The credit card giant has introduced the new generative AI tool to help shoppers find what they want.
Mastercard has announced the launch of its new generative artificial intelligence tool meant to provide shoppers with a personal shopping assistant.
The tool was unveiled at a time when consumers are particularly interested in using AI in their lives.
The Mastercard artificial intelligence tool, dubbed Shopping Muse, was rolled out by the company’s Dynamic Yield unit. It is meant to meet the needs of consumers who are increasingly turning to AI to complete their daily tasks such as shopping and other activities.
“Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping,” said Dynamic Yield’s CEO Ori Bauer in a recent media release. “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.”
The Shopping Muse artificial intelligence assistant is designed to create a digital in-store shopping experience.
The media release described the Shopping Muse tool as being able to recreate the shopping experience a consumer would have in-store by translating an individual’s “colloquial language into tailored product recommendations,” such as by suggesting accessories or related products.
Recommendations made by the AI tool are based on the individual’s “profile, intent, and affinity,” through the use of its personalization capabilities for recommending what the retailer has to offer via visual cues, keywords, and “the consumer’s own affinity,” said Mastercard in its media release.
Consumers are looking to AI on an increasing basis, either showing curiosity about using it for shopping, or having already used various tools to carry out their daily routines. Therefore, several companies have been jumping onto the artificial intelligence bandwagon for commerce. Instacart made headlines in May when it announced that it would be combining its data and AI with ChatGPT technology from OpenAI. This way, it launched Ask Instacart, a search feature offering consumers answers to questions and product suggestions.
“[W]ith the rapid innovation in generative AI, we believe we can create new personalized, inspirational, value-driven shopping experiences that enrich peoples’ relationship with food and how they engage with the retailers and brands they love,” explained JJ Zhuang, Instacart’s Chief Architect, in the blog post announcing the AI tool’s launch.
