With every passing day, the cost of running businesses seems to increase. In fact, you’d be surprised to discover that you may need at least five times more to acquire new customers than to retain existing ones. This becomes even more serious because modern consumers have become more discerning and can easily tell whether a business prioritizes them or not.
With these factors put together, do you think that crypto payments can help businesses stand out? Well, if you have such questions, hanging around might actually help. Crypto indeed offers numerous benefits that businesses can use to improve their edge. And if most adopt currencies like Bitcoin, their demand could increase, which may put pressure on supply and cause the Bitcoin price to increase. Now that this could actually happen, it makes all the sense to read this article.
The age of instant payments
The world has grown to become fast-paced such that transaction speeds have become crucial aspects of customer satisfaction. By the way, are you actually aware that, according to experts, 78% percent of customers consider immediate payments as a very important aspect of satisfaction? In other words, failing to offer such experiences can frustrate almost eight in ten of your customers.
Not so many years ago, the Federal Reserve Financial Services released a report claiming that more than 74% of consumers used faster or real-time payments in 2023. This already proves the fact that immediacy in transactions is a prevailing need among many customers. Well, it may sound simple, but very profound.
Actually, did you know that, according to PYMNTS.com, about 77% of customers can leave your platform if they don’t find their preferred payment options? This is evidence enough that you can’t expect to be competitive if you don’t cater to such preferences. Thankfully, crypto payments allow you to complete transactions within seconds, in fact, without needing intermediaries.
Sometimes, the challenge with traditional methods is the cumbersome validation processes that lead to delayed transactions. But since most customers expect to receive their funds almost instantly, and crypto allows for that, adopting it can actually help you to stand out from the rest.
Meeting customer expectations
Starting a business doesn’t always guarantee that you will make profits. After all, how many people opened businesses and shut them down just because they were making losses? As you enter the business world, you want to first of all ensure that your products are aligned with customer preferences; otherwise, how will you be able to appeal to them?
And now that these preferences keep changing, fuelled by tech improvements, you also want to ensure you’re aligning. Just as we have already mentioned, most consumers now expect instant payments, and a good number also expect businesses to integrate crypto into their operations.
In fact, a study by Embryo noted that more than half of buyers think crypto could become the future of commerce. As if that’s not enough, the study revealed that accepting digital currency payments could lead to an ROI of about 327%. This is in the exclusion of a 40% increase in the number of new customers that companies using this technology saw.
Remember, the number of global crypto users is actually increasing, meaning a good percentage could be expecting businesses to allow them to transact with digital currencies. To appear relevant and customer-focused, you may want to implement crypto to meet this customer demand. And do you know what? According to statistics, this approach could result in up to 60% more profits than you don’t.
More emphasis on security
No one is ready to participate in an environment that might compromise their online safety. In fact, if we suspect a brand to be susceptible to attacks, there is a high chance of never giving it a second thought. And we might even talk about such experiences with our friends, which only hurts your brand perception.
Now that more customers are concerned about online safety, ignoring it can be a great disservice to platforms seeking to differentiate themselves from the crowd. That’s why considering more secure technologies like crypto can really be a great way to get started. In fact, according to some experts, about 35.6% of customers think digital currencies are safer and more secure. This is already a significant population from which to tap customers.
By decentralizing their infrastructure, digital currencies eliminate the risk of single-point failure, which is common in traditional payment methods. The end-to-end encryption also improves security by protecting data from unauthorized access; even if the system is compromised, hackers will really need to do a lot to read data. Plus, the immutability of digital currencies ensures that once data is stored, it cannot be edited unless by consensus.
What is our final word?
Well, we can all agree that the business world has never been as competitive as it is today. From operations to acquiring and retaining customers, these costs seem to keep skyrocketing. However, this is not an excuse to avoid establishing a business because there are several hacks that can help you stand out.
Unsurprisingly, one of them is implementing cryptocurrency technology. This infrastructure boasts highly sought-after benefits like decentralization and fast transaction speeds, which can be very handy. To add to that, the technology is also more secure than traditional counterparts. And at a time when cyberattacks are on the rise, integrating such technology can really help improve brand perception.
