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  • Writer's pictureSarah Ruivivar

Mastercard Unveils AI Muse for Personalised Gift Shopping

Image Credit: Mastercard

As the festive season looms, the hunt for perfect gifts can become a daunting task.

Mastercard, in a bid to simplify this process, has launched Shopping Muse, an AI-powered service designed to offer personalised gift recommendations on retailer's websites.

Shopping Muse is fuelled by Dynamic Yield, a personalisation platform and decision engine acquired by Mastercard from McDonald's in 2022. It's used by over 400 brands to deliver individualised product recommendations based on past purchases, page views, customer affinity profile information, and AI algorithms.

So, how does it work? Shopping Muse is a generative AI tool that aids consumers in their search for products within a retailer's digital catalogue. It translates chatbot requests into tailored product recommendations, including suggestions for coordinating products and accessories. It even allows for unconventional search terms related to aesthetics, trends, and dress codes, providing relevant results.

The AI tool personalises recommendations based on the consumer's profile, intent, and affinity, building on the context of the conversation over time. It combines contextual and behavioural insights to produce recommendations informed by the retailer's keywords, visuals, and the consumer's own affinity.

Shopping Muse offers several benefits, including saving time and effort, enhancing customer satisfaction and loyalty, and boosting sales and revenue. It's part of Mastercard's broader strategy to provide more value beyond the transaction and help its customers and partners grow their businesses.

However, the use of AI in retail also raises ethical and social issues, such as privacy, security, transparency, accountability, and bias. Mastercard and other AI players in the retail space will have to address these issues in the coming years.

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