According to the 2017 “Global Cryptocurrency Benchmarking Study”, which collected data from 150 cryptocurrency companies and individuals in 38 countries, “the current number of unique active users of crypocurrency wallets is estimated to be between 2.9 million and 5.8 million”. That everyone is talking about cryptocurrency is obvious. The next big step is getting everyone to use it: the e-commerce industry is ready and waiting.
1. There’s safety in numbers
Taking into account the fact that online shopping, more specifically online payments, are still viewed by many as unsafe and not to be trusted, one of the most important characteristics of digital currency is definitely its safety features. Because cryptocurrencies are encrypted, digital currency can’t be faked or hacked and all transactions are anonymous, which ensures 100% protection for both buyers and sellers. Using digital currency means reducing the most common risk factors associated to online shopping, such as frauds, scams, chargebacks and stolen credit card information. With the level of security that cryptocurrency brings with it, we can only expect a very healthy and prosperous boost within the e-commerce industry at a global scale.
2. Merchants have more to offer
With the rise of cryptocurrency, merchants now have a variety of payment options to offer their customers and who wouldn’t want that when it comes to a great online shopping experience? By hopping on the digital currency shopping cart, merchants not only gain important leverage within their industry and next to their competitors, but obviously a gold star with users: the more payment options you have to offer, the more potential customers you can reach, convert and satisfy… especially those that have already been cruising the digital currency shopping cart for awhile now.
3. Demand goes up
A greater supply means greater demand, which ultimately means more buying and selling between customers and merchants on online platforms. But there’s more. By accepting a new type of currency for e-commerce transactions, the demand for said currency will automatically increase – and that’s a win-win situation for the entire ecommerce ecosystem. And we all know that happy customers have no problem shouting their satisfaction from the rooftops, or from social media to be more precise, which means the digital currency ball will just keep rolling.
4. Transparent, trustworthy relationships
Using digital currency means traditional financial institutions and banks are out of the picture when it comes to processing digital transactions: no more waiting for information and payment validations, no more extremely high credit card fees or exchange rates, no more retained money, no more crazy paperwork and bureaucratic obstacles if a problem arises. In addition, with the use of cryptocurrency, merchants benefit from lower seller fees, while buyers benefit from reduced exchange fees.
Overall, cryptocurrency brings faster, cheaper and more reliable transactions to the ecommerce table, while creating transparent and trustworthy commercial relationships between buyers and sellers, who can easily resolve minor glitches amongst themselves. Something which seemed virtually impossible when it came to online shopping, is now at your fingertips.
5. New business leaders
The world changed because of the Internet and the Internet will change because of digital currency. Cryptocurrencies are not only disrupting the traditional and increasingly obsolete and problem riddled e-commerce payment systems, but they’re bringing with them new and improved technology that will benefit buyers and sellers equally. The e-commerce businesses who quickly adopt cryptocurrencies as an additional form of payment will definitely be one step ahead of their competitors, consequently benefitting from word-of-mouth coming from avid cryptocurrency holders and users, while being able to positively influence those who are still undecided, to give digital currency a run for its money. Ultimately, these new business visionaries will be building brand awareness and a standout position as an industry leader.