Mastercard is set to revolutionize the online shopping experience with the launch of its innovative generative AI tool, "Shopping Muse." Developed in collaboration with Dynamic Yield, a personalization company acquired by Mastercard, Shopping Muse aims to redefine how users explore and discover products within a retailer's digital catalog.
At the core of Shopping Muse's capabilities is its unique ability to interpret colloquial language and translate it into personalized product recommendations. Users can seamlessly interact with the tool, seeking advice on fashion choices with different queries.
To deliver these tailored suggestions, Shopping Mastercard Muse analyzes various factors, including the context of the user's shopping journey, specific queries, and ongoing conversation. The algorithms gain insights by leveraging data from the retailer's product catalog and the shopper's on-site behavior, such as product clicks and added items to the cart. Real-time and known consumer preferences are also factored in, ensuring a comprehensive understanding.
For logged-in users, Shopping Muse takes personalization further by considering past purchases and browsing history with the retailer.
Beyond phrase-based searches, Shopping Muse generative AI boasts advanced image recognition tools. Retailers can recommend relevant products by identifying visual similarities, even in cases where users struggle to articulate their preferences with the right technical tags.
Ori Bauer, the CEO of Dynamic Yield by Mastercard, emphasizes the role of generative AI in online shopping experiences, stating,
"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."
Shopping Muse joins the ranks of other generative AI shopping tools that have emerged over the past year. Google, for instance, enables users to receive AI-generated gift recommendations on Search, while Microsoft's Bing can automatically generate buying guides.
Recognizing the evolving landscape, Mastercard underscores the need for retailers to embrace technology to meet changing demands. With over 25% of retailers already leveraging generative AI solutions and an additional 13% planning adoption within the next year, the shift toward AI-driven innovation in the shopping realm is evident.
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