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Grid Dynamics and Tacit Knowledge Partner with selfolgi to Revolutionize the Aesthetic Medicine and Healthtech Industry With Composable Commerce
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Grid Dynamics (NASDAQ:GDYN) has partnered with healthtech startup selfologi to launch a groundbreaking online platform for cosmetic consumers. This platform offers access to trusted information about aesthetic procedures and allows users to book treatments. With over $2.2 billion in annual cosmetic treatment demand in the Middle East and over a million related Google searches each month, this initiative aims to modernize the predominantly offline booking system. The platform is built on a Composable Commerce architecture, enhancing flexibility and speed to market.
Positive
Partnership with selfologi targets the growing cosmetic treatment market in the Middle East, valued at over $2.2 billion annually.
The innovative platform leverages Composable Commerce, enhancing flexibility and reducing IT dependencies.
The project positions Grid Dynamics to capture market share in a lucrative and rapidly expanding industry.
Negative
None.
What is the news:Tacit Knowledge, a Grid DynamicsHoldings, Inc.(NASDAQ:GDYN) company has partnered with healthtech startup, selfologi, to launch a first of its kind, all-in-one online platform where cosmetic consumers can access trusted information about procedures, explore their local markets and book themselves professional aesthetic treatments. This innovative business leverages a Composable Commerce IT architecture to meet the unique needs of their customers and fast moving business.
Why it matters: Composable Commerce is a development approach of selecting best-of-breed commerce components and composing them into a custom application built for specific business needs. It gives forward-thinking brands like selfologi a competitive advantage by providing flexibility to deploy rich experiences, the ability to react quickly to market needs, accelerated time to market, all while reducing dependencies on IT. This represents a big shift from traditional platform approaches to commerce, which offer a one-size-fits all system.
Who’s it for: Global brands and innovative start-ups looking for competitive advantage and willing to challenge the status quo for major ecommerce development.
SAN RAMON, Calif.--(BUSINESS WIRE)--
Tacit Knowledge, a Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”) company, has partnered with healthtech startup, selfologi, to launch a first of its kind, all-in-one online platform where cosmetic consumers can access trusted information about procedures, explore their local markets and book themselves professional treatments.
According to Google search data, more than one million searches are made each month on aesthetic medicine treatments in the Middle East. Meanwhile, selfologi estimates that over $2.2 billion USD worth of cosmetic treatments are taking place across the region annually.
“Currently, almost all cosmetic treatments are booked offline, with consumers not having access to updated, regionally-relevant information that can aid their decision-making. When it comes to something as personal as cosmetic treatments and procedures, selfologi was born with the vision of offering an unparalleled platform that informs, educates, and helps consumers make the right choice for themselves, and realise their full potential,” said Tamer Wali, Founder of selfologi.
Rob Pye, CEO of selfologi added: “At selfologi, we aim to revolutionise the cosmetic and healthtech industry by providing a consumer-centric destination for cosmetic treatments and procedures. With support from the region’s leading experts in aesthetic technologies, alongside some of the best digital brains in the business, selfologi is set to be a game-changer and a pioneer in the multi-billion-dollar cosmetic treatments industry.”
This innovative selfologi business is built on an equally innovative Composable Commerce architecture, providing selfolgi the flexibility to deploy best-in-breed technology and bespoke customer experiences crafted to meet the unique needs of their business. Tacit Knowledge and selfologi worked with partners commercetools, Amplience, Algolia to deploy the ecommerce platform, which plans to be fully transactional in the coming months.
“The composable approach has moved discussions with the business from ‘platform A only allows this feature in this particular way’ to ‘this is how and when we can deliver this feature’. In selfologi's case, this approach allowed them to go to market early with a content rich non-transactional website while the teams continue working to add commerce capabilities as quickly as possible. New features will be available online as soon as they are ready. This is a business-changing, strategic advantage in today's fast changing market,” said Maneesh Kumar, Director of Technical Consulting and Delivery at Tacit Knowledge.
On Wednesday October 20, 2021, Grid Dynamics and Tacit Knowledge are hosting a Webinar: Winning with Composable Commerce: Success Story.Rob Pye, CEO of selfologi, will share some insights and lessons learned from his Composable Commerce journey and joining Rob will be industry experts - Michael Scholz, Global Director, Head of Product Marketing at commercetools and Maneesh Kumar, Director of Technical Consulting and Delivery at Tacit Knowledge. Register to save your spot for this informative webinar.
About Grid Dynamics
Grid Dynamics (Nasdaq: GDYN) is a digital-native technology services provider that accelerates growth and bolsters competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in omnichannel customer experience, big data analytics, search, artificial intelligence, cloud migration, and application modernization. Grid Dynamics achieves high speed-to-market, quality, and efficiency by using technology accelerators, an agile delivery culture, and its pool of global engineering talent. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the US, UK, Netherlands, Mexico, and Central and Eastern Europe.
Tacit Knowledge is a global consultancy focused on digital commerce. Tacit Knowledge has worked at the nexus of commerce and content since 2002, applying Silicon Valley innovation and know-how to global retailers and brands. For more information visit www.tacitknowledge.com.
About selfolgi
Based in Dubai, UAE, selfologi is the destination that empowers consumers to discover, learn about, and book cosmetic treatments. The healthtech innovators aim to offer consumers an unparalleled platform that informs, educates, and helps them realise their full potential. selfologi comprises a global team of experts with digital knowledge and a deep understanding of the cosmetic treatments industry.
Forward Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results of Grid Dynamics to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, quotations and statements regarding the relationship with selfologi and product qualities and capabilities.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Grid Dynamics’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, any factors creating issues with the qualities and capabilities of products and other risks and uncertainties indicated in Grid Dynamics filings with the SEC.
Grid Dynamics cautions that the foregoing list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Grid Dynamics does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Further information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth under the “Risk Factors” section of the Company’s quarterly report on Form 10-Q filed August 5, 2021 and in other periodic filings Grid Dynamics makes with the SEC.
What is the partnership between Grid Dynamics and selfologi about?
Grid Dynamics has partnered with selfologi to launch an all-in-one online platform for cosmetic consumers, providing access to trusted information and booking services for aesthetic procedures.
How does the Composable Commerce model benefit selfologi?
The Composable Commerce model allows selfologi to create a customized application tailored to their business needs, offering flexibility and rapid deployment of features.
What is the market potential for cosmetic treatments in the Middle East according to the press release?
The press release indicates that over $2.2 billion worth of cosmetic treatments occur annually in the Middle East, with more than one million related Google searches each month.
When is the webinar hosted by Grid Dynamics and Tacit Knowledge?
The webinar titled 'Winning with Composable Commerce: Success Story' is scheduled for October 20, 2021.
What are the expected features of the selfologi platform?
The selfologi platform will provide trusted information about procedures, market exploration, and self-booking for cosmetic treatments, aiming for full transactional capabilities soon.
