered with Mastercard to open an interactive Sunset Strip-themed pop-up shop in Los Angeles, which includes a shoppable window to allow customers to shop anytime, day or night.

The immersive experience aims to capture the history of the Sunset Strip and offer stories, insights and memories from influential local minds. It has been dubbed a “Rock ‘n Roll Holy Land” and blends a vintage shopping experience with digital technology.

The shoppable window enables shoppers to interact with merchandise from MadeWorn, an LA based brand specializing in American craftsmanship. Visitors can place items – such as merchandise from bands including KISS and Def Leppard – in their cart and make purchases directly from their phones using a unique link that is sent to them by text. Purchases are then delivered directly to their homes.

In store, shoppers are able to shop from a carefully curated selection of products from historic neon signs to photographs and other vintage treasures. Over 300 vintage and custom garments are also available to shop in time for the music festival season.

The store is the first in a series of activations blending interactive and in store shopping that Mastercard will collaborate with Fred Segal on. The aim of the partnership is to deliver an experiential environment where connected devices and digital technology bring a seamless, customizable experience to consumers.

“Fred Segal is a retailer known for offering its customers an innovative and differentiated shopping experience. It makes them an ideal collaborator to bring to life the latest in experiential retail technology, like our shoppable store front windows,” says Sherri Haymond, executive vice president of digital partnerships at Mastercard.

She continues: “Today, people want to step into store and do more than just shop; they want it to be a destination that seamlessly blends the digital technology that is a core part of their day to day life with their physical environment.”

Mastercard is additionally developing different ways to enable interactive shopping experiences through brand partnerships. For instance, it is currently working with Snapchat to offer shopping capabilities to their cardholders by connecting Snapcodes directly to retail moments.

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business digital snippets e-commerce product social media Startups sustainability technology

What you missed: Tim Cook on AR for fashion, the future of visual search, open sustainability

Apple CEO Tim Cook on the future of AR for fashion
Apple CEO Tim Cook

A round-up of everything you might have missed in relevant fashion business, digital comms and tech industry news over the past week.


TOP STORIES
  • Apple’s Tim Cook on the future of fashion and shopping [Vogue]
  • Retailers continue to experiment with visual search [Glossy]
  • Fashion needs an open-source sustainability solution [BoF]
  • Alibaba to spend $15 billion exploring ‘moonshot’ projects [Bloomberg]

BUSINESS
  • Giorgio Armani speaks on restructuring and succession plans [BoF]
  • Coach is changing its name to Tapestry [Bloomberg]
  • How Supreme grew a $1 billion business with a secret partner [BoF]

SOCIAL MEDIA & MARKETING
  • Fashion week engagements on Instagram nearly tripled compared to February’s fashion month [AdWeek]
  • Snapchat is twice as popular as Instagram when it comes to teens’ favourite social apps [AdWeek]
  • Will Dove’s ‘Pepsi moment’ affect the brand in the long term? [The Drum]

RETAIL & E-COMMERCE
  • Walmart and Target are banding with Google to take on Amazon [AdWeek]
  • Black Friday shoppers more likely than ever to go online this year [Retail Dive]
  • ASOS launches same-day delivery service [The Industry]

TECHNOLOGY
  • Mastercard offers first checkout option for VR with Swarovski [AdAge]
  • What Sephora knows about women in tech that Silicon Valley doesn’t [WSJ]
  • Marie Claire and Mastercard showcase the future of shopping [BrandChannel]

PRODUCT
  • What goes into making an earth-friendly $68 pair of jeans at Everlane [Bloomberg]
  • Spider silk and stem-cell leather are the future of fashion [Engadget]
  • Stella McCartney is pioneering synthetic spider silk in high fashion [QZ]
  • Kering announces 2017 sustainable winners [FashionUnited]

START-UPS
  • With the launch of a lower-price subscription service, how Rent the Runway’s ‘closet in the cloud’ is changing the face of sustainability [Fashionista]
  • Digital closet start-ups want to give you the Cher Horowitz experience [Racked]
Categories
business digital snippets mobile social media Startups technology

What you missed: endangered fashion unicorns, Dior’s YouTube moves, Facebook marketplace

fashion unicorns
Fashion ‘unicorns’ have become an endangered species

This week’s round-up of relevant fashion business, digital comms and tech news neatly sums up a series of things to be tracking at present: the evolution of social media businesses into greater advertising and commercial retail opportunities, the role customer service and messaging apps play together, the explosion of all things virtual and augmented reality, and an ongoing bevy of start-ups to know about.

Meanwhile, also worth reading this week is detail on David Lauren’s promotion to the role of chief innovation officer over at Ralph Lauren, Dior’s catch up strategy on YouTube, and the growth of physical stores by online players including Warby Parker and Bonobos.


