Best VIP Call Girls Noida Sector 55 Call Me: 8448380779
The Future of Digital Retail by Deborah Weinswig at RISE 2016. Jan. 16, 2016
1. 1
THE FUTURE OF DIGITAL RETAIL
Deborah Weinswig
Fung Business Intelligence Centre Global Retail & Technology
deborahweinswig@fung1937.com
Cell: 917-655-6790
@debweinswig
2. 2
AGENDA
• About Fung Business Intelligent Centre (FBIC)
• Holiday 2015 Wrap-Up
• Top 16 Disruptors for 2016
• Top Five Retail Technology Trends in Asia
3. 3
Fung Business Intelligence Centre (FBIC)
• Established in 2000 and headquartered in Hong Kong
• FBIC serves as the knowledge bank and think tank for the Fung Group
– Collects and analyzes market data on sourcing, supply chains, distribution and retail
– Provides thought leadership on technology and other key issues
• New York–based Global Retail & Technology team
– Follows broader retail and technology trends
– Provides advice and consultancy services to colleagues and business partners of the
Fung Group
– Builds collaborative knowledge communities
4. 4
Futureproofing
• Anticipating future trends and developments
• Plan for future value and avoid obsolescence
– What problem are you trying to solve?
– How will the solution be used?
– How robust does it need to be?
• Ensure flexibility to manage changing formats and deployment patterns
5. 5
OUR PARTNERSHIP WITH ACCELERATORS
Alchemist Accelerator is an accelerator exclusively for startups whose revenue comes from
enterprises, not consumers.
CoCoon is a coworking space where entrepreneurs, creative talent, successful leaders and
investors meet, collaborate and deliver results together. Member companies get access to
networking opportunities, work space, a photography studio and mentors.
Entrepreneurs Roundtable Accelerator (ERA) provides participant companies with an intensive
four-month program, with the goal of helping early-stage companies progress rapidly into
exciting, viable businesses.
New York Fashion Tech Lab is an accelerator that is a result of a collaboration between the
Partnership Fund for New York City, Springboard Enterprises and major fashion retailers. It
focuses on early- and growth-stage companies.
Plug and Play is a global innovation platform. It connects startups to corporations, and invests
in over 100 companies every year. Its 360° ecosystem allows for remarkable innovation to take
shape on an international scale.
Techstars is a global ecosystem that empowers entrepreneurs to bring new technologies to
market wherever they choose to build their business.
8. 8
HOLIDAY THEMES
• Highly promotional holiday was expected
– Women’s apparel bounced back, up 10%+, while men’s lagged
– Double-digit growth in furniture sales suggests consumers are
willing to spend on big-ticket items (MasterCard Advisors)
• Earlier and later shopping
– In 2015, 1 in 4 shoppers bought a Christmas gift before Halloween
– Almost half did the majority of their shopping before Cyber Monday
– There was a surge in foot traffic in the final week of 2015
• Bifurcation of spending
– Luxury slowed with the strong US dollar and fewer tourists spending
Neiman
Marcus
Saks
Nordstrom
Bloomingdale’s
Ann
Taylor
Costco
Macy’s
Dillard’s
Supervalu
JCPenney
Kohl’s
Kroger
Safeway
Drugstores
(CVS/Walgreens)
BJ’s/Sam’s
Club
Target
Kmart/Sears
Walmart
Primark
Dollar
Stores
Aldi/Lidl
10. 10
2015 Holiday Results
• US retail sales slipped 0.1% month over month in December after a revised 0.4% increase in November ,
according to the Commerce Department
• Holiday spending between Black Friday and Christmas Eve was up 7.9% year over year, according to
MasterCard Advisors’ SpendingPulse
• Physical store still important: 91% holiday shoppers shopped for holiday at stores, 32% purchased online and
picked up in stores (ICSC)
• Holiday online sales rose by 20% year over year
• Free shipping is the new normal—Demandware reported that 88% of US online retail purchases qualified for free
shipping on Cyber Monday
• Amazon reported a massive 2015 holiday season; it added 3 million new Amazon Prime subscribers and
shipped more than 200 million items for free to Prime members
• Almost 70% of Amazon customers shopped on a mobile device during the holiday period
• comScore reported that US retail e-commerce spending from desktop computers reached $35.4 billion during
the first 36 days of the November–December 2015 holiday season, marking a 6% increase versus the same
period in 2014
11. 11
MIXED DECEMBER COMPS
Macy’s: (4.7)% combined November–December comps, though digital sales rose by
about 25%
“About 80% of our year-over-year declines in comparable sales can be attributed to shortfalls in cold-
weather goods such as coats, sweaters, boots, hats, gloves and scarves.” – CEO Terry Lundgren
JCPenney: November–December comps +3.9%, lapping +3.7% last year
“Despite unprecedented warm weather that significantly affected apparel sales, our focus of private
brands, omni-channel execution and a compelling gift-giving selection resulted in strong holiday sales.”
