KMJ Tech, a blockchain-based video commerce company will launch the Beauty Play Platform this 2020. The platform will be the first to enable viewers to buy products immediately while watching videos. Beauty Play enhances users’ buying experiences by showing video simulations and demonstrations instead of images. With videos, users are able to examine products more closely and have more confidence in their purchase.
Along with the platform comes BPC, a blockchain-integrated payment method that users can utilize in the Beauty Play Platform. With BPC, users can enjoy a multitude of benefits including superior security, faster transactions, and fewer intermediaries. This allows users to purchase goods at lower costs compared to traditional payment methods.
Charitech Sdn Bhd, a video solution and information security company headquartered in Malaysia will collaborate with Korea’s KMJ Tech to develop the Beauty Play Platform. Out of the many K-Wave contents like K-Pop, K-Idols, and K-Drama, the platform will focus on K-Beauty.
KMJ Tech is developing the Beauty Play Platform to suit the needs of the Asian beauty market which has an estimated 173 billion USD market worth. It is arguably the fastest-growing market in the world which makes it the most suitable target market for video commerce. The Asian cosmetic market has a 6.7% annual growth rate, the fastest compared to other regions. It also has the highest cosmetic market share in 2017 which was around 32%, and it is predicted to increase to 34% by 2022.
The platform will utilize influencer marketing strategies to increase the number of users. This marketing strategy has been proven to be the biggest trend in e-commerce as influencers are capable of selling a 100,000 USD worth of products in a span of 5 minutes. Popular Asian beauty models and influencers are expected to participate in promoting products within the Beauty Play Platform. In the future, KMJ Tech is planning to expand its market by creating partnerships with the biggest Chinese e-commerce platforms.
Back in 2016, Mark Zuckerberg drew attention to Facebook’s company-wide initiative to become “video first”. In an old interview, he said, “I want to start by talking about our work around putting video first across our apps.” He predicted that five years after his statement, video will be the top medium where people consume content. Fast forward a few years, YouTube now reigns as the top video platform on the web, while Facebook and Instagram are also launching video-focused services such as IGTV.
According to online statistics as of May 2019, more than 500 hours of video were uploaded to YouTube every minute. This translates to 30,000 hours worth of freshly uploaded content per hour. The number of uploads on YouTube drastically increased due to the growing demand for video content.
Despite YouTubers’ best efforts to generate revenue in the platform, there have been limited opportunities and monetization issues. The platform’s connection to the commercial market is not as seamless as users require. This is where the Beauty Play Platform excels. The platform’s structure allows users to “buy as they watch”, the first in video history.