Mastercard is set to launch a revolutionary generative AI shopping tool called “Shopping Muse” designed to help users find tailor-made product recommendations. This cutting-edge tool is driven by Dynamic Yield, a customization company recently acquired by Mastercard. The philosophy behind Shopping Muse is to “transform the way customers search for and discover products in a retailer’s digital catalog.”
Shopping Muse can interpret users’ everyday language and translate it into personalized product suggestions. It can understand current trends and expressions, such as “cottagecore” and “beach formal.” Users can inquire about attire for specific occasions, seek advice for creating a minimalist wardrobe, and more.
In order to offer tailored recommendations, Shopping Muse considers the context of the user’s shopping experience, the specific query it is being asked, and the content of the conversation. The algorithm utilizes data from the retailer’s product catalog and the customer’s on-site behavior, including item clicks and cart additions. It also takes into account real-time and known preferences displayed by the customer.
For users who are logged in, the algorithm may factor in their previous purchase and browsing history with the retailer, as well as in-person purchases linked to their account using their phone number or email.
Image Credits: Mastercard
In addition to helping users navigate by expression, Shopping Muse can suggest items even when users can’t find the words to describe what they’re looking for. “By using integrated advanced image recognition tools, retailers can recommend relevant products based on visual similarities to others, even without precise technical tags,” explains Mastercard.
While fashion is the initial use case for Mastercard’s innovative tool, the company believes that this technology could expand into other categories, including furniture and groceries.
“Personalization provides people with the shopping experiences they desire, and AI-driven innovation is the key to unlocking immersive and customized online shopping,” said Ori Bauer, the CEO of Dynamic Yield by Mastercard. “By harnessing the power of generative AI in Shopping Muse, we’re meeting the consumer’s needs and making shopping smarter and more seamless than ever.”
Mastercard emphasizes the need for merchants to embrace technology to meet evolving demands, with over 25% of retailers currently using generative AI services and another 13% planning to adopt them in the next year.
This novel tool is part of the wave of generative AI shopping tools released in the past year. For instance, Google now offers users AI-generated gift recommendations on Search, while Microsoft’s Bing can automatically generate purchasing guides based on specific inquiries. Looking ahead, we can expect to see more similar tools becoming available, as Gartner recently released a report predicting that 80% of customer service and support organizations will be using generative AI technology in some form by 2025. For more info, you can visit: …