– CEO Marvin Ellison
L Brands: December comps +8%
“Best December ever.” – CEO Les Wexner
Ascena Retail Group: December comps (4)%
“The holiday period for specialty retail was marked by soft traffic and unseasonably warm conditions, and was
highly competitive. Excluding the planned decline at Justice, consolidated comparable sales were flat to last
year.” – CEO David Jaffe
12. 12
Mixed Holiday Results—Final Tally Still to Come
• US retail sales were up 2.9%
for the week ended January
2 and up 2.2% for December,
according to Johnson
Redbook
• RetailNext reported that
December US traffic dropped
by 5.8%, and that it dropped
by 6.4% in the November–
December holiday shopping
period
Sales
Traffic
Conversion
Average
Transacon
Value
Sales
Per
Shopper
Transacons
%
Returns
December
-‐0.4%
-‐5.8%
0.4%
3.6%
5.7%
-‐3.8%
-‐0.3%
Nov/Dec
-‐2.0%
-‐6.4%
0.3%
3.3%
4.8%
-‐5.0%
-‐0.2%
Thanksgiving
-‐4.7%
-‐5.1%
-‐0.5%
3.1%
0.3%
-‐7.0%
-‐0.1%
November
-‐5.6%
-‐7.6%
0.0%
3.2%
2.3%
-‐8.3%
0.1%
October
-‐12.2%
-‐10.7%
-‐0.7%
3.8%
-‐1.1%
-‐15.1%
0.2%
September
-‐8.7%
-‐8.1%
-‐0.1%
1.1%
-‐0.5%
-‐9.6%
0.1%
August
-‐7.3%
-‐9.9%
0.2%
1.6%
2.9%
-‐8.7%
0.2%
Source:
RetailNext
13. 13
Favorable Macro Backdrop
• Lower gas prices continue to
provide a silver lining for US
consumers
• Inflation/Deflation
– Apparel prices remain deflationary
– Food prices fell into deflationary
range in November
Indicator
Period
2015
2014
YoY
%
Chg.
Gas
Price
(USD/Gallon)
Avg.
(Nov./Dec.)
$2.10
$2.70
-‐22%
Per
Capita
Disposable
Personal
Income
Nov.
$42,274
$40,996
3.1%
Savings
Rate
Nov.
5.5%
4.6%
90
bps
S&P/Case-‐Shiller
20-‐City
Composite
Home
Price
Index
Oct.
182.8
173.2
5.6%
Unemployment
Rate
4Q
5.0%
5.7%
(70)
bps
University
of
Michigan
Consumer
SenYment
Avg.
(Nov./Dec.)
