Yaysay, the innovative AI-powered shopping app, has just released its beta version, aiming to revolutionize off-price shopping and bring it to the world of mobile devices. The brainchild of Casper co-founder Philip Krim, Yaysay combines elements from social media, video games, online ticketing platforms, and dating apps to create a unique and engaging shopping experience.
Key Takeaway
Yaysay distinguishes itself in the off-price fashion shopping market by using AI technology and gamification to create a refreshing and interactive experience. The app’s curated selections, limited shopping time, and trend insights set it apart from traditional online shopping platforms.
Curated Selection for a Personalized Shopping Experience
Every day, Yaysay presents users with a carefully curated set of items that caters to their preferences and favorite brands. These items are displayed in a swipeable vertical feed, allowing users to quickly browse through the selection. Notable brands featured on Yaysay include Acne, ALC, Chloe, Ganni, Isabel Marant, Jonathan Simkhai, Loeffler Randall, Loewe, Vince, and many more. The app updates its inventory daily, ensuring fresh and exciting finds for its users.
30 Minutes to Decide: Creating Urgency and Boosting Conversions
Yaysay introduces a unique twist to the shopping experience by offering users a 30-minute window to make a decision on whether to purchase an item or not. This concept is similar to how Ticketmaster operates, where a timer counts down to remind customers of the limited time they have to complete their purchase. The use of countdown timers is a popular tactic in e-commerce, as it creates a sense of urgency and emphasizes scarcity, which in turn boosts conversions.
Continuous Innovation and Personalization
Yaysay plans to further test different time durations for decision-making and explore varying durations for specific items. The company aims to continually enhance the app’s features to provide users with a personalized and engaging shopping experience. To add to the excitement, Yaysay offers three swipebacks per day, allowing users to reconsider previous swipes. Additionally, the app includes a trending section that showcases popular purchases in the user’s area, creating a sense of community and exploration.
Redefining Off-Price Shopping in the Digital Landscape
Yaysay’s CEO, Lindsay Ferstandig, a former executive at Stitch Fix, points out that one of the main challenges in e-commerce is that shoppers often come across the same items on different websites. Yaysay aims to address this issue by prioritizing “discovery-based shopping,” where users stumble upon unexpected and exciting finds. Ferstandig explains that Yaysay’s AI selects a limited number of items per user each day, ensuring that users have to act quickly to secure their desired purchase due to the deep discounts offered.
Thriving Market for Off-Price Retail
Off-price retail, which focuses on offering designer clothing at discounted prices, is a rapidly growing sector, fueled by the increasing number of price-conscious consumers. Major retailer TJX, operating well-known brands such as T.J. Maxx, Marshalls, and HomeGoods, has reported significant year-over-year growth, with net sales reaching $12.8 billion in the fiscal second quarter. Yaysay’s entrance into the market aims to tap into the immense potential of the off-price category.
Bringing the Treasure Hunt Experience Online with AI
Philip Krim, the creator of Yaysay, expresses his motivation for developing the app by recognizing the vast opportunities within the off-price category. Inspired by the success of retailers like T.J. Maxx, Krim aims to recreate the unique treasure hunt experience online. Harnessing the power of AI and other cutting-edge technologies, Yaysay offers a chance for users to embark on an exciting discovery-based shopping journey in the digital realm.
Expansion Plans and Funding
Currently, Yaysay is available exclusively on iOS devices, with plans to launch an Android version in the future. The company has raised a total of $10.3 million across two funding rounds. The first round, a $2.3 million pre-seed, attracted investors such as A* Capital, Afore Capital, Montauk Ventures, Raven One Ventures, Red Antler, and Shrug Capital. Yaysay’s seed round raised $8 million and was led by Lightspeed Ventures, with participation from most of the pre-seed investors.
