Dynamic Yield, a subsidiary of Mastercard, has unveiled Shopping Muse, an AI-based tool designed to improve the online shopping experience. Shopping Muse aims to replicate the in-person shopping experience by translating colloquial language into personalized product recommendations. This tool is particularly adept at handling unconventional search terms, coordinating product suggestions, and catering to individual consumer profiles and preferences.
Raj Seshadri, President of Data & Services at Mastercard, comments on the tool’s role in the evolving retail landscape, emphasizing Mastercard’s use of technology and machine learning to improve both brand and consumer experiences:
“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. At Mastercard, we’re putting technology and machine learning to work to deliver better outcomes for both brand and consumer.“
According to Mastercard’s press release, Shopping Muse also incorporates advanced image recognition tools to assist consumers in finding products, even when they struggle to describe them precisely. This feature, combined with session-based consumer affinity data, aims to refine product suggestions.
Ori Bauer, CEO of Dynamic Yield, discusses the importance of AI in personalizing online shopping. He notes that Shopping Muse leverages generative AI to meet consumer expectations for a seamless shopping experience:
“Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping. 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.“
The press release also points out that retailers are compelled to adapt to shifting consumer demands and heightened expectations in today’s rapidly changing retail landscape, marked by evolving trends and advanced deep learning algorithms. It says that to stay ahead and not just react to short-term market trends, integrating technology, particularly generative AI, is essential for maintaining this agility. It also mentions that currently, over a quarter of retailers have incorporated generative AI into their operations, with an additional thirteen percent planning to embrace this technology within the coming year.
Featured Image via Pixabay
