The global market for parenting is worth US$889 billion, while education services are valued at a staggering $5 trillion. In one of the biggest parenting markets of the world, China, we see huge potential: 20 million babies are born each year and the nation is home to 234 million children aged 0-14. Moreover, 41% of Chinese families are planning on having a second child. In the world’s most populous nation, the value of the market for non-kindergarten education services will reach a predicted US$15.3 billion by 2020.
Globally, parents face a series of problems when it comes to buying safe products for their children or choosing the right parenting and education services at reasonable prices.
The first issue is price. Up to 60% of the price of a children’s product is attributable to marketing and promotion costs. Brands want to charge a premium, distributors add their commission, and e-commerce sites and retailers want to recoup promotion costs.
They all trade on the fact that parents are prepared to pay more for safe products if they can afford them. 45% of Chinese moms and dads state cost as the deciding factor for not having a second child.
The second is trust. China frequently makes the news for producing fake and dangerous products, ranging from milk powder to toxic paint on toys. This is exacerbated by fake reviews and comments, which prevents parents from reliably assessing product safety and quality or the quality of parenting services like education. In fact, parents have become so skeptical that 68% reported that they refuse to buy children’s products online. Honest and high-quality manufacturers and service providers are punished because the default position of parents is distrust.
We don’t think this is fair or appropriate. So we have used our knowledge of the Chinese market, our experience in the parenting sector, our connections with major manufacturers of baby products, and our established subscriber base of 1.5 million users to create FamilyPoints - a platform that brings parents, experts, manufacturers, and service providers together.
FamilyPoints is a scalable platform which uses blockchain ledgers as the foundation to support the three pillars of our Company’s principles: economic value, integrity, and education. Using transparent ledgers which can be seen by anyone and which cannot be tampered with, we provide parents with a system that guarantees peace of mind. Not only are parents able to earn up to 40% rewards from purchases of Baby and Maternity products within the FamilyPoints ecosystem, but they can spend it on a variety of services through the platform, especially on child education services. With a fully transparent ecosystem, parents can also trust that the reviews they see for products and service providers are completely honest.