Mastercard and Next Retail Concepts announced a new way to shop online this holiday season, with a new digital environment that lets shoppers browse and buy as if they were in a physical store.
In a press release, the two companies announced they are launching the platform with Fred Segal, the retail brand. The new shopping experience will premiere at 29Rooms in Los Angeles, which is Refinery29’s experiential event. The companies curated an exclusive collection of holiday gifts that are shoppable online. Shoppers pay with their Mastercard and can sign up for a one-time loyalty reward in the form of a $30 statement credit when they spend $200 or more on the collection.
“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 for 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.”
The virtual experience not only shifts online shopping from transactional to experiential, but also provides access to tools and insights to further engage shoppers, the companies said in the press release. Retailers who leverage the technology also have the ability to provide customized offers as well as gain analytics on overall store performance.
“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 and founder of Next Retail Concepts, in the same press release. “Mastercard, Fred Segal and Refinery29 have been wonderful partners who share Next Retail’s vision of a more enriching eCommerce experience.”