While cryptocurrency is still a difficult concept to grasp for some, it could become more mainstream as consumers start using e-commerce. Businesses have the opportunity to develop sustainable and user-friendly models that will make adoption more widespread.
Over the last 3 years, the term “cryptocurrency” has lodged itself firmly in the minds of people, regardless of whether they invest in it. Its technical aspects are less well understood than the general public and it feels difficult to access.
It’s understandable considering that cryptocurrency is still very young and rarely 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
Covid-19 caused an unprecedented shift in digital retail to 2021. It marked the beginning of a new era for retail and ecommerce. In 2019, the global ecommerce market was $3.354 trillion. By 2021, it is projected to reach $4.981 trillion.
People were trying to get ahead of the curve and adapt new technology 2 years ago. Now, this is an everyday life. In the coming five years, the digital market will also evolve through innovation and increased growth. Actually, this has already happened.
Amazon has integrated early Metaverse technology in its new AR shopping tool, Room Decorator. You can view furniture in your home on your phone.
AR is becoming increasingly popular in retail, which allows customers to feel confident about their purchase’s fit and feel. 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.
Current role of cryptocurrency in ecommerce
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 and Shopify have made it possible to use more than 20 different cryptocurrency on their sites.
Also, it is cheaper. There are many benefits to switching to cryptocurrency payments, such as lower fees, faster transactions and greater 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. It is a problem that not enough people are using cryptocurrency. This can make it intimidating to those who have never used them before.
Exeno makes it easy for such users to switch from online shopping to safer and more secure methods of transacting. Exeno offers a wide range of physical products that can be purchased using cryptocurrency. exeno goes beyond being a cryptocurrency-accepting store. 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.
Conclusion
For those not well-versed in cryptocurrency’s workings, it can be intimidating to use them. Cryptocurrencies are surrounded by suspicion, ambiguity, and it’s ultimately more secure to use online payments.
Exeno hopes to remove the fear of cryptocurrency by making them popular. They have integrated them into their user-friendly platform for c-commerce, encouraging people to switch to them and become part of the revolution in shopping.
