Mastercard's Dynamic Yield Launches AI-Driven Shopping Muse to Enhance Online Retail
Mastercard's Dynamic Yield has introduced "Shopping Muse," an AI-driven personal retail assistant tool, enhancing its digital personalization and AI portfolio to provide personalized product recommendations and meet evolving retail industry demands.
On November 30, 2023, Dynamic Yield by Mastercard, from its headquarters in Purchase, NY, introduced Shopping Muse, a breakthrough in the retail landscape. This advanced generative AI tool, Shopping Muse, is set to redefine how consumers engage with online retail platforms, providing a personalized shopping experience.
Shopping Muse is engineered to replicate the human touch in retail by translating colloquial language into specific product recommendations. The tool can navigate a variety of search terms, from trending aesthetics to specific dress codes like 'cottagecore' or 'beach formal'. It leverages Dynamic Yield's deep personalization technology, combining contextual and behavioral insights to suggest products that resonate with a consumer's unique profile, intent, and preferences.
Raj Seshadri, President of Data & Services at Mastercard, emphasized the significance of tools like Shopping Muse in revolutionizing retail. He mentioned that Mastercard focuses on employing technology and machine learning for improved outcomes for both brands and consumers. Ori Bauer, CEO of Dynamic Yield by Mastercard, also highlighted the role of AI-driven innovation in providing immersive and tailored online shopping experiences.
Shopping Muse extends beyond phrase-based searches. Its image recognition capabilities allow consumers to find items based on visual similarities, enhancing the shopping experience when textual descriptions fall short. The tool also considers the consumer's past interactions and purchases to make more accurate recommendations.
This development comes at a time when retailers are increasingly relying on generative AI solutions to keep up with fast-evolving trends and consumer expectations. The acquisition of Dynamic Yield by Mastercard in 2022, previously owned by McDonald's, marked a strategic enhancement to Mastercard's suite of consumer engagement and loyalty services. Dynamic Yield, now a global entity with offices in key cities, serves hundreds of clients, indicating a significant market presence.
Mastercard embeds advanced privacy safeguards in its products, adhering to Privacy by Design principles and responsible AI standards. The company's mission focuses on connecting and powering a digital economy that is safe, simple, smart, and accessible globally.
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