In an era where consumers are inundated with choices in the digital marketplace, Julie Bornstein, a notable figure in fashion e-commerce, introduced her innovative platform, Daydream, during the BoF VOICES 2024 event. This platform, likened to ChatGPT by Bornstein, represents a significant leap forward in addressing the challenges posed by excessive information and choice paralysis that online shoppers often encounter.
Ten years ago, the potential of e-commerce was seen as a vast reservoir of opportunity. Retailers embraced the concept of the endless aisle, where physical limitations of stock were no longer a concern. However, this overwhelming abundance of options can create confusion and frustration for consumers, leading to what Bornstein describes as “information overload.” During her presentation, she underscored the complexities faced by modern shoppers as they navigate endless product pages and options. This scenario often results in cart abandonment, which is a significant concern for brands striving for conversions.
Daydream seeks to alleviate these burdens by providing a more intuitive and responsive shopping experience. The platform allows users to interact with it in a conversational manner, asking questions such as “What can I wear to a vintage 1920s-themed party?” As a result, Daydream generates tailored recommendations complete with images and prices, ensuring that users receive personalized responses. Additionally, individuals can upload images to facilitate searches based on visual cues, enhancing the efficiency of their shopping endeavors.
One of the standout features of Daydream is the “Style Passport,” an innovative tool that tracks users’ preferences and browsing activities. This aspect of the platform signifies a shift toward customization in online retail, recognizing that individualized experiences can drive customer loyalty and satisfaction. The longer users engage with Daydream, the more it learns and adapts, creating a tailored shopping environment unique to each user.
Bornstein, alongside her experienced team, is on a mission to establish Daydream as a frontrunner in consumer-facing AI shopping platforms. While other start-ups focusing on AI in fashion have primarily targeted back-end solutions and design applications, Daydream’s emphasis is on consumer engagement and discovery. Bornstein expressed confidence in Daydream’s potential to outperform standard AI chatbots, and investment interest has validated her vision. In June, the platform secured $50 million in seed funding, with notable backers such as Forerunner Ventures and Index Ventures, along with support from Google’s venture arm, GV.
“We are creating what’s essentially ChatGPT for shopping,” Bornstein stated, indicating how Daydream aims to revolutionize online retail by offering virtually limitless conversational possibilities. As evidence of the growing optimism in this space, a BoF report found that half of surveyed fashion executives perceive consumer product discovery as a vital application for generative AI by 2025. An example is Zalando, which reported an 18% increase in profitability after launching AI-driven functionalities such as a shopping assistant that reduces operational costs while enhancing customer experience.
Bornstein is not new to the intersection of technology and fashion; she previously launched the shopping app The Yes in 2018, which employed AI to customize product feeds. Although Pinterest acquired The Yes in 2022 for its expertise and personalization technology, the app was later discontinued. Daydream is her next major venture and has already partnered with approximately 2,000 brands, including industry giants like Gucci, H&M, and Net-a-Porter.
Reflecting on her career trajectory, Bornstein noted the parallels between her journey and the technological advancements that have shaped the retail landscape. She aims to build a comprehensive solution that functions as a personal stylist for everyone while prioritizing enhanced conversational search capabilities in the interim.
As the landscape of online shopping continues to evolve, Daydream represents a promising development aimed at enhancing product search and discovery. The possibilities that generative AI can offer to the fashion e-commerce sector are immense, potentially transforming the way consumers interact with brands and make purchasing decisions.
By offering personalized shopping experiences that cut through the noise of excess options, Daydream could redefine the digital shopping experience, making it more user-friendly while increasing engagement and conversion rates for brands.
Fashion e-commerce is on the brink of transformation, and Daydream exemplifies the innovative solutions set to lead this change.
