Dynamic Yield by Mastercard has launched Shopping Muse, an advanced generative AI tool designed to redefine how consumers explore and find products in a retailer's digital catalogue.
Shopping Muse, underpinned by Dynamic Yield's advanced personalisation capabilities, combines contextual understanding and behavioural insights. It then utilises recommendations informed by the retailer's keywords, visual cues and the consumer's interests, which helps differentiate it from similar market offerings.
Shopping Muse replicates the physical in-store buying experience by interpreting consumers' everyday language and offering customised product recommendations. Customers can explore trending looks, styles, desired dress codes, and even unusual search terms like 'cottagecore' or 'beach formal' without any difficulties.
Shopping Muse's recommendations align with each individual consumer's distinct profile, inclinations, and conversations and consistently deliver perfect results, even for the most unconventional queries.
Raj Seshadri, President of Data and Services at Mastercard, said, "Solutions like Shopping Muse are the next natural step in the retail revolution and are core to putting the consumer back at the centre of the journey."
"At Mastercard, we are enabling technology and machine learning to work towards delivering better outcomes for both brand and consumer."
Shopping Muse is not just limited to textual search entries. It can help reduce shopper frustration by assisting them in the discovery of their perfect items, even when they struggle to express it in words. Thanks to advanced image recognition technologies, retailers can suggest products that visually resemble what the customers are searching for, even if the items lack technical tags.
Based on previous browsing history or past purchases, the tool understands the shopper's affinity and takes this into account while predicting their next purchasing intention. This understanding, aligned with the awareness of broader customer behaviour, enables the retailer to offer complementary rather than redundant product suggestions.
Ori Bauer, CEO of Dynamic Yield by Mastercard, said, "Personalisation offers people the shopping experiences they desire, and AI-driven innovation holds the key to unlocking immersive and tailored online shopping."
"By leveraging the power of generative AI in Shopping Muse, we are meeting the consumers' standards and making shopping more intelligent and seamless than ever."
In the fast-paced age of emerging trends and advanced deep-learning algorithms, retailers must remain agile by adapting to changing demands and meeting consumers' high expectations. That's why adopting technology, such as generative AI, is vital, with more than a quarter of retailers already using generative AI solutions and a further 13% planning to do so in the next year.
Mastercard purchased Dynamic Yield, a six-time leader in the Gartner Magic Quadrant for Personalisation Engines, in 2022. This was to enhance its consumer engagement offerings and loyalty services, thereby assisting brands in delivering more efficient and trusted experiences across various channels.
By prioritising a thorough Privacy by Design approach and the application of effective AI principles and standards, Mastercard incorporates the best privacy safeguards within all its product and service offerings.