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· Posted on
February 21, 2024

Mastercard goes from swiping cards to swiping styles as it announces its new AI tool, Shopping Muse

Mastercard has announced a new AI shopping tool called Shopping Muse.

What's the key learning?

  • Mastercard's new AI shopping tool can take a customers' colloquial language and turn it into a product recommendation.
  • Mastercard is also planning to expand the tool into furniture shopping, grocery shopping, and more.
  • Harnessing data the right way can elevate a company from a basic service provider to a crucial part of the shopping journey.

👉 Background: Mastercard is the second largest payment processing company in the whole wide universe. They specialise in foreign terms like 'interchange fees', 'authorisation routing' and 'gateway processing'.

👉 What happened: Now, Mastercard has announced a new AI shopping tool called Shopping Muse. It can take a customers' colloquial language and turn it into a product recommendation. For example, you can ask Shopping Muse to find me an outfit for a beach cocktail party.

👉 What else: Mastercard reckons clothing is just the first step. It is also planning to expand the tool into furniture shopping, grocery shopping, and more.

What's the key learning?

💡Harnessing data the right way can elevate a company from a basic service provider to a crucial part of the shopping journey.

💡For example, Afterpay originally just offered a payment service but over time, it managed to create a network that helped retailers attract more customers. In fact, Afterpay's Shop Directory generated an average of 31 million lead referralsto retailers per month in 2021.

💡Now, Mastercard is trying to leverage its data to provide more value beyond the transaction.

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