Steven Lin is the CEO of Gojoy. Steven has been an LA-based tech entrepreneur and investor for over 20 years prior to joining Gojoy. He will be sharing more details about Gojoy with us in this interview.
What is Gojoy?
Gojoy is the online marketplace where suppliers and shoppers share in the profits of every transaction on the hour, every hour. We use blockchain technology to eliminate all the fat and all the marketing costs between the factory and shopper and share those savings with the Gojoy community, every hour, through Joy Coin, the digital asset that shoppers earn just for the simple act of shopping. Every member of the Gojoy ecosystem is rewarded perpetually for their contribution, no matter how big or small that contribution may be. Our mission is to alleviate poverty, generate jobs, and transform how we see companies in the future. To achieve this, Gojoy is reshaping how businesses can create wealth for shareholders and contributors with social impact at the core.
What problems are you solving and what solutions are you bringing to the ecommerce market?
E-commerce is structurally broken. Major e-commerce platforms have optimized their ability to monetize web traffic so effectively that the actual act of selling a product online is irrelevant. They have been able to layer on so much fat — from advertising fees to platform fees to services fees — that they successfully hijack over 50% of the revenue from typical e-commerce transactions. This cost is forced on the suppliers and vendors, who then pass it along to unwitting consumers with every single transaction. By benefitting platform owners at the expense of consumers and sellers, the ad-driven model e-commerce that exists today is inherently unfair and inefficient.
Gojoy represents a fundamentally different economic model. We connect suppliers directly with shoppers, saving up to 50% or more on that online purchase and fairly sharing the savings with the community. We use blockchain technology for transparency so that our community has complete visibility on all data. What is bought and sold, how much it was bought and sold for, and how much was made and by whom. Everything is there. Shoppers save a bunch of money on purchases. Suppliers, with no customer acquisition costs, are in control of their margins. Everyone in the ecosystem enjoys the wealth created by and for our community.
Tell us more about the Gojoy platform, could you give us a walkthrough of how it works?
Gojoy is a social e-commerce company using blockchain to deliver on our promises to create a more equitable e-commerce platform where vendors are paid fairly for their goods and shoppers are rewarded for their purchases. The shopping experience is similar to that of Amazon, TMALL, Taobao, and Alibaba except shopping on Gojoy not only saves you up to 50% or more on the same products, but also earns you cash rewards every hour.
Through the simple act of shopping on Gojoy, every shopper earns Joy Coins for each purchase they make. Coin holders receive their pro-rata share of the hourly cash streams on the amount of Joy Coins held by the shoppers. The cash payout is in the form of Joy Dollar and members can use the rewards to shop on Gojoy, participate in the company’s growing success on the CBX exchange, or cash it out into fiat.
Could you give us more details about your cash rewards on purchases and how to redeem them?
Our loyalty program is unique, totally free to participate, and is automatic. As a registered shopper, you earn 30% of the value of every purchase in the form of Joy Coins, our digital asset. The more Joy Coins you have, the more cash rewards, in the form of Joy Dollars, are dropped into your Gojoy wallet every hour. As you hold on to the Joy Coins, you will earn Joy Dollars on the hour, every hour. You can use Joy Dollars to shop on Gojoy or cash them out into fiat.
With the listing of Joy Coin on the CBX exchange, under ticker JOY, any shopper can liquidate Joy Coins for cash. However, keep in mind that once Joy Coins are out of your wallet, you will no longer be receiving the hourly cash rewards.
Tell us more about Gojoy MBA, who is it for, how does it work and what are the benefits?
We started the Gojoy MBA as a free online business course designed for Gojoy members to educate them on the fundamentals of business. Members who successfully complete the Gojoy MBA can create their unique e-store, without charge, and earn commissions equal to 20% of the Joy Coins generated from every purchase in their e-store.
Unlike the daily 10-Joy Coin cap that a member can earn on their own purchases, there is not a cap on the commissions generated from the e-stores.
Do you have more opportunities for partnerships and investors?
Yes, absolutely. Gojoy is a seven-month-old startup. We have added thousands of suppliers and continue to onboard more to our marketplace. So vendors, if you have a unique product for our mom community, we’d love to hear from you.
Also, we will soon launch the Joy+ Program for those traditional companies looking to incorporate Gojoy’s blockchain technology to optimize their business model, without having to write code or deal with smart contracts.
Finally, Gojoy just started its very first capital raise and are seeking strategic investors to expand and scale our business.
Would you like to share some of your success stories and technical progress; What’s next on your roadmap?
Of all of our achievements, we are most proud to have distributed $3 million to our community in the past months. We are inspired by the stories shared by the moms who have been positively impacted by Gojoy. Learning that a toddler can now enjoy quality baby formula because his mom bought it on Gojoy with the cash rewards she had earned — that’s humbling. We are in awe of our community.
Next on our roadmap, is to make more quality merchandise available to our community and distribute $10 million to the Gojoy families. We are also investing in the technology and partnerships to enable hourly cash rewards to be deposited into the moms’ bank accounts directly.
Tell us about your team and customer support.
I am sincerely amazed at the passion and professionalism of our team. In addition to the rockstar engineering people we have on the ground in China, we brought in Tony Karrer, the founding CTO of eHarmony, as CTO. He knows how to rapidly scale software on a global basis. Guiding our Board as advisors are Steve Grasso, CNBC Market Analyst and NYSE Floor Executive, and former SEC Commissioner, Roel Campos. Our management team in the US and China continues to expand. So watch for more announcements soon!
Gojoy’s service is available in China at this time. Shoppers can text or call our customer support team in Shanghai for questions. What’s really exciting to see has been the explosion of shoppers helping other shoppers. Our community has been taking on more and more of these sorts of support functions in a truly creative, decentralized way.
Any other information you would like to share with us today?
Yes, Gojoy had successfully conducted its very first token auction as part of its coin listing on CBX exchange. Joy Coins worth $10.3 million were traded and converted by participants over 48 hours.
For more information, visit the following pages:
Official Website: https://gojoy.com/en/