92.0
91.2
0.8%
Source:
Haver
Analy5cs
14. 14
Warm Weather in Key US Markets Affects Sales of Winter Categories
• Warmest winter in over 55 years
• Increased traffic to retailers and
restaurants
• Left manufacturers with extra inventory
• Demand for winter goods decreased, but
consumers still spent on alternate goods
over the holidays
• Unprecedented spending on springtime
products
Source:
Planaly5cs
15. 15
E-Commerce Sales Delivered Strong Results
• First Data recorded a 9.4% total
spending increase for Thanksgiving
and Black Friday
• ShopperTrak reported a 10% decline
in in-store sales during Thanksgiving
weekend
• MasterCard SpendingPulse said e-
commerce sales were up 20% this
holiday
• RetailNext reported that US store
sales were down 4.7% on a 5.1%
decline in store traffic
Source:
comScore
and
ShopperTrak
Brick
and
Mortar
Total
Digital
Desktop
Mobile
%
of
Total
Consumer
DiscreYonary
85%
15%
12.6%
2.4%
Growth
Forecast
2.5%
14.3%
9.4%
47.2%
Growth
Points
2.1%
2.2%
1.2%
1.1%
Holiday
2015
Sales
Growth
by
Channel
16. 16
Sales and Traffic from Mobile Devices Showed
Robust Growth This Holiday
• Mobile traffic grew by 40% year
over year on Thanksgiving,
Black Friday and Cyber Monday
• Sales from mobile devices grew
by 47.2% and contributed to a
quarter of total consumer
discretionary spending growth
for holiday 2015
0%# 2%#
9%#
54%# 52%#
40%#
Thanksgiving###### Black#Friday#### Cyber#Monday#
Retail'Category'Visita/on'by'Pla3orm'
Desktop# Mobile#
Source:
comScore
17. 17
Home and Apparel Were the Top-Performing
E-Commerce Categories This Holiday
Absolute
Dollar Rank Product Category
Season to Date*
YoY Growth Rate
8
7
1
4
9
14
3
18
Home & Garden
Furniture, Appliances & Equipment
Apparel & Accessories
Consumer Packaged Goods
Event & Movie Tickets
Sports & Fitness
Consumer Electronics
Video Games
Very Strong
Strong
Strong
Strong
Strong
Moderate
Moderate
Moderate
*Based on corresponding shopping days in 2014
Source:
comScore
18. 18
Top 16 DISRUPTORS in 2016
1. IoT-DrivenPartnerships
2. E-Commerce Players Go Offline
3. Ready-to-Cook/Eat Economy
4. Online Grocery Shopping
5. Online Fashion Resale Marketplaces
Show Explosive Growth
6. Samsung Pay Accelerates Contactless
Payment Adoption
7. Sharing Economy
8. A Subset of the Sharing Economy Is
the Rental Economy
9. Subscription Economy Is Nibbling Away at
Traditional Retailers’ Sales
10. Caring Economy Promotes Startups for Social Good
11. Experience Economy Is Taking Away Retail Spending
12. Home Furnishings Market Disrupted by E-Commerce
Pure Plays
13. Jet.com
14. Athletic Brands Investing in Fitness Apps
15. Facial Recognition
16. Lack of Disruptors: Victoria’s Secret
19. 19
1. IoT-Driven Partnerships
• Unprecedented cross-industry partnerships being
formed
• Samsung and Microsoft developing IoT devices
based on Windows 10
• Panasonic is partnering with Denver to transform
it into the first smart city
– Create an energy-efficient hub
– Solar technology, tele-medicine tech, traffic management
and security
• Audi and Qualcomm are partnering to integrate
Qualcomm’s Snapdragon 602A to provide
cutting-edge connectivity technology
– Infotainment, advanced smartphone connectivity,
navigation, voice quality and control features
20. 20
1. IoT-Driven Partnerships
• Ford is partnering with Amazon to integrate vehicles
with Echo, Amazon’s smart-home device
• Intel is working with New Balance on an Android Wear
fitness watch that is due out next holiday season
• IBM and Under Armour are integrating the Watson
supercomputer with the Connected Fitness network to
analyze data and provide real-time coaching on
health and fitness
• Volvo pursued a partnership with Microsoft to
enhance connected-car strategies
– The Microsoft Band can be pressed and told to start the car
heater, for example
21. 21
2. E-Commerce Players Go Offline
• Millennials prefer mono-brand brick-and-mortar stores, and they shift between
online and offline along the shopping journey
Retailer # of Stores
1
1
20
26
22. 22
2. E-Commerce Players Go Offline
Case Study: Warby Parker
– Targeting millennials
– Started exploring offline with pop-ups and a
showroom in its NYC office; now expanding to
over 20 cities in the US
– Warby Parker’s stores make more than $3,000
