Edonys, the new brand of VIREO, offers customised solutions to contribute to a more equitable society. Two of its solutions, known as TaxWorld and Payworld, support tax simplification and compensation packages optimisation respectively. Another solution known as TechWorld optimises digital product development. .
It has now launched a new product known as Joybiiz, as part of its JoyWorld offering, with co-funding from the Ministry of the Economy and support from Luxinnovation.
Basically, it increases employees’ purchasing power, reduces companies’ wage costs, and boosts merchants’ profits.
“Our name is derived from the word hedonism, which means to enjoy the moments and take advantage of all the everyday benefits that life offers to be more efficient,” explains Olivier Rozet, Partner & Chief Experience Officer at Edonys.
The latest product released by the group consolidates and automates different kinds of employee and customer benefits, including meal vouchers, gift vouchers, in-store and online discounts, and loyalty rewards, to ensure that merchants, employees, and employers maximize the potential of these benefits for various purposes. “Basically, it increases employees’ purchasing power, reduces companies’ wage costs, and boosts merchants’ profits,” he states.
Up to €3,000 in cashbacks
Discounts, loyalty rewards and vouchers automation – how does it all work? Users create an account and connect their means of payment (like a bank card, Apple Pay or a Paypal account) to the app. Each time a loyalty reward is activated, or an eligible purchase is made, the app detects the payment, and the corresponding discount is refunded. To facilitate access to purchase information in a secure manner, Edonys has a partnership with open banking API platform LUXHUB.
We want to be able to promote all the economy of Luxembourg.
“Imagine you go somewhere to buy something on which you can have a discount. You don’t need to be aware of it, but if you are eligible for a 10% discount, we give you a refund of 10% instantly,” he points out. “Most employees with these opportunities often do not leverage them. We calculated that each year, we might be able to offer around €3,000 in cashback per person if they actually benefit from all the discounts they should get,” he adds.
He also highlights the benefits of discounts to increase the visibility and attractiveness of merchants. The company envisages to start giving back discounts to users by the end of 2024.
Extended reach
With meal and gift vouchers, a similar principle applies. The app makes it possible for users to pay using “joy meal” and “joy gift” vouchers. According to the Chief Experience Officer, the added value of its vouchers would be its extended reach (all eligible restaurants and merchants in the market) for users and the possibility for merchants to receive these vouchers at zero cost. “Merchants don’t pay fees when they receive our meal vouchers, and more employees can spend their vouchers with new vendors like local farmers, for example. We want to be able to promote all the economy of Luxembourg,” he says.
We calculated that each year, we might be able to offer around €3,000 in cashback per person if they actually benefit from all the discounts they should get.
The company is in talks with several entities to achieve this goal. “We are already signing contracts with employers and other partners. We are also discussing with associations and federation groups that regroup many merchants,” he mentions.
Co-funding from the Ministry of the Economy
To help build its new product, Edonys benefited from co-funding provided by the Ministry of the Economy. Luxinnovation provided invaluable guidance and support throughout the process, from its proposal evaluation to the document preparation for the national funding application.
“It took several months to build the project. You can’t just go to the market thinking you know everything because what you created may not even meet the needs of your potential clients. Luxinnovation in its role provided not only administrative support but also gave instrumental advice on what should be or should have been done,” he says. “We also discussed with Luxinnovation to estimate if this is something that is really innovative for Luxembourg,” he continues.
Luxinnovation in its role provided not only administrative support but also gave instrumental advice.
The company intends to use its platform to create new opportunities for merchants. “We are also discussing to have the support of Luxinnovation for our clients to benefit from small grants, so they too can explore digitalisation projects,” he underlines.
“All companies can confidently depend on our unwavering support to propel their innovation endeavours to new heights,” states Elisabeth Frisch, Advisor – National Funding at Luxinnovation.
Future prospects
As the project gains traction, Edonys remains focused on expanding its market reach and offerings. It also has the ambition to expand to international markets in the future.
All companies can confidently depend on our unwavering support to propel their innovation endeavours to new heights.
“One of our ambitions is also to go abroad, so it will be an opportunity for merchants in Luxembourg. What we are doing is unique in Europe; many times startups say we are the only ones, but this time, the way we do it, we really are,” he concludes.