In a world where individuality and digital convenience are defining customer expectations, Team 43 (Noah Nusser, Fernanda Perez Velez, Tim Goudemont, and Isabelle van de Noort) devised the idea to recreate the interior design experience through GenAI. Our ultimate business idea, MyHomeStylist, introduces a novel business model which makes professional interior design affordable, interactive, and sustainable.
The Problem
Despite fast growth in the home decor market, many consumers still face decision overload, lack of visualization, and fear of costly mistakes when decorating their homes. Traditional interior design often is expensive and inaccessible, while online shopping results in high return rates and waste. This is a burden for customers as well as retailers.
The Solution: MyHomeStylist
MyHomeStylist bridges this gap by combining GenAI personalization with realistic AI generated room visualizations in a novel platform. Users upload photos or floor plans, interact with a design chatbot, and receive quickly personalized layouts and product recommendations from multiple retailers. This results in the transformation of what once was an overwhelming process, in a guided and enjoyable experience.
The platform’s AI engine is continuously learning from user feedback, improving relevance and design accuracy over time. Retailers are benefiting as well, since their products are directly shown in the recommendations. This results, e.g., in increasing conversion rates. While AR is not yet integrated, the systems’ infrastructure is designed to support AR in the near future.
The Business Model:
We developed a platform combining subscription-based access for users with affiliate commissions from retailers. Initial costs are mostly covering AI and AR development. However, scalability is strong as marginal costs are decreasing as user adoption is growing. Within two years, revenues from subscriptions and partnerships are expected to exceed initial investments. This demonstrates profitability via network effects and personalization.
Innovation and Market Potential
Our market analysis shows an increase in the industry with the usage of AI. However, competitors in the market, such as Ikea Place and Wayfair, offer limited personalization or brand exclusivity. MyHomeStylist distinguishes itself with cross-brand personalization,
and emotional engagement through gamification, while being technically prepared for future AR functionality.
Impact and Vision
Next to the main purpose, MyHomeStylist is promoting sustainability with reduction in waste and encouragement of responsible consumption. It stimulates buyers to “buy once and buy right”, aligning with SDG 12 for responsible production and consumption.
Ultimately, MyHomeStylist is representing digital disruption as it transforms a luxury service in an accessible digital experience. It shows how GenAI can create value through efficiency as well as maintaining creativity and trust in current business markets.
