On November 30, Dynamic Yield by Mastercard, the digital personalization and AI subsidiary of Mastercard, unveiled the introduction of its AI chatbot assistant for e-commerce known as Shopping Muse. This innovative artificial intelligence system was revealed through a blog post by Dynamic Yield. According to the company, Shopping Muse represents an advanced generative AI tool designed to transform the way consumers explore and find products within digital catalogs belonging to retailers. Generative AI systems, like OpenAI’s ChatGPT and DALL-E, specialize in translating spoken user commands into various formats such as text, video, audio, and even computer code.
Shopping Muse operates within online marketplace settings, allowing users to make simple language-based requests. Through algorithmic content matching termed Dynamic Yield, this AI system generates personalized product recommendations based on users’ inquiries.
CEO Ori Bauer of Mastercard Dynamic Yield emphasized the significance of personalization in enhancing the shopping experience and underscored AI-driven innovation as pivotal in delivering immersive and tailored online shopping encounters. Bauer highlighted that the integration of generative AI within Shopping Muse aligns with consumer expectations, aiming to make the shopping experience more intelligent and seamless.
The history of Dynamic Yield intertwines with Mastercard's acquisition of the digital personalization company in 2022 from its previous owner, McDonald's. Post-acquisition, the company underwent a name change to Dynamic Yield by Mastercard and expanded its presence with offices in Tel Aviv, New York, Tokyo, Riga, Barcelona, and various other global locations.
With an extensive clientele reaching hundreds of brands, Dynamic Yield is renowned for its provision of personalization and data services. The company stands as a significant force in the realm of artificial intelligence, symbolizing Mastercard’s ongoing strategy of either acquiring or partnering with AI-focused companies to bolster its technological advancements and services.
