Mastercard launches a new AI-powered shopping tool called “Shopping muse“, which is designed to help users get personalized product recommendations. The tool is powered by Dynamic Yield, a personalization company that Mastercard acquired in April 2022. Mastercard says the idea behind Shopping Muse is to “revolutionize how customers search and discover products In the retailer’s digital catalogue.
The tool can take users’ slang and turn it into personalized product recommendations. Shopping Muse can understand trends and modern phrases like “Cottagecore” or “Beach Formal”. You can ask the tool questions like “What should I wear to a summer wedding?” Or “Can you recommend pieces for a minimalist wardrobe?”
In order to provide personalized recommendations, Shopping Muse looks at the context of the user’s shopping experience, the direct question(s) they are asked and the content of the conversation. The algorithms use data from the retailer’s product catalogue, along with shopper behavior on the site, such as clicking on certain products and adding products to shopping carts. The algorithms also look at known, real-time preferences demonstrated by the consumer.
If a user is logged in, the algorithms may take into account their previous purchasing and browsing history at that retailer, including any purchases made in person, and associate them with their account by providing the cashier with their phone number or email, for example.
In addition to its ability to help users search by phrase, Shopping Muse can also recommend items even when a user can’t find words that describe what they’re looking for. “Using advanced, integrated image recognition tools, retailers can recommend relevant products based on visual similarities to other products, even if they lack the correct technical tags,” Mastercard explains.
Although fashion is the first use case for MasterCard’s new tool, the company says the technology could extend to other categories, such as furniture and grocery.
“Personalization gives people the shopping experiences they want, and AI-driven innovation is key to unlocking immersive, tailored online shopping,” Uri Bauer, CEO of Dynamic Yield by Mastercard, said in a statement. “By harnessing the power of generative AI in Shopping Muse, we are meeting consumer standards and making shopping smarter and more seamless than ever before.”
Mastercard says retailers must adapt to changing requirements by embracing technology, noting that more than one in four retailers are already using generative AI solutions, while another 13% plan to adopt them in the next year.
The new tool is one of many creative AI-powered shopping tools released in the past year. For example, Google now allows users to receive Gift recommendations generated by artificial intelligence On the search engine, while Microsoft’s Bing can automatically create purchasing guides when you use a query like “college supplies.” We will likely see more similar tools in the future, e.g Gartner recently released Report predicts that 80% of customer service and support organizations will implement generative AI technology in some form by 2025.