The e-commerce industry is growing at an exponential rate. In the US in 2018, a total of $517.36 billion was spent in e-commerce. By 2021, it’s predicted that the e-commerce market will be worth a $4.8 trillion a year industry.
However, the correlation between the rise in e-commerce and crypto usage has been sorely lacking. Crypto volatility has been a major reason why crypto just hasn’t taken off in the e-commerce world, but moves are being made to marry the two growth industries together.
Crypto payment systems are adopting loyalty reward programs more than ever before with the aim of encouraging usage and boosting data knowledge.
This year we saw Moon, a crypto payments platform offer a 5% discount on all transactions in what has become known as ‘crypto prime day’. Moon’s 4,000 received Amazon Prime Day discounts even without Prime membership.
Fold, the payments platform that recently introduced a lightning network protocol offered a $5 Amazon gift card for clients that spend over $50 through its platform.
Meanwhile, Pulse, launched in 2014, is offering users of the platform can save an average of 15 percent on their Amazon purchases.
The crypto world is slowly forging opportunities in the burgeoning e-commerce industry. For consumers, finding a legitimate BBB accredited business is just the first step. Payment options, providers and methods are changing and becoming increasingly important. Everyday use of crypto has been very slow in the take-up and it’s up to retailers, cryptocurrencies and payment processing providers to win the public trust and confidence.
Last year wasn’t a bad year for crypto and retail. The stability in the crypto sphere seen last year pointed towards longevity. A stable and secure crypto market is good for retail and many observers agree that as time goes by, crypto will feature more and more in our everyday lives. There’s still some work to do in the e-commerce field, but we are getting closer and closer to a crypto-fuelled world.
