The correct spelling of the word "lollis" is actually "lollies." In IPA phonetic transcription, it would be written as /ˈlɒliz/. The spelling of "lollies" is derived from the word "lolly," which is a British term for a type of candy, similar to a lollipop or a boiled sweet. The "ies" at the end indicates the plural form of the word, as opposed to the singular "lolly." It is important to use the correct spelling to avoid confusion or miscommunication.