Cryptocurrency, which was names on the feature of use of encryption to confirm transactions, now stands much more appropriately to its name because of the cryptic function and performance in commerce rights. With the industry blooming and reaching new uncharted heights every day, we have new investors and users gushing in to the market increasing its size. Though it will take a good amount of time before every typical shopper has enough working understanding of this digital forum, it is very evident that cryptocurrency has now started to make its way into the mainstream market and soon enough, it will become the new normal. In order to retain an e-commerce business in such a forum, it is high time businessmen think about adding the use of cryptocurrency as an accepted form of currency during payments. Today, we discuss 4 such reasons that e-commerce business should make cryptocurrency as their new venture along with the existing forms of currency.
Client adoption is on the rise-
Despite the residual confusion about what crypto stands for, many people have already adopted the digital currency. According to a report by Consumer Crypto Survey of more than 2,000 U.S. shoppers, it was found that 48% of the shoppers were reported investing cash in cryptocurrency in the course of only the first half of 2021. A 2021 Visa examine made a discovery that as much as 21 percent users are active owners of crypto, which means that they have used cryptocurrency to ship or obtain cash, purchase items etc. A smaller group of 11% reported having invested in crypto but not used the currency for any transactions.
Other sellers have already jumped the gun-
Many big platforms like Shopify, Overstock.com, WooCommerce, BigCommerce, Magento, PayPal etc., have already started including crypto as an accepted mode of payment. Venmo, owned by PayPal, permits more than 76 million people to entry cryptocurrency from within the app. You know its time to amp up the game when leaders in the field make a similar change. So, hurry and jump the wagon so that you don’t get late to the celebration!
It is fast- When it comes to e- commerce platforms,
quicker processing of funds is given utmost priority. And when cryptocurrency, where transactions are processed almost instantly, as opposed to bank card programs which take number of days, you can confidently say that including crypto in your business gives you an efficiency which the physical form of transaction lacks.
It opens up the businessman’s Cryptocurrency market-
A study by Forrester in 2020 made the discovery that accepting Crypto attracts new prospects and also boosts a common order’s worth, with purchase of quantities twice in amount as compared to that done by bank card purchases. Cryptocurrency Payments Report in 2021 also discovered that 31 percent of cryptocurrency house owners make purchases within the range of $100- $1000, with 19 percent going above $1000. This means that adding crypto to your business not only keeps you up to date, but also expands your business.
With these multiple advantages, are you ready to step up your game?