per sq. ft., putting the retailer in an elite category
with companies such as Tiffany and Apple
– More than 85% of store shoppers will later visit
the website, increasing the chances for further
orders
23. 23
3. Ready-to-Cook/Eat Economy
Disruptors: Blue Apron, Munchery, Plated, HelloFresh
• Blue Apron was the fastest-growing US e-tailer in 2014, with
sales growing 550%, to $65 million
• Healthier and cheaper than eating out and takeout
• Convenience: ready-to-cook boxes and curated grocery
according to menus, delivered to your doorstep
• US food market
– $1.2 trillion, with $600 billion
in restaurants
– Millennial focused
550% in 2014
24. 24
4. Online Grocery Shopping
Disruptors: Instacart, AmazonFresh
• Walmart Grocery Pickup
– Order online
– Pick up at the store
• Amazon Prime Pantry, $5.99
– Order everyday items online, filling the box
– Ship to your home
– Gamified promotion, slower shipping options in
exchange for free Pantry
• Instacart: Personal Grocery Shopper/Multiple Stores
25. 25
5. Online Fashion Resale Marketplaces Show Explosive Growth
Disruptors: thredUP, Tradesy, The RealReal, Poshmark,
Vestiaire Collective
• Online resale industry is worth $34 billion in the US
• SnobSwap estimates the market is growing at a 10%
compound annual rate
• Mobile is hot in resale; over 45% of thredUP’s sales come from
mobile devices
• Patagonia, Eileen Fisher and H&M launched resale programs
2011
2012
2013
Source:
thredUP
26. 26
5. Online Fashion Resale Marketplaces Show Explosive Growth
Disruptors: thredUP, Tradesy, The RealReal,
Poshmark, Vestiaire Collective
• Why Online Resale Marketplaces Took Off
– Heavy venture capital investment in online
consignment industry (over $450 million)
– Retail brands’ resale programs encouraged
consumers’ sustainable consumption habits
– Consumers are convinced by great quality of
secondhand apparel bought via online platforms
– Societal shift toward less ownership—the art of
decluttering
27. 27
6. Samsung Pay Accelerates Contactless Payment
Adoption
Disruptor: Samsung Pay
• Samsung Pay will accelerate the current
slow adoption of contactless payment
because it uses magnetic stripe
capability (MST) chips
– MST works with new and older credit card
terminals—no additional investment required
– Most widely accepted mobile wallet in the US
– Consumers can incorporate loyalty cards into
Samsung Pay
– In 2016: expanding to China, lower-priced
handsets and online transactions
Digital Payment Method Acceptance by North American Retailers
As
of
July
2015
Source:
Boston
Retail
Partners
28. 28
7. Sharing Economy
Disruptors: Uber, Airbnb, Lending Club,
WeWork
• Valuations of sharing economy companies
have skyrocketed
• Revenues are projected to catch up to
aggressive valuations:
Startup
Industry
Valuaon
Uber
Car
Sharing
$50.0
B
Airbnb
Peer-‐to-‐Peer
AccommodaYon
$25.0
B
Didi
Kuaidi
Car
Sharing
$16.5
B
WeWork
Office
Sharing
$10.0
B
Lending
Club
Peer-‐to-‐Peer
Lending
$7.4
B
OLA
Car
Sharing
$5.0
B
Etsy
Maker
Online
Marketplace
$3.5
B
HomeAway
Peer-‐to-‐Peer
AccommodaYon
$3.0
B
Lyc
Car
Sharing
$2.5
B
Instacart
LogisYcs/Delivery
$2.0
B
Prosper
Peer-‐to-‐Peer
Lending
$1.9
B
TransferWise
Finance
$1.0
B
Funding
Circle
Finance
$1.0
B
$15 Billion
2013
$335 Billion
2025
CAGR: 29.5%
Source:
PwC
Source:
Company
reports/analysts’
es5mates
29. 29
8. A Subset of the Sharing Economy Is the Rental Economy
Disruptors: Airbnb, Zipcar, Netflix
• Renting goods, services and space is
becoming more popular than owning
• Renting saves consumers money and the
hassle of maintenance
• Suitable for urban living and limited space
• More environmentally friendly
• Airbnb, Zipcar, Rent the Runway and
Le Tote are major disruptors
Leaders in The New Sharing Economy (and Year Launched)
30. 30
9. Subscription Economy Is Nibbling Away at Traditional
Retailers’ Sales
Disruptors: Le Tote, Birchbox, BarkBox,
Pijon, Stitch Fix
• Convenience and curated products for
consumers
• Recurring revenue model for retailers
• Element of self-gifting
• Beauty is the biggest category
• Fashion styling subscriptions are
becoming popular
31. 31
10. Caring Economy Promotes Startups for Social Good
Disruptors: TOMS, Reformation, Warby Parker,
NOURI, SoapBox Soaps, Zady, GoodXChange
