Dynamic Yield by Mastercard Unveils Shopping Muse, the Next Generation Personal Retail Assistant
November 30 2023 - 6:00AM
Business Wire
Bolstered by advanced personalization
capabilities, the generative AI-based tool redefines a tailored
retail experience
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.
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. 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.
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.
“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.”
In this 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 year1.
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. Mastercard embeds best in class privacy safeguards
into all of its products and services in line with a thorough
Privacy by Design approach and the application of effective and
responsible AI principles and standards.
About Dynamic Yield 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.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry.
Our mission is to connect and power an inclusive, digital economy
that benefits everyone, everywhere by making transactions safe,
simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
____________________________________ 1 2023 Customer Loyalty and
Personalization Benchmark Report
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version on businesswire.com: https://www.businesswire.com/news/home/20231130738895/en/
Media Contacts Courtney
Meola, Mastercard 914-306-4428 | courtney.meola@mastercard.com
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