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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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Gadi Amit on designing human-led wearables that evoke connections

Gadi Amit & Liz Bacelar
Gadi Amit & Liz Bacelar

In an increasingly digital world, designing physical products that are genuinely useful and evoke an emotion from the consumer, is a tough challenge, according to Gadi Amit, president and principal designer at NewDealDesign, on the latest episode of TheCurrent Innovators.

With tech’s fast-moving evolution comes a need to design objects that are sustainable and desirable, he highlights in his conversation with Liz Bacelar. Best known as the designer behind the original FitBit wearable device, Amit thinks technology is still very much about utility, but that pioneers such as Apple’s Steve Jobs and Jony Ive have ignited change. Consumers are now becoming increasingly accustomed to technology pervading many aspects of their lives, and as a result are looking for objects that enhance their personal experiences by creating deeper connections, he says.

When developing a successful wearable product, for instance, brands need to look beyond designing status-seeking elements to ask basic questions, such as: “What does it do for you? How does it enhance your life?”, says Amit. He reiterates that an object’s uniqueness lies in its true experiential value, and not just the label.

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

For luxury, an industry that has struggled to enter the fast-moving market of digital technologies while retaining its products’ values of longevity, Amit suggests starting with the values of the brand first, and building the technology that speaks to it.

For fashion the 2014 wearable boom was short-lived, as the market became overcrowded with products that consumer demand didn’t respond to. Although Amit thinks this is partly because devices lacked uniqueness, this is also due to the fact that wearables are so difficult to design, he explains. He particularly contradicts a common notion in the fashion industry that technology within wearables should be made to be invisible – from a usability standpoint, there are always design elements that need to prioritize function over aesthetics, he comments.

“Wearables are different animals, they’re not accessories in fashion. This is a piece of technology that needs to be on the human body, and therefore needs to be designed appropriately,” he concludes.

Scrip
Scrip

The self-confessed “contrarian by nature” is tackling payments next, an industry that historically champions frictionless and simplified interactions. Research around how exchanging physical currency affects behaviors and creates subconscious connections led him to design a new device called Scrip. This induces friction by asking the user to swipe at it a few times in order to share digital currency, meaning users make more conscious spending decisions.

It acts as a cashpoint in the user’s pocket, in which its tangibility plays a key role in triggering neural functions that automated payment systems like Apple Pay have hindered. In designing Scrip, Amit explains that it taps into the need to create objects that perfectly combine function and aesthetics in such a way that its owners will never render it obsolete.

Catch up with all of our episodes of TheCurrent Innovators here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by TheCurrent, 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.