Dynamic Yield by Mastercard has introduced an AI-powered Shopping Muse, an advanced generative AI tool that revolutionizes how consumers search for and discover products in a retailer’s digital catalog. Launched by Dynamic Yield, a personalization platform acquired by Mastercard in April 2022, the generative AI tool can understand and respond to colloquial language, making product discovery as natural as having a conversation with a friend.
Imagine typing "What should I wear for a summer wedding?" or expressing your desire for pieces to complete a "minimalist capsule wardrobe," and receiving personalized suggestions that resonate with your style and needs.
The AI tool stands out by its ability to interpret modern trends and phrases such as "cottagecore" or "beach formal," catering to the unique and sometimes abstract ways people think about their shopping needs. It goes beyond mere keyword matching, considering the context of the user's shopping experience, direct questions, and the content of the conversation.
“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.”
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.
For logged-in users, the tool can even delve into past purchases and browsing history with the retailer, offering a level of personalization that mirrors in-store interactions. Moreover, advanced image recognition tools enable Shopping Muse to suggest visually similar products, even when technical tags are lacking, broadening the scope of its assistance.
“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.