• Social activism over self-indulgence
– Consumers, especially Gen Z, are increasingly demanding
integrity from brands and retailers
• Startups for social good apply market-based
strategies to achieve a social goal
– TOMS, the shoe company, has a “one for one” business model
– Reformation designs and manufactures sustainable apparel,
sourcing sustainable fabrics and vintage garments
32. 32
11. Experience Economy Is Taking Away Retail Spending
Disruptors: Gigzolo, Zaptravel, OpenTable, Beautified
• Consumers are spending less on apparel and more on experiences
• 78% of millennials prefer to spend money on an experience rather than buying
something desirable
• Gigzolo: curated network of musicians and DJs available for hire for events
• Zaptravel:
– Digital travel agent
– Uses a semantic search engine to scroll through its database
33. 33
12. Home Furnishings Market Disrupted by E-Commerce Pure Plays
Disruptors: Wayfair, Hayneedle,
Art.com, Houzz
• E-commerce pure plays are gaining
significant market share from omni-
channel home retailers
• They offer more curated products and
good customer service
• Houzz is an online home-remodeling
community of 35 million users
worldwide that connects homeowners
with design inspirations and home
professionals
US
Furniture
E-‐Commerce
Outlook
Source:
eMarketer/Forrester
Research
$15
$18
$20
$23
$26
$29
$32
2012
2013
2014
2015
2016
2017
2018F
Sales
Forecast
(USD
Bil.)
34. 34
12. Home Furnishings Market Disruptor: Houzz
• Founded in 2009, Houzz is aiming to
disrupt the home furnishings space
• Houzz is an online home-remodeling
community that connects homeowners
with design inspirations and home
professionals
• Its business model is driven by
community, content and commerce
• Houzz has already attracted 35 million
users across 200 countries
35. 35
13. Jet.com
(Pricing Model and Smart Cart Technology)
Disruptor: Jet.com
• Smart Cart technology: savings increase
with each item added, based on the
location of the sellers and the buyer
• Pulls costs out of the supply chain and
bumps them back to customers
• A win-win situation for retailers and
consumers
• On average, 9% cheaper than Amazon
and 6% cheaper than Walmart (Profitero)
+10%
+10%
+6%
+7%
+11%
+7%
+12%
+8%
+7%
+4%
-‐2%
+7%
+6%
+10%
Baby
Beauty
Electronics
Grocery
Household
Office
Supplies
Pet
Supplies
Price
Comparison
of
Jet,
Amazon
and
Walmart
Amazon
vs.
Jet
Walmart
vs.
Jet
More
Expensive
than
Jet
Less
Expensive
than
Jet
36. 36
13. Jet.com (Customers Can Feel Smart)
• Website offers constant comparison and savings versus
Amazon.com
• Also tracks cumulative savings on Jet.com
• Customers can “see” savings by waiving return
privileges or through shipping synergies (Smart Cart)
• Clean, simple website and mobile app
37. 37
14. Athletic Brands Investing in Fitness Apps
Disruptor: Under Armour
• Under Armour’s Connected Fitness Platform
– Company launched its own fitness app, UA Record
– Introduced UA HealthBox: set includes wristband, heart rate
monitor and scale, priced at $400
– Under Armour owns the world’s largest digital health and fitness
community, with 130 million users
– One of eight people purchasing a fitness device will be synced on
UA’s platform—Apple Watch and Google are not competing
2013
2015
2015
2015
$475 million (cash)
Feb. 2015
$85 million (cash)
Jan. 2015
Jul. 2015
(terms undisclosed)
$150 million (cash)
Dec. 2013
38. 38
15. Facial Recognition
Disruptor: Intel
• The global advanced Facial Recognition market expected growth: $2.77 Bil. in 2015 to $6.19 Bil. in 2020 (CAGR 17.4%)
• 30% of retailers are using facial recognition technology to track customers in stores (CSC)
• Applications are increasing: health, wellness, beauty and advertising
– Determine the thickness and application of makeup
– Analyze in-store shopper data
• In 2015, Walmart tested with FaceFirst:
– Cameras check you in at location
– Smartphone receives customized deals based on demographic
• Intel released RealSense facial recognition technology in 2015
– Consumer grade 3D cameras
– Home usage: camera recognizes face to unlock front door
• Challenges: Consumers are not especially comfortable with technology use in retail
39. 39
16. Lack of Disruptors: Victoria’s Secret
Disruptor: Who will it be?
