Banking & Insurance

Mastercard Launches 'Shopping Muse': A Game-Changing AI Tool for Personalized Shopping Experiences Across Retail Categories

Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping.

SMEBRDecember 5, 17:57
Mastercard Launches 'Shopping Muse'.

Mastercard is introducing a novel generative AI shopping tool named "Shopping Muse," aimed at providing users with tailored product suggestions. Developed in collaboration with Dynamic Yield, a personalization company acquired by Mastercard in April 2022, Shopping Muse seeks to transform the way customers explore and find products within a retailer's digital catalog.

The tool has the capability to interpret users' casual language and translate it into customized product suggestions. Shopping Muse possesses the ability to comprehend contemporary trends and expressions such as "cottagecore" or "beach formal." Users can inquire about recommendations using questions like "What's suitable attire for a summer wedding?" or "Could you suggest items for a minimalist capsule wardrobe?"

To deliver personalized recommendations, Shopping Muse examines various factors, including the context of the user's shopping journey, the specific question(s) posed, and the ongoing conversation. The algorithms leverage data from the retailer's product catalog, as well as the user's on-site activities, such as clicking on specific products and adding items to carts. Additionally, the algorithms consider real-time and established preferences demonstrated by the consumer.

When a user is logged in, the algorithms within Shopping Muse may take into account the individual's historical interactions with the retailer. This encompasses past purchase records, browsing history on the platform, and even in-person transactions linked to the user's account through methods like providing a phone number or email to the cashier. By incorporating such comprehensive data, the tool aims to offer even more tailored and relevant recommendations based on the user's unique preferences and shopping patterns.

Beyond assisting users in searching by specific phrases, Shopping Muse has the capability to recommend items when users struggle to articulate what they're seeking. Mastercard elucidates that through integrated advanced image recognition tools, retailers can suggest relevant products based on visual similarities, even in the absence of precise technical tags. This feature allows the tool to offer recommendations based on the visual characteristics of products, enhancing the user experience by accommodating those moments when users may find it challenging to express their preferences verbally.

While the initial focus of Mastercard's new tool is on fashion, the company asserts that the technology has the potential to expand into other domains, including furniture and grocery.

“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, the CEO of Dynamic Yield by Mastercard, in a statement. “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.”

Mastercard emphasizes the importance of retailers adapting to evolving consumer demands by embracing technology. The company highlights that over a quarter of retailers currently utilize generative AI solutions, and an additional 13% have plans to adopt such technologies within the next year.