Yaysay is a company that recently launched in Beta mode. It is a first-of-its-kind shopping app that combines AI-driven personalization with gamification to transform the off-price shopping experience. Launched by retail industry pioneers, including two of the co-founders of Casper and executives from Gilt Groupe and Stitch Fix, Yaysay aims to make off-price shopping an exciting 5-minute daily habit while also providing a sustainable solution for excess inventory in the retail industry. The company also announced it secured a $10.3 million seed round of funding.
Yaysay founders, including Philip Krim, Co-founder and former CEO of Casper, and CEO Lindsay Ferstandig, former Stitch Fix executive, have successfully secured $10.3 million in funding to launch the app into market. The Beta version is now live (accompanied by a waitlist), enabling consumers an early glimpse into this transformative shopping platform within the coming weeks.
Yaysay pioneers a new mobile shopping paradigm, which tailors the shopping experience for each user by utilizing AI to curate a personalized fashion feed and present shoppers with the perfect items at irresistible prices. Built to bring the thrill of off-price treasure hunting online, the app draws inspiration from social media, dating apps, and gaming interfaces, blending competition, luck, and limited supply to provide the ultimate shopping adventure. The recent statistics reveal that 71% of Millennials regularly check social media sites multiple times a day, and half use dating apps daily, reinforcing the app’s alignment with modern consumer habits.
The seed funding was led by Alex Taussig at Lightspeed Venture Partners and included prominent retail investors and advisors like:
– Kevin Hartz, Founder of Eventbrite and A* Star
– Alexandra Wilkis Wilson, Founder of Gilt Groupe
– Rati Sahi, Founder of The RealReal
– Julie Bornstein, Founder of The Yes
– Shira Suveyke, Executive from ShopBop, Outnet, and Gilt Groupe
– Gaurav Jain, Founder of Afore
– Moshe Lifschitz, Co-Founder of Shrug Capital
– Emily Heyward, Founder of Red Antler
No two shopping days are the same on Yaysay and 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.”
The company offers a premium experience and features only the most covetable brands, including Acne, ALC, Chloe, Isabel Marant, Ganni, Loewe, Vince, and more. The platform breathes new life into overstock inventory, making Yaysay the ideal liquidation partner for brands that need to solve for excess inventory while protecting their brand perception. 53% of US retailers have expressed concerns about the consequences of not selling surplus stock.
Yaysay’s 5-minute daily habit eliminates distractions and interruptions, increases conversion rates, and eliminates the need for price comparison, aligning with the preferences of modern shoppers. Yaysay is aiming to tap into the $100 billion per year off-price market where only about 3% of sales are currently online.
KEY QUOTES:
“While mobile shopping is convenient, it is generally uninspiring for brands and consumers alike. 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.”
- Yaysay CEO Lindsay Ferstandig
“The $100B+ off-priced retail market for new goods has been relegated to offline stores until the launch of Yaysay. Thanks to technological leaps in AI, supply chain technology, and mobile app development, we are finally able to bring the ‘treasure hunt’ experience online.”
- Philip Krim
