Mastercard, Next Retail Concepts present an immersive way to shop online

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 with a merchant’s existing e-commerce platform.

Mastercard and Next Retail Concepts, a US-based retail technology and brand management company, are launching the platform with fashion retailer, Fred Segal. The digital experience is premiering at 29Rooms in Los Angeles, Refinery29’s 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.

From transactional to experiential

According to the Mastercard, 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 customised offers as well as gain analytics on overall store performance.

"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, customised experience, across any channel or connected device,” says Sherri Haymond, executive vice president, Digital Partnerships, Mastercard.

“Together with partners like Next Retail Concepts, we are evolving e-commerce to bring the physical store to life in an immersive, digital environment, all while enabling exclusive offers and seamless payment.”

Neil Cole, CEO and founder, Next Retail Concepts, adds: “Our proprietary technology transforms the traditional e-commerce 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.”