In a groundbreaking move on November 30, 2023, Dynamic Yield by Mastercard introduced Shopping Muse, an advanced generative AI tool set to revolutionise the way consumers navigate and discover products in a retailer's digital catalogue. The innovative technology mirrors the in-store, human experience by adeptly translating consumers' casual language into personalised product recommendations, complete with suggestions for coordinating products and accessories.
This AI tool allows consumers to effortlessly explore diverse aesthetics, trending looks, dress codes, or even unconventional search terms like 'cottagecore' or 'beach formal.' The tool's recommendations are tailored to match the consumer's unique profile, intent, and affinity, delivering results that align perfectly with even the most eccentric queries.
At the core of its capabilities is Dynamic Yield's expertise in personalization, seamlessly blending contextual and behavioral insights. The solution factors in the retailer's keywords, visual cues, and the consumer's affinity to offer recommendations that resonate. Raj Seshadri, President of Data & Services at Mastercard, emphasised its significance as, “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.”
Notably, Shopping Muse goes beyond typical keyword searches; and assists shoppers in finding the perfect item even when expressed through vague or non-specific language. It surpasses the limitations of technical tags by utilising integrated advanced image recognition tools, recommending relevant products based on visual similarities.
The tool also considers the shopper's affinity, taking into account customers browsing history and past purchases to estimate future buying intent accurately. This approach ensures that suggested items are complementary rather than redundant, enhancing the overall shopping experience.
Ori Bauer, CEO of Dynamic Yield by Mastercard, highlighted the role of personalization and AI-driven innovation in creating immersive and tailored online shopping experiences. According to Bauer, “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.”
As of now, more than one in four retailers are leveraging generative AI solutions, with an additional thirteen percent planning adoption in the coming year. This strategic shift is seen as essential to meeting changing demands and exceeding consumer expectations beyond short-term trends.
Mastercard's acquisition of Dynamic Yield in 2022, a six-time Leader in the Gartner® Magic Quadrant™ for Personalization Engines, reflects the company's commitment to strengthening its suite of consumer engagement and loyalty services. The move positions Mastercard to deliver effective and trusted experiences across channels. It's worth noting that Mastercard prioritizes privacy safeguards, embedding top-tier privacy measures into all its products and services, aligning with a Privacy by Design approach and the application of effective and responsible AI principles and standards.
