A New Utility Token for Social Commerce. Me Token ICO rating – 68
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PRE ICO Dates : 23/07/18 – 22/08/18
Roadmap: 5/10 Legal: 3/5 ICO terms: 3/5
Team: 16/20 Token applying: 4/5 Promotion: 12/20
About Me Token ICO (token sale)
Following the Style.me social commerce platform, the Me Token will expand to additional platforms in different verticals where similar relationships between influencers, shoppers, and commerce platforms can be applied. The Me Limited will incentivize other platforms by seeding initial Me Tokens and allowing new platforms the opportunity to tap into the existing Me Token user base. Our broader vision is to build the EconoMe which will be the world’s first comprehensive social commerce market that includes a wider variety of brands and influencers who have the social leverage to connect with millions of additional digital shoppers.
Meanwhile, users who increasingly look towards the peer and influencer-generated content for purchasing decisions are facing a gap between discovery, click through rates, and completed purchases. This is primarily due to the current inability of social media platforms such as Instagram, Twitter, Pinterest or Snapchat to seamlessly integrate eCommerce into their DNA. This has led to an increase in social commerce platforms that feature a discovery-driven user experience which is similar to Instagram yet allow every item to be purchased.
While these social commerce platforms may address many of the aforementioned problems, they are often not generating satisfactory financial returns for influencers and brands. The platform participants tend to be distanced from the sales conversion, and there is a lack of incentivization for influencers to help build the platform. In effect, these platforms struggle with unit economics where customer acquisition costs exceed customer lifetime value due to low revenues per session.
By leveraging blockchain, the Me Token will provide influencers and aspiring influencers with substantial incentives for their participation in the forthcoming EconoMe. Token rewards will be in place for the creation of quality content and the business while the official Me Tokens will be used for consumption of services. Style.me is our inaugural platform that focuses on the fashion industry. Subsequently, we plan to incorporate other verticals into our broader innovation, EconoMe, which will be the world’s first global and comprehensive social commerce platform.
The Style.me Solution
Founded in 2015, Style.me is a fashion-tech company with the goal of disrupting fashion eCommerce by providing a personalized shopping experience that bridges the gap between inspiration and the current online purchase experience.
The Style.me team is an international collaboration between team members in Taiwan (tech development) and the U.S., with the latter being our initial target market. Style.me has a patented technology that allows consumers to try on clothing via a personalized avatar in a virtual fitting room before making their purchase. Consumers can get an accurate fit recommendation, mix and match clothing, and receive styling inspiration which increases their confidence in making the right purchase. Additionally, Style.me’s technology stack includes tools to identify garment types and styles based on image recognition and advanced machine learning algorithms.
In terms of attracting consumers and brand influencers via high-quality content, Style.me faces the chicken and egg problem: users will not use the platform without a sufficient amount of high-quality content, but content creators will only supply this high-quality content when they can clearly see that users are consuming or interacting with it. This dilemma is also commonly referred to as the “cold start” problem.
To solve this, we use three types of incentives to build up a collection of content and user base: