Mastercard has launched a cutting-edge generative AI shopping tool known as “Shopping Muse.” This innovative tool, powered by Dynamic Yield, a personalization company acquired by Mastercard in April 2022, aims to redefine how customers explore and discover products in a retailer’s digital catalog.
Personalized Recommendations in Colloquial Language
Shopping Muse sets itself apart by transforming users’ colloquial language into tailored product recommendations. Its capability to comprehend modern trends and phrases, such as “cottagecore” or “beach formal,” allows users to pose questions like “What should I wear for a summer wedding?” or seek advice on creating a minimalist capsule wardrobe.
Contextual Personalization
To deliver personalized recommendations, Shopping Muse analyzes the context of the user’s shopping experience, direct inquiries, and conversational content. Leveraging data from the retailer’s product catalog and the user’s on-site behavior, including clicks and cart additions, the algorithms consider real-time and known consumer preferences. For logged-in users, past purchase and browsing history, both online and in-person, contribute to refining the recommendations.
Visual Recognition for Seamless Discovery
Shopping Muse goes beyond text-based searches; it can recommend items even when users struggle to articulate their preferences. Mastercard explains that through integrated advanced image recognition tools, retailers can suggest relevant products based on visual similarities, even without the right technical tags.
Beyond Fashion: Future Expansion
While initially focused on fashion, Mastercard envisions the broader application of Shopping Muse, extending its reach to other categories such as furniture and grocery.
The CEO’s Perspective
Ori Bauer, CEO of Dynamic Yield by Mastercard, emphasizes the significance of AI-driven innovation in delivering immersive and tailored online shopping experiences. “Personalization gives people the shopping experiences they want, and by harnessing the power of generative AI in Shopping Muse, we’re meeting the consumer’s standards and making shopping smarter and more seamless than ever.”
Adapting to Changing Demands
Mastercard underscores the need for retailers to adapt to changing demands by embracing technology. With over a quarter of retailers already utilizing generative AI solutions, and an additional 13% planning to adopt them in the next year, the industry is witnessing a transformative shift.
A Landscape of Generative AI Tools
Shopping Muse joins a wave of generative AI shopping tools introduced in the past year. Google, for example, enables users to receive AI-generated gift recommendations on Search, while Microsoft’s Bing automatically generates buying guides for queries like “college supplies.” The increasing prevalence of such tools aligns with Gartner’s prediction that 80% of customer service and support organizations will integrate generative AI technology by 2025.
In conclusion, Mastercard’s Shopping Muse emerges as a pivotal player in the realm of AI-driven personalization, setting the stage for a more intuitive and seamless online shopping experience. As technology continues to evolve, we can anticipate further innovations that enhance the way we discover and engage with products in the digital landscape.
