Cryptocurrencies are nowadays everywhere. They have had an impact on a lot of different fields in our lives, and will continue to expand and develop in the future. They are also slowly but surely being implemented in all aspects, such as health care, shopping and payment methods. In addition to security and efficiency, cryptocurrencies offer other advantages for both buyers and sellers. The use of them and the blockchain itself has also had an impact on the e-commerce industry. If you want to know more and are also intrigued by what is to come, read on. Here is everything you need to know about the connection between cryptocurrencies and e-commerce.
How does crypto payment work and look like in e-commerce?
E-commerce merchants can accept cryptocurrency in two ways, either directly and within a crypto wallet or through a third party payment. Merchants must verify each transaction manually and if a wallet is not properly backed up, funds can be lost. A merchant who is in the e-commerce business will choose their preferred location fiat currency and make the transaction. Recently, VISA and PayPal have announced that they will join. This makes this approach and trend recognized and easily accepted globally.
5 ways cryptocurrency is changing the eCommerce industry
1. Use of blockchain in electronic commerce
More and more places and merchants accept cryptocurrencies as a form of payment. Accepting cryptocurrencies as payment is a risky move. However, it is important to take a a close look at your supply chain. Cost reduction is the key feature of blockchain. This is why many providers use blockchain to avoid paperwork. It is also looking for a market expansion. The growing community of cryptocurrency enthusiasts is also more likely to buy from providers that accept cryptocurrencies 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 steal than your e-wallet details? Cryptocurrencies are decentralized, but they are protected in such a way that no one could attack them or do any kind of counterfeiting. Anyone can see every deal that has ever taken place on the blockchain, no matter where they are in the world. This gives merchants much greater protection against fraud or theft, putting additional security and safety measures on their goods or transactions. Therefore, any dispute or misunderstanding related to payment can be resolved instantly, reducing the risk of fraud.
3. Wider market attraction
The more payment options you have and offer as an eCommerce store, the more attractive and focused your potential customers will be. This rule applies especially worldwide, with some foreign countries. The truth is that certain letters are not accepted worldwide and in some stores, but cryptocurrencies are always welcome, especially Bitcoin. Because these operate on peer-to-peer networks, they offer merchants security and lower operating costs. If you as a store want to captivate your shoppers and provide them with options and variety, this is the right way to do it.
4. Cost of everything and fees
Traditional payment methods, such as banking and credit cards, usually involve high transaction fees and commissions. If you are a new business, you may find all of this overwhelming and exhausting for your business. No one wants to pay unnecessary costs or transaction fees, especially huge bank fees. With crypto, you are in control when it comes to your assets and how much you as a trader are willing to pay. Don't forget that the crypto is processed and is inside your wallet instantly. There are no delays of any kind and the process itself is easy, fast and reliable.
5. User loyalty programs
Have you used any of the loyalty programs before? These are popular in almost every store you can imagine. They can be a great way for users to accumulate points and save money while participating in the store. Cryptocurrencies are used on the blockchain system, which means you can easily store your credit. loyalty tokens it cannot be lost or stolen and each user will easily get what they have in their wallet by redeeming rewards. On the other hand, the coins or tokens can be used to track the manufacturing of the products or garments that they stock in their online stores. This will also speed up the process and give you a proper supply chain perspective as a store owner.
Cryptos & eCommerce, are they a great duo?
Cryptocurrencies will only become more attractive in this fast-moving and digital society. Online shopping is the only way to go for those with 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 the essentials. Additionally, the COVID-19 pandemic has seen more shoppers shop online than ever before. People just don't want to leave their houses and are adapting to new means of payment. A survey has shown that more than 55% of US consumers believe that big brands should start accepting cryptocurrencies as a form of payment. If you, as a brand owner, are not already doing this, you are missing out on the huge list of potential customers.
Where to get help and answers to your crypto questions and updates?
If you want to stay up-to-date and informed about cryptocurrencies and their prices, while reading in-depth articles about new finds, bans or sanctions Click here! Find out everything about Ethereum, BTC, ALT1 and other popular cryptocurrencies! You will be informed about all crypto regulations on a daily basis. With more than 500,000 Dutch-speaking crypto investors, CryptoBenelux is the largest crypto community in the Netherlands and Belgium! You want to know more? If so, give them a try and see why they are good, useful, and reliable.
