INTRODUCTION
One of the more obvious applications of #blockchain in #eCommerce is the use of #cryptocurrencies as a more secure, fee-free payment method. Cryptocurrencies would not exist without #blockchain technology, and using them as commercial tender has several advantages, including fewer instances of fraud due to more stringent authentication and security measures, less reliance on fee-hungry third-party processing agencies, and constant market access.
Do you have any reservations about using cryptocurrency in eCommerce? Please keep reading my post.
CRYPTOCURRENCY IS CHANGING THE E-COMMERCE LANDSCAPE
The more options you provide to customers, the larger your audience will be. Crypto-focused marketplaces like Open Bazaar enable #B2B, #B2C, and peer-to-peer e-commerce between companies and people who have already elected to use cryptocurrency.
These marketplaces have very low setup and operating costs, as well as less competition from marketplaces that sell anything and everything, such as #Amazon.
#PayPal has already implemented a "Pay with Crypto" option, allowing millions of US retailers to accept #cryptocurrency through their platform as a service. There are numerous options to consider, whether you use a service like these or #Coinbase or an extension on your own #eCommerce platform.
BENEFITS OF CRYPTOCURRENCY PAYMENTS IN ECOMMERCE
Large corporations such as AT&T, #Microsoft, a few airlines, and the #MiamiDolphins were among the first to accept #crypto.
Accepting #crypto can appear daunting for small to medium-sized businesses with lower-ticket items. Starbucks, Nordstrom, and Home Depot began accepting digital currencies through crypto-wallets in 2019.
It is becoming increasingly important for #ecommerce businesses to find a way to incorporate #cryptocurrency into their customer experience. The following are some of the advantages of accepting #cryptopayments, both for #B2C and #B2B merchants and businesses.
Increased Speed
Enhanced Security
Loyalty and trust have increased
Cost Savings
Funds are available immediately
Streamlined Contracts
Demographics and Access to New Markets
CONCLUSION
The fast-paced digital age has ushered in a new era of #eCommerce, but many people are still unaware of #cryptocurrencies and their benefits to online retailers. Introducing #cryptocurrency into the equation provides numerous benefits that traditional fiat currency does not.
Using a third-party crypto payment gateway (e.g., #BitPay, #CoinGate, #Coinbase Commerce) to handle all crypto payment processing can attract more customers for ease of transactions.
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