Just recently, Embryo released a report stating that 50.6% of customers claim that crypto is the future of e-commerce. The research went ahead to reveal that about 39% of those aged between 26 and 35 were planning to increase the amount of crypto they spend. Could such statistics be pointing to a new future in e-commerce? If you have such questions, you don’t have to worry. In this article, we will highlight a few crypto trends in the online business world and other facts to get you ahead.
But before we proceed any further, any serious investor will agree that paying attention to such trends is very important. Especially now that the crypto industry is highly volatile, the need to be updated can never be overstated. For instance, if more people invest in Bitcoin, it could have a significant effect on the prices.
But what about if you are not informed of what is happening? You may miss out on critical information that could help your investment decisions. Therefore, getting acquainted with the following trends can be a great way to stand out.
Why is crypto calling?
Our contemporary world has become fast-paced, with many customers expecting near-instant experiences. In fact, according to Parcel Industry, about 97% of customers rank faster delivery as a critical aspect of their purchase journey. This statistic is proof enough that immediacy has become a crucial part of modern businesses.
And you do not want to offer services that do not align with customer needs. Therefore, one of the reasons why the e-commerce sector is opening up to digital currencies is the fast and cheap transactions they offer. Who would want their payments to take ages to process just because we didn’t have sufficient infrastructure to facilitate instant access? With crypto, users can now receive funds in seconds or minutes.
This could explain why more businesses are turning to crypto to stay relevant. Plus, imagine a scenario where you do not have to provide your personal information to make payments. Given that threat actors are always seeking the next person to devour, such possibilities can really help to stay safe.
In fact, the Association for Financial Professionals noted that about 80% of companies were affected by payment fraud attacks and attempts in 2023 alone. And one of the contributing factors was the vulnerability of personal information. Cryptocurrencies could minimize such instances as they eliminate the need to fill in personal information before someone can access them.
Crypto in digital marketing
One of the e-commerce sectors opening up to digital currencies is digital marketing. Assuming you did a similar search with your friend on Google, did you know that your search results could vary depending on various factors like location and device? This makes it quite difficult for advertisers to track keyword ranking accurately. But with blockchain, you can store individual page rankings with location and device data, which could help drive more informed decisions.
A popular challenge marketers usually encounter is the centralization of customer data. You’ll have to gather and consolidate data from various sources which may lead to imperfect campaigns. The good thing with blockchain is that transactions are decentralized, so you can directly source information from the consumer. Brave is a good case example. It uses a privacy-focused model where use anonymous data to target ads without ever learning users’ identities.
More applications
On top of privacy-focused advertising, blockchain can offer a good platform for tackling ad fraud. Actually, according to a white paper by Verasity, an anti-fraud company, ad fraud contributed to a loss of $84 billion, which was projected to hit $170 by 2028. The company, therefore, uses decentralized technology to assess first third-party data and determine the likelihood of a user seeing an ad. That way, marketers can only pay for valid views.
Plus, blockchain addresses can be attached to apps and browsers to create an immutable digital record, reducing the chances of fraud. For Gen Zers and millennials who fancy fair trade and environmental responsibility, blockchain has you covered. Let’s say you want to purchase ethically sourced coffee. You can check the blockchain, determine how your preferred beans grow, track the entire supply cycle, determine which facility is used to ground the beans, and so on.
What better way to tailor programs for long-time customers, especially because transactions on the chain are visible? Experts assert that blockchain can allow you to reward customers who opt-in to receive tailored experiences. Adding badges like unique rewards that show customer loyalty can be a great way of differentiating a brand.
Final thoughts
We are in a time when most customers are seeking after speed and convenience. In fact, statistics show that businesses that cater to such needs can greatly enhance their competitiveness. For instance, according to Nice, you may injure more than 80% of customers who expect to receive instant responses.
Such are the benefits of crypto – customers can be sure to receive funds almost immediately. This and many other benefits, like privacy and transparency, could encourage more crypto adoption in the e-commerce sector. Plus, sectors like digital marketing are significantly opening up to digital currencies, which might push this trend further. But since all these are just speculations, you may need to keep a close watch to see what might happen in the future.
