The New Year represents a fresh start and giving hope to everyone on accomplishing their goals. Thus started the tradition of making a New year resolution.
Majority of the population always choose to make a resolution of building a better version of them, mentally and physically. With new technologies and innovation, the Android and iOS platforms have provided a plethora of apps and wearable devices to the tech-savvy generation catering to their health and fitness.
Ease of use and accessibility to the correct information has resulted in the rise in popularity of these apps and devices. The digital market has seen a massive spurt in the number of players, offering unique products and has unlocked a huge market with the tremendous potential to expand their reach.
In the past year, it was estimated that the number of mobile health application providers had increased exponentially and downloads of the same from app stores have totaled to more than 3 billion. Most phone companies have capitalized on this aspect and are providing inbuilt health/fitness related apps which have data gathering capacities. This data is very valuable as it has the power to predicate our needs and solutions. Individuals and the Sports/Fitness industry are equal shareholders to this information. For lack of means, user-generated data cannot be consolidated and reviewed, and the industry cannot cater to individual needs as they are missing data.
This is where Ecosystem provides a solution. It is driven by the user-generated and user-controlled health & fitness data. It allows users to own the data which they generate. Lympo is a data aggregator from health and well-being apps but does not share user’s data and enables users to monetize on them.
How exactly does Lympo work?
There are three main components to this ecosystem.
- Lympo Digital fitness wallet and user reward mechanism
- Lympo Marketplace
- Lympo Crowd funding and Investment Platform
More information on the working of these is discussed below.
Lympo Digital fitness wallet and user reward mechanism
This is the building block of Lympo ecosystem. It allows users entry to the ecosystem, to create a profile, fill in all related details and allowing access to data tracking health/fitness app of their choice. The data submitted can be viewed/shared by permission only from users. On submitting app records to the created lympo profile, a reward will be awarded in the form of tokens to users. This token can be utilized to avail online or offline sessions with trainers/ specialists who are on the existing Lympo platform. As more partners join, the number of services offered will also increase, leading to better lifestyle and wellbeing.
The next step is to enable users to monetize the tokens gained by making in-app purchases for sessions or consultations with the health & fitness community. All individuals owning tokens will be eligible for discounts on products offered by their partners. Businesses can make use of tokens to list their products and services.
Lympo Crowdfunding and Investment Platform
This gives wings to those who come up with disruptive ideas on furthering the goal of good health and wellbeing for all. It provides options for users to invest in forthcoming health and fitness startups by using their tokens. This platform also gives big companies possibilities on buying data to analyze and make products catering to the same.
In short, Lympo aims to make health and well-being better for all by offering users control and avenues to monetize by using aggregator business model.