Cryptocurrency is the hottest cake in the market right now and bringing it into E-commerce shall take the booming industry to much greater heights. With its global recognition, the virtual currency shall indeed push e-commerce forward even to the third world countries thereby giving it a wider reach. Clearly, cryptocurrency is here to stay and so is e-commerce in integration with it.
The E-commerce industry has seen tremendous growth over the years and will continue growing in the days to come. The market value of retail e-commerce which was 2.3 trillion USD in 2017 is expected to reach 4.88 trillion USD in 2021. This is a sign of more and more customers falling in love with e-shopping chiefly because of the ease of access to products of their choice.
Cryptocurrency in E-commerce
Though e-commerce is attracting customers across nations, it is not to be denied that the industry faces immense challenges on account of the fragile infrastructure of the traditional financial system. The customers use their credit/ debit cards to make payments for their purchases online. The banks act as intermediaries to facilitate the digital transaction of cash across networks. The question is, how safe is a transaction in the presence of middlemen? What if you are to bear hidden charges for every such transaction you make? What if someone steals your card data to make use of the funds in your bank account without your knowledge? Now, you need a superfluous solution that shall guarantee complete and security and transparency over monetary transactions. This is precisely where cryptocurrency jumps in to rescue you right on time just like a superhero does.
It all started with the arrival of Bitcoin a decade ago. However, we now have thousands of cryptocurrencies serving numerous business needs worldwide. With the virtual currency gradually entering the mainstream economy, the e-commerce sector has a massive share of benefits to reap. The increased use of cryptocurrency in the e-commerce space paves way for the creation of a robust decentralized online marketplace at large.
The Cryptocurrency perks for E-commerce
The crypto transactions are carried out at such an impossible speed that the traditional methods of transaction cannot come anywhere near it. The number of crypto transactions per second is at rise with the increase in the speed of your network connectivity. Now, which e-commerce customer will not be curious to give a shot at it for an online purchase he or she makes?
A credit card payment takes around 3% of the shopping expense to process the same. On the contrary, the customers need not pay additional charges towards transaction processing when they shop online using a cryptocurrency payment gateway. Yes, cryptocurrency makes it all happen by way of promoting direct transaction of cash between the participants and eliminating the presence of intermediates thereby.
As the virtual currency works on a peer-to-peer base, the buyer and the merchant come in direct contact with each other. The push transactions of cryptocurrency make sure no storage of information happens anywhere along the line. With the loopholes sealed, there is no room for data breach when the customers pay for their purchases via digital means.
The e-commerce platforms provide special rewards to customers who opt for crypto payments. The reward shall usually be in the form of points or tokens that they can make use of on their next e-shopping venture. This ensures that the customers come back again and again to buy products online as they never run short of exclusive rewards. The coming back of customers means more cash flow into the e-commerce industry which in turn increases its overall market value in the long run.
Brand status boost
The recognition that comes with crypto purchases obviously brings more happy customers to the corresponding e-commerce space. Such happy customers shall recommend the same other crypto users they are in touch with. This brings in more customers and the more the customers, the more the business. Such a healthy expansion of business eventually fetches an exclusive brand status leading to even more business.
E-commerce is now a trillion dollar industry with numerous customers pouring in every passing day. With the increasing frenzy for virtual currency across the globe, the possibility of using cryptocurrency for e-shopping shall earn everlasting name and fame for the e-commerce industry. The industry has every chance to set new paradigms and stand its ground in the global marketplace with cryptocurrency to have its back.