• Victoria’s Secret’s Success Formula
– Marketing via $12 million annual fashion show
– A brand that creates celebrities
– Benefits from athleisure/loungewear trend
– Close attention to in-store experience
– Wise international expansion strategy
– 20% e-commerce penetration
– L Brands reported 8% holiday comps
Victoria’s Secret Store and Beauty Comparable
Store Sales
14%
13%
6%
4%
3%
4%
8%
Q3
2010
Q3
2011
Q3
2012
Q3
2013
Q3
2014
Q3
2015
Q4
2015
40. 40
TOP FIVE RETAIL TECHNOLOGY TRENDS IN ASIA
1. Uberification in Asia
2. Streaming Media
3. Fast Adoption of 3D Printing
4. Inconsistent Mobile Payment Growth
5. End of One-Child Policy in China Driving Retail
41. 41
1. Uberification in Asia
• On-demand services are available for
everything from accommodation to personal
chefs in Asia
• Home Cooked is the most successful uberified
service in China
• Uberified services faced legal and regulatory
challenges
• Not expected to replace established industries
Service
Company
(Location)
Accommodation
Hanintel
(S.
Korea),
Kozaza
(S.
Korea)
Babysitting
Caregiver
Asia
(Singapore)
Food
and
Drink
Delivery
Grain
(Singapore),
Home
Cooked
(China)
Home
Cleaning
Whome365
(China)
Home
Finder
AnAnZu
(China)
Logistics
(Pickup
and
Delivery)
GogoVan
(Hong
Kong),
EasyVan
(Hong
Kong)
Taxi
Service
Kuaidi
ONE
(China),
Ola
(India)
Selected
Asian
Startups
that
Provide
Uber-‐Like
Services
42. 42
2. Streaming Media
• Netflix will expand into Hong Kong,
Singapore, South Korea and Taiwan in early
2016
• HOOQ, a joint venture of Singtel, Sony
Pictures and Warner Bros., is competing
directly with Netflix
• Alibaba recently acquired streaming media
company Youku Tudou for $4.4 billion
• Growth driven by the rising affluence of
consumers, growing Internet penetration
and increasing smartphone ownership
Rank
Country
Minutes
per
Day
2-‐Year
Growth
Rate
1
China
67
5%
2
Vietnam
61
84%
3
Thailand
60
14%
4
UAE
54
43%
5
Hong
Kong
51
16%
6
Philippines
51
74%
Figure
2.
Time
Spent
Watching
Online
Video
Top
Six
Countries
(4Q
2014)
Source:
GlobalWebIndex
43. 43
3. Fast Adoption of 3D Printing
• The Asia-Pacific region accounted for
27% of global 3D printer shipments in 2014
• Key region for fast adoption due to
government support and extensive
industrial funding in important markets
• China plans to invest $300 million in 3D
printing over three years
3D
Product
Shipments:
Market
Share
by
Region,
2014
Source:
Canalys/FBIC
Global
Retail
&
Technology
AMERICAS
42%
ASIA-‐PACIFIC
27%
ASIA-‐PACIFIC
27%
44. 44
4. Inconsistent Mobile Payment Growth
• China is experiencing fast adoption of mobile
payment via Alipay and WeChat Wallet
• South Korea, Japan, Hong Kong, Taiwan and
Singapore have the infrastructure, but are not yet
seeing substantial growth
• Several banks in Singapore have launched mobile
payment services and new services using NFC on
USIM cards
Mobile
Payments
Readiness
Index:
Selected
Countries
in
Asia
Source:
MasterCard
Global
Ranking
COUNTRY
1 Singapore
5 South
Korea
6 Japan
10 China
11 Taiwan
12 Philippines
13 Malaysia
14 Hong
Kong
20 Thailand
21 India
45. 45
5. End of One-Child Policy in China Driving Retail
• Starting in 2016, couples in China
will be allowed to have two
children without risk of fine
• Huatai Financial estimates that the
relaxation of the one-child policy
could create a $15 billion market
• The second-child boom will benefit
several categories, including food
and dairy, healthcare, garments,
automotive and education
• The first wave of the second-child
boom is expected in 2017
Source:
MasterCard