The debut of the AI chatbot 'Shopping Muse' by Mastercard aims to elevate consumer experiences this holiday season.
In Brief
The financial services giant Mastercard has rolled out a cutting-edge AI chatbot named Shopping Muse, designed to help shoppers navigate and uncover products in the vast world of online retail.
Dynamic Yield — a subsidiary of Mastercard Specializing in digital personalization and artificial intelligence, Mastercard has introduced its latest generative AI chatbot assistant, Shopping Muse Shopping Muse is tailored for the e-commerce arena, focusing on helping shoppers find and explore products listed in online catalogs from various retailers.
This AI-powered assistant allows users to make language-based inquiries related to a specific online shop, transforming these requests into curated product suggestions using the AI's sophisticated content matching abilities.
Going beyond mere keyword searches, this chatbot can suggest relevant items by analyzing visual similarities, making it easier for consumers to discover the ideal product, even without precise technical terminology. The assistant also factors in the shopping behavior of users, analyzing their browsing history and previous purchases to anticipate future buying preferences.
With Shopping Muse, users can delve into contemporary trends, seasonal styles, dress codes, and unconventional search phrases.
Raj Seshadri, President of Data & Services at Mastercard, expressed, 'Tools such as Shopping Muse mark a pivotal moment in the evolution of retail, placing customers at the forefront of the shopping experience. We are harnessing technology and machine learning to create beneficial outcomes for brands and consumers alike.'
In 2022, Mastercard acquired the personalized marketing firm Dynamic Yield, rebranding it as 'Dynamic Yield by Mastercard'.
This global company serves a multitude of clients, supporting over 400 brands with its cutting-edge personalization and data services. The move aligns with Mastercard's strategy of collaborating with or acquiring companies in the AI sector.
Generative AI is poised to significantly transform consumer interactions, allowing businesses to connect with customers in deeper, more meaningful ways.
According to the Gartner report By 2026, it’s estimated that over 80% of businesses will have adopted generative AI technologies or integrated AI-enhanced applications into their operational framework, a dramatic increase from under 5% in 2023.
Generative AI The integration of generative AI is set to profoundly improve customer experiences, enabling businesses to engage customers effectively and cultivate stronger relationships.
In the recent development, Amazon Additionally, a new tool introduced by Amazon, the Personalize Content Generator, leverages generative AI to help businesses generate more attractive recommendations by identifying underlying themes among suggested products.
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