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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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e-commerce Editor's pick Podcast

NET-A-PORTER on personalizing the customer experience

Rosanna Falconer and Matthew Woolsey

The future of e-commerce may not be about a traditional website at all, but about existing on multiple other platforms, expresses Matthew Woolsey, managing director at online luxury retailer, NET-A-PORTER, on the latest episode of the Innovators podcast by TheCurrent.

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

The company sees many of its big customers making purchases over platforms including Whatsapp, iMessage and WeChat, which have become their primary entry point to e-commerce through their relationships with personal shoppers, he explains.

“We want to be in the platform where our customer is engaging with content, seeing the product or speaking with the personal shopper. It’s about what’s best for her. We never want to be in a position where we are forcing or imposing a platform or methodology on our customers, because that’s the opposite of customer centricity,” he explains.

“It’s very easy to imagine a time when NET-A-PORTER doesn’t even have a website, in the traditional sort of desktop sense, and really what it exists as is more of a concierge, on-demand, service offering. I think that’s the future of where this industry is headed and it’s something we are really well suited for because we have that infrastructure, we have that service component but we also know a lot more about our customer than just what she is buying.”

Data is central to being able to personalize the experience for individual customers in this way, he explains, outlining how the company is constantly looking at how to give its personal shoppers greater tools through technology.

The company is currently experimenting with how it can use artificial intelligence to merge data between purchase history and fashion trends to give personal shoppers recommendations and ideas in advance that are personalized to the customer, for instance.

Eventually the idea is for this to be scalable across the seven million consumers NET-A-PORTER talks to, but hitting its EIPs, or extremely important people, is the core focus, given the fact this 3% of its customer base, make up 40% of its revenue.

Speaking with Rosanna Falconer at a FashMash event in London, Woolsey also reveals why the most expensive item ever bought via a messaging app is so significant, whether NET-A-PORTER would ever think about physical retail, and how to manage the modern day tension between algorithms and inspiration.  

Catch up with all of our episodes of the Innovators podcast by the Current 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.