In the 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.
Dynamic Yield by Mastercard today announced Shopping Muse, „an advanced generative AI tool that revolutionizes how consumers search for and discover products in a retailer’s digital catalog” – according to the press release.
Shopping Muse re-creates the in-store, human experience by translating consumers’ colloquial language into tailored product recommendations, complete with suggestions for coordinating products and accessories.
„Consumers can use Shopping Muse to explore modern aesthetics, trending looks, dress codes, and unconventional search terms like ‘cottagecore’ or ‘beach formal’ with ease. 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.” the company explains.
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.
“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.”
In addition to helping shoppers search by phrase, „Shopping Muse can reduce frustration by helping consumers find the perfect item even when they don’t know how to properly describe it in words” the company added.
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.
The tool also takes into account the shopper’s affinity, based on session browsing history or past purchases, to better estimate future buying intent. „With an understanding of the consumer’s affinity and the context of broader collective behavior, the retailer can ensure the suggested items are complementary, not redundant.” concludes the press release.
“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.”
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Mastercard acquired Dynamic Yield—a 6-time Leader in the Gartner® Magic Quadrant™ for Personalization Engines—in 2022 to strengthen its suite of consumer engagement and loyalty services, helping brands deliver more effective and trusted experiences across channels.
Dynamic Yield, a Mastercard company, helps businesses across industries deliver digital customer experiences that are personalized, optimized, and synchronized. With Dynamic Yield’s Experience OS, marketers, product managers, developers, and digital teams can algorithmically match content, products, and offers to each individual customer for the acceleration of revenue and customer loyalty.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
