Online shopping is big business. More and more people are turning to the internet for their purchases — from personal items to homewares and even groceries, the need to visit a brick-and-mortar establishment is met with the convenience of doing it all at home.
The current world situation with the Covid-19 pandemic makes this suitability a necessity. We don’t buy from home just for availability or for sheer convenience, but also for caution. We’re witnessing a global boost of ecommerce that has no turning back.
For most people, it’s an easy option. We have credit or debit cards and bank accounts to finance our online shopping habits — and mostly paid for with fiat currency.
So you may be thinking ‘Why would expanding my eCommerce business to accept cryptocurrency benefit me?’ After all, your current customers are paying through conventional means. You’re waiting for your money to be processed through regular bank transactions, waiting longer if the payment is international, paying the additional fees for credit card transactions…not convenient for you or your customer.
What makes Crypto so good for eCommerce?
Cryptocurrency’s decentralized nature removes the need for intermediaries during the purchase process. No more waiting for funds to be transferred via banks across international borders — your customer pays, and within minutes, you have your money securely in your wallet.
There’s also an untapped market who could utilize cryptocurrency for their online purchases — those who don’t have the ability to open a bank account.
Cryptocurrency is anonymous — no identifying information is needed to open a wallet or even to purchase currency. People who don’t have the means or accessibility to open a bank account could potentially be introduced to the world of eCommerce via crypto. This could be particularly beneficial for those in developing nations, who get crypto remittances from their families in developed countries and would benefit from having access to online commerce.
In working to become the standard for commerce, cryptocurrency essentially wants to replace centralized currency transfers. What does this mean for you?
- Shorter wait times to get your money via customer transactions
- Better autonomy for you and privacy for your customers
- Low transaction fees and no middleman fees
- Cross-border transactions without exchange rates
- Protection against fraudulent charges
Broader Crypto use = A bigger customer market for you
As cryptocurrency becomes more widely accepted as a conventional method of payment, the customer base utilising cryptocurrency will grow. Markets with low eCommerce usage are likely to see an increase as cryptocurrency use rises. Current eCommerce markets with high usage are experiencing greater numbers of cryptocurrency transactions.
While the majority of people don’t use cryptocurrency every day, the rising acceptance of different coins (like Bitcoin and Commercium) are making its utilisation more accessible. By accepting cryptocurrency in your eCommerce store, you’re helping to encourage the growth of eCommerce and pushing its expansion into previously untapped markets.