Based on a platform specific cryptocurrency, an ICO will begin in January 2019 while The Joy platform will launch in Berlin, the start-up capital of Europe, during the first quarter of 2019
The Joy online marketplace for the wellness and beauty industry has received an initial $2 millionround of seed funding. An ICO is set to follow in January 2019. It will tap into a huge global market which according to the Global Wellness Institute is valued at $4.2 trillion, approximately 5.3% of global economic output. The Joy platform will radically change the market of beauty and wellness treatments by making it incredibly easy for customers, salons, freelance practitioners and advertisers to interact with each other seamlessly.
Joy launches initially in Germany and Western Europe and then aims to roll out across the United States, Japan and South Korea. Joy addresses a number of issues that currently cause problems for wellness and beauty practitioners and customers. Existing platforms provide only basic services and use technical solutions that are far from perfect and rarely solve issues that industry practitioners face. For instance, customers typically find it difficult to book appointments at appropriate times and often substantial amounts of time are required to travel to the practitioners. In turn, salon owners and freelance practitioners often have lots of downtime and lack the marketing knowledge to grow their business. They can also pay substantial customer acquisition costs. Even when they have a website their digital footprint is often small.
The Joy platform not only addresses these issues but also offers a range of compelling benefits. For instance by using the Joy app customers can book on-demand wellness and beauty treatments at home, at work and in a salon.
Appointment management for both salons and freelance practitioners becomes much easier and effective. Alongside additional bookings and a much larger digital footprint the Joy platform provides freelancers with marketing muscle which is something they typically lack. Vladislav Kiselev, CEO and founder, The Joy, said: “The Joy platform is a unifying force for the industry. It addresses issues that have previously stopped participants from realising their full business potential. As such it is a platform that will make it much easier for customers to meet their needs while also providing salons and industry suppliers with a strongly focused and expansive business pipeline that has never been available before.”
The ICO will consist of 2.4 billion tokens for sale, hardcap of $17.4 million. The ICO starts on 20 January 2019 and ends 1 May 2019. The platform will operates on Joycoins, a special method of payment and rewards, such as loyalty and referral programs and bonuses, within the system. The number of Joycoins is limited so as the platform expands geographically the more valuable they become.
Vladislav Kiselev concluded: “The beauty and wellness service sector is traditionally highly resilient against financial crisis and periods of economic recession. It’s a stable and healthy market and today during a period of overall economic growth we have seen and will continue to see substantial growth in the sector. The Joy platform will leverage this growth by providing the world’s first beauty and wellness platform.”