Mastercard AI chatbot to guide online shoppers through digital catalogs

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Payment giant Mastercard (NASDAQ: MA) continues its foray into generative artificial intelligence (AI) with the release of a tool designed to improve online shopping experience.

Dynamic Yield by Mastercard, a digital personalization subsidiary of the payment giant, launched an AI tool designed to “revolutionize” e-commerce. Dubbed Shopping Muse, the generative AI tool can translate “colloquial” language into product recommendations to meet user requirements.

Capable of recreating in-store experiences as a result of Dynamic Yield’s advanced personalization features, Shopping Muse offers users the ability to explore various mainstream and unconventional categories. Users can search for terms like “beach formal” and “cottagecore” and receive recommendations “that perfectly match even the most eccentric query.”

“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 Mastercard’s President of Data & Services Raj Seshadri. “At Mastercard, we’re putting technology and machine learning to work to deliver better outcomes for both brand and consumer.”

Apart from providing personalized content, Shopping Muse can assist users in finding the correct item without a proper description of the word or appropriate technical tags. It achieves this functionality by incorporating session browsing history, past purchases, and other visual cues to gauge buying intent.

Ori Bauer, CEO of Dynamic Yield (NASDAQ: DYLD) by Mastercard, revealed that preliminary studies have resulted in impressive results, with several retailers angling to incorporate the offering into their services.

“Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping,” said Bauer. “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.”

Mastercard acquired Dynamic Yield from Mcdonald’s (NASDAQ: DYLD) in 2022, and since then, the firm has onboarded over 400 brands to push the frontiers of AI in the retail industry.

Mastercard on emerging technologies

Before the rollout of Shopping Muse, Mastercard had previously forged a partnership with Feedzai to leverage AI to stifle the activities of fraudsters using digital currency exchanges. The partnership will see a collaboration between Feedzai’s RiskOps platform and Mastercard’s digital asset, Cipher Trace Armada.

Prior to this, Mastercard unfurled its Consumer Fraud Risk, designed to assist banks and other financial institutions to prevent scams in real-time via alerts to potential victims before the exit of funds.

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