Cryptocurrency may be a hard-to-grasp concept for many, but as e-commerce develops, crypto may become the mainstream option for consumers. This makes an opportunity for businesses to come up with sustainable, user-friendly models to make widespread adoption easier.
Over the last 3 years, the term “cryptocurrency” has lodged itself firmly in the minds of people, regardless of whether they invest in it. The technical aspects of it, however, remain less understood, and for much of the public, this knowledge feels inaccessible.
This is understandable, given how crypto is still in its early stages and not widely used. However, that’s all about to change as the race to establish cryptocurrency as the top alternative to traditional banking intensifies, making cryptocurrency a norm. This transition will give rise to “c-commerce” or crypto-commerce.
The rise & evolution of e-commerce
The Covid-19 pandemic caused a massive shift to digital retail in 2021, marking a new era in retail and e-commerce. The global e-commerce market went from $3.354 trillion in 2019 to $4.981 trillion in 2021 and is now expected to total $5.55 trillion by the end of 2022.
Where 2 years ago, people were frantically attempting to catch up and adopt new technology, in 2022, it has become a lifestyle. Over the next 5 years, innovation and growth in digital activities will enable the e-commerce market to evolve too. In fact, it has already begun.
E-commerce giant Amazon, for example, has incorporated early Metaverse technology into its marketplace with its newest AR shopping tool, Room Decorator. Users may use their phones to see what furniture will look like in their home and view multiple products together to get a feel of the decor.
The growing popularity of AR in shopping allows shoppers to feel more confident about the fit and feel of their purchase. Between the Metaverse, which allows users to view and buy real estate and NFTs, and cryptocurrency, which is a safer and faster mode of payment, consumer habits aren’t bound to change anytime soon.
The current role of cryptocurrency in e-commerce
Cryptocurrencies have unlocked a new, more convenient way for consumers to transfer funds and make payments, so it’s no wonder that major brands, marketplaces, and payment processors are now accepting crypto as payment. Among them is PayPal, with their new “Checkout with Crypto” feature launched in March 2021. All cryptocurrencies can be stored within PayPal’s digital wallet and can easily be converted to fiat currency during checkout at no additional fee. Expedia, Shopify, Etsy, and Whole Foods have also made the switch, allowing the use of over 20 different cryptocurrencies on their platforms.
It is also the better option. Switching to crypto payments has a host of benefits for consumers, including low fees, speed and ease of transactions, and more security. Users also don’t need to reveal their identity by filling in a registration form or giving their phone numbers when using cryptocurrency for payments.
Because of this, there is a slow but sure rise of ‘c-commerce’ or ‘crypto-commerce’ in the digital sphere today. The only issue is not enough people have adopted cryptocurrencies because it can be rather intimidating for those new to this world.
For such cases, platforms like exeno are making it easier for users to transition from traditional online shopping methods to using a safer, more secure mode of transaction. With their wide array of branded physical goods that users can purchase using cryptocurrencies. exeno is much more than just another store that accepts cryptocurrency. They are on the verge of creating a fully-fledged crypto commerce ecosystem where customers can leverage the upcoming EXN Coin to redeem benefits such as stake-back incentives (like cash-back programs offered by traditional e-commerce platforms) & low-cost transaction fees, just to name a couple.
Using cryptocurrencies may be daunting for those who are not familiar with their workings. There is a fair amount of suspicion and ambiguity surrounding cryptocurrencies, but it is ultimately the more secure form of making payments and conducting online transactions.
To take this fear out of cryptocurrencies, exeno is attempting to make them mainstream by incorporating them into their user-friendly c-commerce platform, encouraging more and more people to make the switch and be part of the movement that will revolutionize shopping habits.