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MasterCard is set to launch an online shopping mall
MasterCard plans to launch Monday the MasterCard MarketPlace, an online mall with more than 28,000 merchants. The payment card network is collaborating on the project with Next Jump, an Internet company that specializes in personalized shopping.
MasterCard Worldwide plans to launch Monday the MasterCard MarketPlace, an online mall with more than 28,000 merchants. The payment card network is collaborating on the project with Next Jump, an Internet company that specializes in personalized shopping.
The MasterCard MarketPlace, marketplace.mastercard.com, features promotions, such as 15% off at Kodak.com. If a shopper is interested in a promotion, she can sign in to the MarketPlace and receive the promotional code. Or, the shopper can elect to receive a notification when a merchant has similar offers in the future or if the merchant has an in-store shopping event.
The site also asks a shopper to note a handful of merchants she would be interested in buying from. Next Jump then monitors how she shops on the site and alters promotional offers to her accordingly.
The site also features one merchant’s “Overwhelming Offer” that offers a limited quantity of a particular item, such as a $100 Best Buy gift card for 50% off. That program is similar to offers from MasterCard rivals, such as American Express’ “Daily Wish” discount offer. Visa is in the process of launching RighCliq, which is aimed at helping shoppers comparison shop.
MasterCard’s program aims to distinguish itself by building on the buying pattern information gathered by Next Jump. The company’s data has resulted in conversion rates that outpace the industry norm, says Charlie Kim, founder and CEO. For every 11 shoppers that receive a notification about a promotion, one converts, he says.
The site is available to all MasterCard cardholders. It builds on a similar pilot program that MasterCard previously offered its debit cardholders.
To allay privacy concerns, MasterCard requires cardholders to enroll on the site, rather than automatically enroll cardholders. Moreover, retailers will not be given specific customer names. Instead, they’ll receive information about particular demographic groups, such as shoppers with young children, says Kim.