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Mastercard and Next Retail Concepts Upgrade Online Shopping Just in Time for the Holidays

December 5, 2018 Financial No Comments Email Email

The days of mindlessly scrolling through pages of products while shopping online are over thanks to a new ecommerce experience from Mastercard and Next Retail Concepts. The innovative digital environment lets shoppers browse and buy just like they are in a physical store—across any browser.

Consumers will find this new, immersive way to shop very different than the ecommerce experience they are used to. A shopper can virtually navigate through a three-dimensional store, interact with their favorite brands, and engage with digital content curated by the retailer. Purchases are frictionless, secure and occur in the same environment, as the technology integrates seamlessly with a merchant’s existing ecommerce 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, Digital Partnerships, Mastercard. “Together with partners like Next Retail Concepts, we are evolving ecommerce to bring the physical store to life in an immersive, digital environment, all while enabling exclusive offers and seamless payment.”

Mastercard and Next Retail Concepts are launching the platform with premium retail brand, Fred Segal, and will premiere the experience at 29Rooms in Los Angeles, Refinery29’s groundbreaking experiential event.  Together with Refinery29, the companies curated an exclusive collection of holiday gifts shoppable only online. At the point of purchase, shoppers paying with their Mastercard can sign up for a one-time loyalty reward to receive a $30 statement credit when they spend $200 or more on the collection.

“Our proprietary technology transforms the traditional ecommerce landscape within our innovative platform to create exciting and engaging immersive shoppable experiences that tell a brand story. This is a dynamic new way to shop,” commented Neil Cole, CEO & Founder, Next Retail Concepts. “Mastercard, Fred Segal and Refinery 29 have been wonderful partners who share Next Retail’s vision of a more enriching e-commerce experience.”

The virtual experience not only shifts online shopping from transactional to experiential, but also provides access to tools and insights to further engage shoppers. Retailers who leverage the technology also have the ability to provide customized offers as well as gain analytics on overall store performance.

“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 is 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. In partnership with Mastercard and Next Retail Concepts, we will bring our iconic West Hollywood Flagship to life in this new, experiential manner.”

At 29Rooms, attendees will get to try the immersive commerce experience as it comes to life in an experiential pop-up at The Reef, December 5-9. As the official payment and technology partner of 29Rooms, Mastercard not only will bring the latest ways to shop and pay to the activation, but also give cardholders the opportunity to experience 29Rooms with exclusive benefits. Some of the special perks include pre- and post-sale tickets, the chance to skip the line of one room of their choice with special “Room Keys,” a 10 percent discount in the merch store, and other Priceless experiences.

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