JOLYY plans to build a blockchain platform to increase its efficiency and reduce costs for salons and customers .

The company believes that the beauty industry is one of the few outstanding markets to tap the huge potential of digital technologies. Many professionals still rely on a phone, pen and paper for reservations and customer management.

"Many existing beauty reservation platforms do not take full advantage of abundant technological capabilities, most of them charge high commissioners more than 20 percent or are ineffective." JOLYY says:

Decentralized Beauty

The company wants to offer a solution to many of these problems, also providing an innovative and intelligent platform, already operating in his country of origin. origin Bulgaria. Now, he intends to modernize his system with the help of Blockchain technology.

It builds a platform based on the original protocol with the ambition to become a one-stop shop for beauty services and salons. The original protocol uses the Ethereum Blockchain to help buyers and sellers to trade in a decentralized environment without traditional intermediaries.

The new platform JOLYY will allow customers to book beauty appointments. and receive multiple rewards. They will be able to review and recommend products and shows, invite friends and add new salons, which will give them a certain amount of bonus coins.

Show managers, in turn, will take easy bookings, immediately receiving online payments, which on other platforms may take up to a month, as reported by the company. 39; company. In addition, the trade shows will have access to detailed analyzes of research, visits from potential and existing customers, and other data to help them optimize their registration on the platform.

1% Commission

The network will also bring benefits to manufacturers of cosmetics, thanks to what is called the JOLYY store. It will allow manufacturers to directly access the lounges, searching them through different filters. In addition, they will be able to place ads, targeted specifically at the desired shows and, ultimately, organize product deliveries via smart contracts.

The platform will feature a social network, called JOLLY Live. Users will be able to promote their content, follow and love each other. The company hopes to turn the social network into a must-see place for the beauty industry with users who download and share content, follow experts, receive offers, and so on. Trade fairs and vendors will be able to advertise their products.

At launch, the platform will allow salons and customers to make an appointment for free. At a later stage, he plans to introduce a commission of percent per reservation

As part of its market entry strategy, the company will not be able to pay any fees. company will work with a number of partners to access different markets. In addition, he will benefit from the original protocol network, allowing other products built on him to make beauty bookings as well.

A key element of the project is the launch of the " JOY token " scheduled for the second quarter of 2018. It will act as the main payment tool on the platform. In addition to reservations, manufacturers will use tokens to sell their products. The advertising space will also be available for sale in exchange for tokens. By assigning an advertising value to the chips, the company hopes to increase the value proposition for its holders. Tokens used for the purchase of advertising space will be burned, which will reduce the total supply.

He plans to issue coins "700 mln" JOY of which 50% are offered for pre-sale. A total of 30% will be reserved for the community and development of the platform, "15% will go to the company's reserve and 5% to consultants, strategic partners and bonuses" the company COO Ognian Genev says:

Four times faster

Consumers are increasingly accustomed to the Internet and mobile. A 2016 study by a research and consulting company A. T. Kearney showed that online channels grew four times faster than brick and mortar beauty shops.

A report by Inkwood Research predicts a compound annual growth rate (CAGR) of 7.15 percent for the world market of beauty products and personal care between 2016 and 2024. Market volume is expected to reach $ 750 billion by 2024, reports claimed. This report and others identify e-commerce and social media as key drivers of the industry.

The success of new online cosmetics retailers such as Kylie Cosmetics is a good illustration of these trends. The E-store, launched by a 20-year-old reality TV celebrity Kylie Jenner reported 420 million dollars in sales in its first 18 months.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While our goal is to provide you with all the important information that we may obtain, readers should do their own research before taking any action concerning the company and assume full responsibility for their decisions, or this article. as investment advice.