Mastercard is likely to introduce a groundbreaking AI shopping tool called “Shopping Muse.” In addition, it aims to enhance users’ online shopping experiences by providing personalized product recommendations. Dynamic Yield, a personalization company acquired by Mastercard in April 2022. Additionally, Shopping Muse seeks to revolutionize the way customers search for and discover products in a retailer’s digital catalog.
About the New Mastercard Technology
The tool employs generative AI technology to understand users’ colloquial language and offer tailored recommendations. It can decipher modern trends and phrases like “cottagecore” or “beach formal.” Users can ask questions such as “What should I wear for a summer wedding?” or “Can you recommend pieces for a minimalist capsule wardrobe?”
How will it work?
To deliver personalized recommendations, Shopping Muse analyzes the context of the user’s shopping journey, the specific questions asked, and the content of the conversation. Algorithms utilize data from the retailer’s product catalog, combined with the user’s on-site behavior. In addition, it includes clicking on specific products or adding items to their cart. Our system considers both real-time data and known preferences to provide the best possible outcome.
Features of the Technology
For logged-in users, the algorithms may consider their past purchases and browsing history with the retailer, including in-person purchases linked to their account through phone numbers or email addresses provided to cashiers.
In addition to phrase-based searches, Shopping Muse can recommend items even when users struggle to articulate what they seek. By utilizing advanced image recognition tools, the tool can suggest relevant products based on visual similarities to others, even without specific technical tags.
How will the technology of Mastercard help retailers?
While fashion is the initial focus for Mastercard’s new tool, the company anticipates expanding its application to other categories such as furniture and groceries.
Ori Bauer, CEO of Dynamic Yield by Mastercard, emphasizes the importance of personalization in delivering the desired shopping experiences. Shopping Muse aims to make online shopping smarter and more seamless by harnessing the power of generative AI.
Mastercard emphasizes the need for retailers to embrace technology and adapt to evolving demands. As a result, it notes that over one in four retailers already employ generative AI solutions, with an additional 13% planning to adopt them within the next year.
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Closing Note
Shopping Muse is among several generative AI shopping tools released in recent times. For example, Google enables users to receive AI-generated gift recommendations on Search. However, Microsoft’s Bing can automatically generate buying guides for queries like “college supplies.” With Gartner’s prediction that 80% of customer service and support organizations will utilize generative AI technology by 2025, we can expect to see more similar tools in the future.
