Mastercard’s Dynamic Yield Launches AI-Powered Shopping Muse to Power Online Retail
On November 30, 2023, at its Purchas, NY headquarters, Mastercard’s Dynamic Yield launched Shopping Muse, a groundbreaking product in the retail industry. Shopping Muse, this advanced generative AI tool, redefines the way consumers engage with online retail platforms, delivering personalized shopping experiences.
Shopping Muse is designed to recreate the human touch in retail by translating colloquial language into specific product recommendations. The tool can explore a variety of search terms, from trendy aesthetics to specific dress codes like ‘cottagecore’ or ‘beach formal.’ Leveraging Dynamic Yield’s deep personalization technology, we combine contextual and behavioral insights to suggest products tailored to consumers’ unique profiles, intentions, and preferences.
Raj Seshadri, President of Data and Services at Mastercard, emphasized the importance of tools like Shopping Muse in transforming retail. He noted that Mastercard is focused on adopting technology and machine learning for improved outcomes for both brands and consumers. Ori Bauer, CEO of Dynamic Yield at Mastercard, also highlighted the role of AI-driven innovation in delivering immersive and personalized online shopping experiences.
Shopping Muse extends beyond phrase-based search. Image recognition allows consumers to find items based on visual similarity, improving the shopping experience when text descriptions fall short. The tool also takes into account consumers’ past interactions and purchase history to provide more accurate recommendations.
These advancements come at a time when retailers are increasingly relying on generative AI solutions to keep up with rapidly evolving trends and consumer expectations. Previously owned by McDonald’s, Mastercard’s acquisition of Dynamic Yield in 2022 strategically enhances Mastercard’s suite of consumer engagement and loyalty services. Today, Dynamic Yield, a global company with offices in major cities, serves hundreds of customers, representing a significant market presence.
Mastercard has advanced privacy features built into our products that adhere to privacy-by-design principles and responsible AI standards. The company’s mission is focused on connecting and powering a safe, simple, smart and accessible digital economy globally.
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