Fashion Retailer Michael Kors Adopted master CardAn artificial intelligence-powered shopping assistant.
Retailers First Shopping Muse The two companies announced that the offering will be available to customers through integration with their US websites. news release Monday (June 10th).
“With summer adventures and wedding season fast approaching, the integration of Michael Kors Shopping Muse couldn't have come at a better time,” the release stated. “Shopping Muse recreates the in-store experience by translating consumers' spoken language into customized product recommendations, meaning fashionable consumers can instantly find the perfect style that matches not only their inquiry, but also their behaviors and preferences.”
This personalized approach can increase both shopper satisfaction and revenue, and initial tests have found that Shopping Muse generates roughly 15% to 20% higher conversion rates than traditional search queries, according to a release from Mastercard.
MasterCard Dynamic Yield AI-powered Shopping Muse Mastercard announced the move in November. Its suggestions are based on a consumer's “profile, intent and preferences.” The company says it will use personalization to make recommendations based on retailer keywords, visual cues and “the consumer's own preferences.” time of launch.
PYMNTS Intelligence Report “AI-powered payments give customers more options” found that 44% of consumers are at least somewhat interested in incorporating AI technology into their shopping experience, but that figure rises to more than half among younger generations, with 69% of Gen Z consumers and 54% of Millennials and Bridge Millennials expressing interest.
In addition, PYMNTS Intelligence research “Consumer Inflation Attitudes Report: Consumer Interest in Artificial Intelligence” found that more than three-quarters of consumers have received AI-powered product recommendations online.
The third PYMNTS Intelligence study, “2024 Global Digital Shopping Index: US EditionCreated in collaboration with Visa Approval SolutionsThe survey found that 44% of consumers would be happy shopping in-store without digital assistance.
Another AI initiative Apparel Space What's Included True fit Introduced last week Fit Hubuses AI to streamline the tedious process of determining sizing when shopping online.
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