Mastercard launches Shopping Muse, an AI-powered shopping assistant

Key Takeaways:

– Mastercard is launching a new generative AI shopping tool called “Shopping Muse” to provide personalized product recommendations.
– The tool is powered by Dynamic Yield, a personalization company acquired by Mastercard.
– Shopping Muse can understand colloquial language and provide tailored recommendations based on modern trends and phrases.
– The algorithms consider the user’s shopping experience, direct questions asked, content of the conversation, retailer’s product catalog, on-site behavior, real-time and known preferences, and past purchase and browsing history.
– The tool can recommend items based on visual similarities using advanced image recognition tools.
– Fashion is the first use case, but the technology could extend to other categories like furniture and grocery.
– Retailers must adapt to changing demands by embracing technology, and many already use or plan to adopt generative AI solutions.
– Other companies like Google and Microsoft have also released generative AI shopping tools.
– Gartner predicts that 80% of customer service and support organizations will be using generative AI technology by 2025.

TechCrunch:

Mastercard is launching a new generative AI shopping tool called “Shopping Muse” that is designed to help users get personalized product recommendations. The tool is powered by Dynamic Yield, a personalization company that was acquired by Mastercard in April 2022. Mastercard says the idea behind Shopping Muse is to “revolutionize how customers search for and discover products in a retailer’s digital catalogue.”

The tool can take users’ colloquial language and turn it into tailored product recommendations. Shopping Muse is able to understand modern trends and phrases like “cottagecore” or “beach formal.” You can ask the tool questions like “What should I wear for a summer wedding?” or “Can you recommend pieces for a minimalist capsule wardrobe?”

In order to provide personalized recommendations, Shopping Muse looks at the context of the user’s shopping experience, the direct question(s) it is being asked, and the content of the conversation. The algorithms use data from the retailer’s product catalog, along with the shopper’s on-site behavior, such as clicking certain products and adding products to carts. The algorithms also look at real-time and known preferences the consumer demonstrates.

If a user is logged-in, the algorithms may consider their past purchase and browsing history with that retailer, including any purchases made in-person that they connected to their account by providing the cashier their phone number or email, for example.

Image Credits: Mastercard

In addition to being able to help users search by phrase, Shopping Muse can also recommend items even when the user can’t find the words to describe what they’re looking for. Mastercard explains that “using integrated advanced image recognition tools, retailers can recommend relevant products based on visual similarities to others, even if they lack the right technical tags.”

Although fashion is the first use case for Mastercard’s new tool, the company says this technology could extend into other categories, like 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 says that retailers must adapt to changing demands by embracing technology, noting that more than one in four retailers already use generative AI solutions, while another 13% plan to adopt them in the next year.

The new tool is one of many generative AI shopping tools released in the past year. For instance, Google now lets users receive AI-generated gift recommendations on Search, while Microsoft’s Bing can automatically generate buying guides when you use a query like “college supplies.” We’ll likely see more similar tools in the future, as Gartner recently released a report that predicts that 80% of customer service and support organizations will be applying generative AI technology in some form by 2025.

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AI Eclipse TLDR:

Mastercard is launching a new AI shopping tool called “Shopping Muse” that aims to provide personalized product recommendations to users. Powered by Dynamic Yield, a personalization company acquired by Mastercard, the tool is designed to revolutionize the way customers search for and discover products in a retailer’s digital catalog. Shopping Muse can understand colloquial language and modern trends, allowing users to ask questions like “What should I wear for a summer wedding?” or “Can you recommend pieces for a minimalist capsule wardrobe?” The tool analyzes the context of the user’s shopping experience, the direct questions asked, and the conversation content to provide tailored recommendations. It uses data from the retailer’s product catalog and the shopper’s on-site behavior, including clicks and added items to carts. Real-time and known preferences, such as past purchases and browsing history, are also considered. Shopping Muse can even recommend products based on visual similarities, using advanced image recognition tools. While fashion is the first use case for the tool, Mastercard believes it could extend to other categories like furniture and grocery. The company emphasizes the importance of retailers embracing technology to meet changing demands, noting that more than one in four retailers already use generative AI solutions, with another 13% planning to adopt them in the next year. This new tool is part of a growing trend, with other companies like Google and Microsoft also releasing AI shopping tools. Gartner predicts that by 2025, 80% of customer service and support organizations will be applying generative AI technology in some form.