GoJoy — AMA @ The Topic Room. GoJoy — AMA @ The Topic Room
By: Lorenzo Santos
Tags: Cryptocurrency, Startup, China, Ecommerce, Passive Income

Brief

Gojoy, a Swiss corporation headquartered in Silicon Valley, is an e-commerce marketplace where vendors and shoppers share in the profits of every purchase through their digital asset: Joy Coin (acting similar to a cash back or dividend programme). It’s a revolutionary business model that creates wealth customers shopping on the platform.

GoJoy delivers the same products you can find in Amazon and Alibaba, but ensures the middle man is gone, as products are sourced straight from the manufacturer. They also verify that manufacturers are original as well as focus on those with best selling products.

Accolades

GoJoy membership has tripled every month since their launch on January 2019 without any ad spend. There as been a total of $2 million distributed back to the community (Vendors and shoppers). Winner of the best Pitch (100,000 Euro prize) at the Malta Blockchain conference

The Team

Advisor, Steve Grasso , CNBC market analyst and NYSE floor executive Advisor, Roel Campos , former US SEC commissioner CTO, Tony Karrer , founding CTO of eHarmony CSO, Edward Zeng , creator of first Chinese web browser and General Partner of a $20B fund

2019 Target

To achieve 10M consumers To make a revenue of 100M$ To distribute 10M$ in profit cash rewards

Token Mechanics (1 billion Tokens in total)

500M is reserved for Consumer mining released hourly basis, slowly over next 7–10 years, each consumer can get maximum 300 JOY coin per month, 3600 per year. 200M are reserved for global investor, but we don’t sell them, we split that into 3M token a month, and we run Blind auction for 5 years, 60 months. 100M in a pool designed to distribute among company staff contributors. These reduces your costs in fiat, Gojoy+ fee comes from this pool. 200M are company preferred tokens, these tokens belong to the company and do not participate in hourly cash rewards. They were locked for 5 years.

Q&A

Q: How do you think GoJoy will fair against AliExpress?

Number of Registered Members as of July 1

We have been up and running (only) in China for 6 month, and we grew from 800 consumers to 30K in the first 5 months, then last month alone, we grew at 10K users a day. without any marketing cost nor traffic acquisition cost.

Structurally, the e-commerce model is broken and our social fractionalisation model is leading the redesign of the classic e-commerce. We’re a pure play on the growth of the consumption power of the Chinese consumer.

Q: What’s your marketing plan to get new clients given the industry is quite consolidated?

We target the lower tier cities in China where even Alibaba cannot serve profitably through their ad-driven model. This is a comparative advantage that’s part of our DNA, and no incumbents can compete on price with us.

We are targeting 60% of population whose money is more valuable than their Time, so we are helping them create some asset of their own, by simply shop at Gojoy at lower retail price (because we work with brand owner directly, adding only 20% profit to the manufacturing price ), every time they shop, they get rewarded 30% of the money they spent with JOY coin, and holding JOY coin, they are entitled for hour cash coupon that is distributed hourly basis for rest of their life, we share 50% of entire platform’s profit back to all coin holders.

Q: Who is your closest competitor? Do you consider INSOLAR a competitor?

We don’t provide just the blockchain but the fractionalization model and apps and even the consumers to potential projects approved to launch on our Gojoy Business Chain.

Q: How are you different from these types (Lazada, eBay, Amazon…) of the platform?

They offer products by allowing vendors to compete and pay AD to get clicked. We have NO AD fee and charge no commission to any vendor. We only WORK with brand owner or sole distributor, since there are NO AD cost, nor competition, the vendor focus only on servicing our community consumers, we even give consumer to all vendor helping them to build consumer brand community. E.g. when we sell Adidas, we make sure it is only from Adidas.

Our differentiation is obvious, we offer our consumer 3 major proposition:

Cheaper price for the same product, without worrying about counterfeit, because you are connecting directly to the manufacturer. Every$ you spend, you get rewarded some Royalty point, that is represented in for of a JOY Coin. Platform incentivises users to come back everyday, by giving cash reward, which is what Uber, Alibaba and major e-commerce platform does, but how we distribute the cash reward? We base on your “contribution in the past”, meaning number of points you own.

Q: Tell us about the merchant side please. What is the special sauce there?

We give merchants margin certainty. Merchants selling on incumbent platforms like Alibaba and Amazon are forced to pay advertising (like cost per click) to acquire customers. At the end of the month, the merchant may get a $20 bill for advertising/fees from Alibaba when they sell an item for $18.99. Think about that!? Over 90% of merchants in incumbent platforms don’t make money!

Peter has also trained over 100,000 suppliers so they are already on our database and they’re all looking to get onboarded to our platform. Gojoy launched with 800 of these suppliers!

Q: Who does the logistics? And the customer has to pay for it right?

China has one of the most mature supply chains, all the way to deliveries in 1 hour to 3 days. Shoppers pay for the speed they’d prefer.