TOP STORIES
  • Fashion ‘unicorns’ have become an endangered species [BoF]
  • Dior’s borrowing Chanel’s strategies to catch up on YouTube [Glossy]
  • Mastercard launches ‘selfie pay’ [FT]

BUSINESS
  • LVMH to buy majority stake in Germany’s Rimowa for $716 million [BoF]
  • Swarovski, maker of all things bejewelled, refashions itself as a tech company [NY Times]
  • As their incomes rise, Chinese consumers are trading up and going beyond necessities [McKinsey]
  • Ralph Lauren promotes founder’s son to chief innovation officer [Bloomberg]

SOCIAL MEDIA
  • Facebook launches Marketplace for local buying and selling [Reuters]
  • For young brands, is the Instagram opportunity shrinking? [BoF]
  • Pinterest Promoted Video lands in the UK with Hunter on board as a partner [The Drum]
  • Snapchat users are spending 78 seconds on average playing Under Armour’s Cam Newton game [AdWeek]
  • An inside look at Snapchat’s new advertising API technology [AdAge]

ADVERTISING
  • Reebok adds Gigi Hadid to #PerfectNever campaign [MediaPost]
  • Farfetch inspires consumers to find the perfect product in new #TheOne campaign [Luxury Daily]
  • Google, Facebook become focus of holiday digital campaigns [MediaPost]

RETAIL
  • Warby Parker, Bonobos have big plans for physical stores [WSJ]
  • Shopify adds Facebook Messenger direct sales channel [Retail Dive]
  • Salesforce launches LiveMessage to provide customer service across messaging apps [VentureBeat]
  • Cocktails, cinemas and concierges: Malls weave a web of their own to entice customers [Financial Post]
  • Now you can sign up for a “.shopping” domain name [Apparel]
  • The Outnet launches first android app [Fashion United]

TECHNOLOGY
  • Japanese brand Anrealage hosts augmented reality fashion show [Glossy]
  • Mark Zuckerberg’s VR selfie is a bigger deal than you realise [Wired]
  • Will Google’s ‘soft and cozy’ approach to VR headsets make the space more mainstream? [AdWeek]
  • The mainstreaming of augmented reality: a brief history [HBR]

START-UPS
  • Venture capitalists invest $56 billion in start-ups so far in 2016 [Reuters]
  • New app co-created by Elon Musk’s estranged wife could be a game-changer for retail [BGR]
  • Online fashion retailer Grana raises $10M led by Alibaba’s entrepreneurship fund [TechCrunch]
Categories
data digital snippets e-commerce social media Startups technology

Digital snippets: Iris van Herpen on designing the future, TAG Heuer’s luxury smart watch, Alibaba’s Singles Day smashes records

Here’s a round-up of the latest stories to know about surrounding all things fashion and tech…

irisvanherpen_ss16

  • Iris van Herpen’s astonishing designs don’t look like ‘clothes.’ They look like the future (as pictured) [The Washington Post]
  • TAG Heuer Connected: the first ‘legitimate’ smart watch? [Wired]
  • How Alibaba turned an obscure, made-up Chinese holiday into a $14.3 billion shopping extravaganza that’s bigger than Black Friday [Business Insider]
  • Dior breaks its e-commerce ban [WWD]
  • REI’s Reddit experience shows brands need to be ready to take the tough questions [AdWeek]
  • Canada Goose debuts first global campaign [AdAge]
  • High-tech Sephora flash boutique in Paris has a robot greeter [Brandchannel]
  • Farfetch tries to reach a little further [Bloomberg]
  • The Minkoffs want to disrupt the dictatorship in fashion with digital innovation [Fast Company]
  • Fashion platform Zalando wants to be Europe’s top tech company [Wired]
  • Macy’s CEO defends role of stores in e-commerce era [Fortune]
  • Apple’s Angela Ahrendts on where the company is taking retail next [Fast Company]
  • Natalie Massenet’s Imaginary Ventures proves she’s ready for next venture after exit from Net-a-Porter [Independent]
  • How Revolve Clothing uses data to create a global brand [Digiday]
  • Adam Selman, Rihanna’s favourite designer, enters the wearables war with Mastercard [NY Times]
  • As luxury brands embrace data, will they use it like a butler or a stalker [AdWeek]
  • Retail’s best Snapchat campaigns [L2]
  • Tel Aviv’s booming tech start-up community is expanding its focus to fashion [Fashionista]
  • Singapore’s postal service provider is developing a futuristic shopping mall to house online retailers [TechCrunch]
  • “People don’t buy stuff in actual stores” – the future of retail, as explained by Gen Z [Quartz]
  • Wary of the next ‘Warby Parker’ [TechCrunch]
  • Refinery29, Dazed and i-D battle for millennials [BoF]
  • Essena O’Neill quits Instagram, rewrites her self-promoting history [The Guardian]