Dynamic Yield by Mastercard today announced Shopping Muse, an advanced generative AI tool that revolutionizes how consumers search for and discover products in a retailer’s digital catalog.
Shopping Muse re-creates the in-store, human experience by translating consumers’ colloquial language into tailored product recommendations, complete with suggestions for coordinating products and accessories. Consumers can use Shopping Muse to explore modern aesthetics, trending looks, dress codes, and unconventional search terms like ‘cottagecore’ or ‘beach formal’ with ease. Shopping Muse recommendations match an individual consumer’s unique profile, intent, and affinity, and builds on the conversation’s context over time to deliver results that perfectly match even the most eccentric query. Underpinned by Dynamic Yield’s deep personalization capabilities, the solution combines contextual and behavioral insights to produce recommendations that are informed by the retailer’s keywords, visual cues, and the consumer’s own affinity.
“Solutions like Shopping Muse are the next natural step in the retail revolution and are core to putting the consumer back at the center of the journey,” said Raj Seshadri, President of Data & Services at Mastercard. “At Mastercard, we’re putting technology and machine learning to work to deliver better outcomes for both brand and consumer.”
In addition to helping shoppers search by phrase, Shopping Muse can reduce frustration by helping consumers find the perfect item even when they don’t know how to properly describe it in words. Using integrated advanced image recognition tools, retailers can recommend relevant products based on visual similarities to others, even if they lack the right technical tags. The tool also takes into account the shopper’s affinity, based on session browsing history or past purchases, to better estimate future buying intent. With an understanding of the consumer’s affinity and the context of broader collective behavior, the retailer can ensure the suggested items are complementary, not redundant.
“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.”
In this era of fast evolving trends and deep learning algorithms, retailers must adapt to changing demands and higher consumer expectations to move beyond short-term trends. Embracing technology is crucial to that agility – more than one in four retailers are currently using generative AI solutions, with another thirteen percent planning to adopt them in the next year.
Mastercard acquired Dynamic Yield—a 6-time Leader in the Gartner® Magic Quadrant™ for Personalization Engines—in 2022 to strengthen its suite of consumer engagement and loyalty services, helping brands deliver more effective and trusted experiences across channels. Mastercard embeds best in class privacy safeguards into all of its products and services in line with a thorough Privacy by Design approach and the application of effective and responsible AI principles and standards.
About Dynamic Yield
Dynamic Yield, a Mastercard company, helps businesses across industries deliver digital customer experiences that are personalized, optimized, and synchronized. With Dynamic Yield’s Experience OS, marketers, product managers, developers, and digital teams can algorithmically match content, products, and offers to each individual customer for the acceleration of revenue and customer loyalty.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Source
hhttps://www.mastercard.com/news/press/2023/november/dynamic-yield-by-mastercard-unveils-shopping-muse-the-next-generation-personal-retail-assistant/
