It is estimated that within five years, 10% of all Canadian retail sales will be done online.
Canadians were initially slow to adjust to the online retail realm, but e-commerce now is playing an increasingly significant role for major retailers. Canadian retail disruptor changeRoom — in concert with tech innovator Nymi and MasterCard — might be the key to further connecting online shoppers with physical retail.
Today’s retail experts point to webrooming, an emerging retail trend combining online and in-store shopping, as an example of how the physical and online retails worlds collide. Webrooming allows customers to browse online, but visit a physical retail location to complete the transaction. Studies suggest that in 2015, between 54-71% of all physical retail sales will be driven through the act of webrooming.
“Bringing the experience to life at the Retail Collective inside Dx3 will show people what the future of shopping looks like.”
“In many cases, online commerce is driving physical store foot traffic, but even more interesting are innovations that introduce bridges to help them complement each other,” said Cory Rosenfield, changeRoom Co-founder. “With changeRoom, we help retailers convert customers while saving Canadians time and frustration by solving the webrooming trend that is changing the Canadian consumer landscape.”
changeRoom is taking the process further by enabling customers to pre-select merchandise online from their favourite retailers for an appointment at the brick-and-mortar store. changeRoom customers then visit the physical location to try on, exchange and purchase, thus eliminating lines, saving time and enjoying a more satisfying retail experience.
Payment is made utilising the Nymi band technology and MasterCard’s secure payment network. The Nymi band uses the electric activity of the wearer’s heart to authenticate their identity and confirm credit card information. MasterCard’s MasterPass digital payment solution will be used in tandem with the Nymi band to provide a secure and seamless checkout experience.
“ChangeRoom participated in the MasterCard NEXT hackathon in 2014 and impressed us with their vision for a smartly connected retail shopping experience — and our MasterPass digital payment solution is a natural fit with their application,” said Jason Davies, Vice President, Emerging Payments, MasterCard. “Bringing the experience to life at the Retail Collective inside DX3 will show people what the future of shopping looks like.”
The Collective, curated by Doug Stephens, President of Retail Prophet and sponsored by MasterCard, brings together the newest retail applications that will allow consumers to cross the lines between virtual and physical shopping. MasterCard’s payment technology connects customers to the retail experience in new ways that make the retail experience seamless for the shopper.