Mastercard’s subsidiary, Dynamic Yield, unveiled the ‘Shopping Muse‘ a few days ago, a cutting-edge AI tool set to transform the digital shopping experience. This innovation by Mastercard employs generative AI to assist consumers in navigating a retailer’s digital catalog with unprecedented personalization and ease.
Innovating the Online Shopping Experience with Shopping Muse
Shopping Muse is to provide customers with a similar shopping experience as they would get in a physical store. It uses natural language processing to understand the way customers describe what they are looking for and recommends products that best match their preferences. Shopping Muse can even suggest matching accessories to complement the products. Its advanced algorithms help it grasp modern fashion trends, unique terms such as ‘cottagecore’ or ‘beach formal,’ and colloquial expressions, making it easier for customers to find what they are looking for.
“Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping,” said Ori Bauer, CEO of Dynamic Yield by Mastercard. “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.”
Moreover, Dynamic Yield’s personalization engine uses contextual and behavioral insights, combined with the retailer’s data, to create tailored recommendations for each consumer. The system evolves with each interaction, refining its understanding of the user’s preferences.
In addition to all that, Shopping Muse also features advanced image recognition capabilities, aiding in product discovery when consumers can’t describe what they’re looking for. This function allows retailers to recommend products based on visual similarity!
Lastly, in an era where consumer expectations and trends rapidly evolve, retailers are increasingly turning to AI solutions. Current statistics show over a quarter of retailers using generative AI, with more planning to adopt these technologies shortly.