Mastercard unveils AI shopper, Shopping Muse

Mastercard has unveiled a novel AI-powered shopping assistant, "Shopping Muse," set to redefine the way customers interact with online catalogs.

• History: Shopping Muse uses generative AI tech from Dynamic Yield, a personalization firm Mastercard acquired in April 2022.

• Key Features: The tool translates everyday lingo into personalized product suggestions, understanding trending terms like "cottagecore" and "beach formal." It also has image recognition tools that can suggest products visually similar to others and understand nuanced queries.

• Shopping Muse Benefits: Shopping Muse simplifies the product discovery process, significantly reducing the chances of buying unwanted or incorrect items. It also cleverly recommends complementary products. The AI tool takes personalization to the next level, curating a tailored shopping experience. It aids consumers in finding the most meaningful and appropriate gifts, driving repeat purchases and referrals.

• Future Applications: While fashion is its initial focus, Mastercard foresees application in other categories such as furniture and groceries.

• Keeping Up With AI: The introduction of Shopping Muse follows the trend of AI shopping tools, with Google and Microsoft also offering AI-generated gift recommendations and automated buying guides, respectively.

In a nutshell, Shopping Muse is a win-win for both consumers and retailers, reshaping the landscape of online shopping.