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Yaysay, a mobile shopping app that recently launched in beta, draws inspiration from social media, dating apps, and gaming interfaces to “bring the thrill of off-price treasure hunting online.”
Founded by the co-founders of Casper and executives from Gilt Groupe and Stitch Fix, Yaysay promises online fashion shoppers a gamified “5-minute daily dopamine boost.”
“While mobile shopping is convenient, it is generally uninspiring for brands and consumers alike,” said Lindsay Ferstandig, CEO of Yaysay and former Stitch Fix exec, in a press release. “With Yaysay, we are creating an elevated brand experience that brings the joy back to shopping, transforming deals from the most covetable brands into addictive bites of fun.”
Using artificial intelligence, Yaysay once a day offers a limited number of personalized deals tailored to the user’s interests. Once users have finished swiping through those items, they have to wait until the app refreshes with new deals the following day. “That’s very different than what exists online, where you just scroll endlessly,” explained Philip Krim, co-founder of Yaysay and former CEO of direct-to-consumer mattress brand Casper. Deals currently include brands such as Acne, ALC, Chloe, Isabel Marant, Ganni, Loewe, and Vince.
Once the user taps the “Start Shopping” button, the games begin. Similar to dating apps, users swipe right to add items they’re interested in to their shopping cart. With each item being sold in limited quantities, there’s always a threat the item may be sold out before it’s swiped.
“Our AI selects a limited number of items per user per day, and our users have to buy the items before others do,” Ferstandig told TechCrunch. “Everything we buy has very limited quantities because of the deep discounts we secure.”
After being added to the cart, the product is held for 30 minutes, blocking it temporarily from being purchased by others. Similar to how Ticketmaster has a countdown to provide time for users to complete a ticket purchase, users have 30 minutes to buy their item or it will be gone.
Shoppers likely won’t get another chance to purchase any discarded item, since the inventory mix changes every day. Yaysay said in its press release, “No two shopping days are the same on Yaysay. The app boasts a constantly refreshed feed of substantial discounts on sought-after brands, offering users a new treasure hunt every day with an air of ‘get it or it’s gone.’”
For brands, Yaysay promises to offer a sustainable solution to clear excess inventory with high conversion rates and eliminate the need for price comparison.
The founders believe fashion fans will regularly engage with the app to make it a “5-minute daily habit,” similar to other online activities. Yaysay noted that recent statistics show 71% of millennials regularly check social media sites multiple times a day, and half use dating apps daily.
“The $100B+ off-priced retail market for new goods has been relegated to offline stores until the launch of Yaysay,” said Krim in the press release. “Thanks to technological leaps in AI, supply chain technology, and mobile app development, we are finally able to bring the ‘treasure hunt’ experience online.”