Cryptocurrencies are nowadays everywhere. They have made an impact on a ton of different fields in our lives, and they will keep on expanding and developing in the future. They are also slowly yet surely being implemented in all aspects, such as health-care, shopping, and means of payment. Besides security and efficiency, cryptocurrencies offer other advantages for both buyers and sellers. The use of them and blockchain itself has also had an impact on the eCommerce industry. If you want to know more and you’re also intrigued by what’s to come keep on reading. Here is all that you should know about the connection between cryptos and eCommerce.
What does the crypto payment work and look like in eCommerce?
ECommerce merchants can accept cryptocurrencies in two ways, such as directly and within a crypto wallet or by a third-party payment. Merchants must verify each transaction manually and if a wallet is not correctly backed up, funds can get lost. A merchant that is in the eCommerce business will choose their preferred local fiat currency and make the transaction. Recently, VISA and PayPal have announced that they will be jumping on board. This just makes this approach and trend recognized and easily accepted globally.
5 Ways Cryptocurrency is changing the eCommerce industry
1. Blockchain use in eCommerce
More and more places and merchants are accepting cryptos as a form of payment. Accepting cryptocurrency as payment is a risky move to make. However, it is important to take a close look at its supply chain. Reducing cost is the key feature of blockchain. That’s why many suppliers use blockchain to avoid paperwork. You are also looking at a market expansion. The ever-growing community of cryptocurrency enthusiasts is also more likely to buy from cryptocurrency-accepting providers than their traditional competitors, and vice versa.
2. Great security support option
Everyone wants to put a huge emphasis on security levels. Did you know that your bank details are easier to get stolen than your e-wallet data? Cryptos are decentralized, yet protected in such a way that no one could ever attack them or do some type of counterfeiting. Anyone can view every single deal ever carried out on the blockchain, no matter where you might be in the world. This gives merchants much greater protection against fraud or theft, putting additional security and safety measures on their goods or transactions. So, any disputes or misunderstandings regarding payment can be instantly resolved, reducing the risk of fraud.
3. Broader market appeal
The more payment options you have and offer as an eCommerce store the wider the appeal and the approach of your potential customers. This rule especially applies across the globe, with some foreign countries. The truth is that certain cards are not accepted across the world and in some stores, but cryptos are always welcomed, especially Bitcoin. Because these operate off peer-to-peer networks, they offer merchants both security and lower operating costs. If you as a store want to captivate your buyers and provide them with options and variety, this is the right way to do it.
4. Cost of it all and fees
Traditional payment methods such as banking and credit cards usually involve high transaction fees and commissions. If you are a start-up business you might find all of this to be overwhelming and draining on your business. No one wants to pay for unnecessary costs or transaction fees, especially huge bank fees. With cryptos, you are in control when it comes to your assets and the amount that you as a merchant are willing to pay. Don’t forget that crypto is processed and within your wallet instantly. There are no hold-ups of any kind, and the process itself is easy, fast, and reliable.
5. Loyalty programs for users
Have you used some of the loyalty programs before? These are popular with almost every store that you can imagine. They can be a great way for users to collect points and save money while being engaged in the shop itself. Cryptos are used in the blockchain system, meaning that you can easily store your credit. Loyalty tokens cannot be lost or stolen and every user will easily get what he or she has in her wallet when redeeming awards. On the other hand, coins or tokens can be used to track the manufacturing of the products or garments they stock in their online stores. This will also speed up the process and give you a proper outlook into a supply chain as a store owner.
Cryptos & eCommerce, are they a big duo?
Cryptocurrency is only set to become more attractive within this digital and fast-paced moving society. Online shopping is the only way to do it for those who have busy schedules or double shifts. Let’s not forget the cost of gas when it comes to moving from point A to point B just to get your essentials. Furthermore, the COVID-19 pandemic has bought more shoppers online than ever before. People simply do not want to leave their homes and are adjusting to new means of payment. One survey has shown that over 55% of US-based consumers believe that big major brands should begin accepting cryptocurrency as a form of payment. If you as a brand owner are not doing this yet yourself you are missing on the huge potential list of clients.
Where to get help and answers to your questions and updates on cryptos?
If you want to keep yourself up to date and informed about cryptos and their prices, while reading in-depth articles about new findings, crashes or sanctions click here! Find out all there’s to Ethereum, BTC, ALT1, and other popular cryptos! You will be informed about all crypto regulations on a daily. With over 500,000 Dutch-speaking crypto investors CryptoBenelux is the largest crypto community in the Netherlands and Belgium! Want to know more? If so give them a go and see why they are good, helpful, and trustworthy.