Cryptocurrency can be a hard-to-understand concept for many, but with the development of e-commerce, cryptocurrency can become the primary choice for consumers. This makes it an opportunity for companies to propose sustainable and user-friendly models to facilitate widespread adoption.
Over the past three years, the term “cryptocurrency” has become firmly entrenched in the minds of people, whether they invest in it or not. However, its technical aspects are still less well understood, and this knowledge seems inaccessible to many audiences.
This is understandable, given that encryption is still in its infancy and not widely used. However, all of this is about to change as the rush to create cryptocurrencies as a better alternative to traditional banks intensifies, making cryptocurrencies the norm. This transition will lead to the emergence of “e-commerce” or crypto-commerce.
The rise and development of e-commerce
The Covid-19 pandemic caused a massive shift to digital retail in 2021, ushering in a new era in retail and e-commerce. The global e-commerce market grew from 3.354 trillion USD in 2019 to 4.981 trillion USD in 2021, and is now expected to reach a total volume of 5.55 trillion USD by the end of 2022.
Where two years ago, people were frantically trying to catch up and adopt new technologies, in 2022, it has become a way of life. Over the next five years, innovation and the growth of digital activities will allow the e-commerce market to evolve as well. In fact, it has already begun.
E-commerce giant Amazon, for example, has integrated Metaverse-first technology into its market with its new AR shopping tool, Room Decorator. Users can use their phones to see how the furniture will look in their home and display several products together to get the look of the furniture.
The growing popularity of augmented reality in shopping allows shoppers to feel more confident about the fit and feel of a purchase. Between the Metaverse, which allows users to view and buy real estate and NFTs, and cryptocurrency, which is a safer and faster payment method, consumer habits aren’t going to change anytime soon.
The current role of cryptocurrencies in e-commerce
Cryptocurrencies have opened up a new and more convenient way for consumers to transfer money and make payments, so it is no wonder that major brands, marketplaces and payment processors are accepting cryptocurrencies as a form of payment. Among them is PayPal, with a new “Checkout with Crypto” feature launched in March 2021. All cryptocurrency can be stored in PayPal’s digital wallet and can be easily converted into fiat currency during checkout at no additional cost. Expedia, Shopify, Etsy, and Whole Foods have also made the switch, allowing more than 20 different cryptocurrencies to be used on their platforms.
It is also the best option. Switching to cryptocurrency payments has a number of consumer benefits, including lower fees, faster and easier transaction processing, and more security. Users also do not need to reveal their identity by filling in the registration form or giving out their phone numbers when using cryptocurrencies for payments.
For this reason, there is a slow but sure rise of “e-commerce” or “crypto commerce” in the digital sphere today. The only problem is that not enough people are adopting cryptocurrency because it can be too scary for those who are new to this world.
In these cases, platforms like exeno make it easier for users to transition from traditional online shopping methods to using a more secure mode of transactions. With the wide range of physical branded goods that users can purchase with cryptocurrency, exeno is much more than just another store that accepts cryptocurrency. They are on the cusp of creating a true crypto trading ecosystem where customers can take advantage of the upcoming EXN Coin to redeem benefits such as purchase incentives (such as cashback programs offered by traditional e-commerce platforms) and low-cost transaction fees, just to name a couple.
Using cryptocurrencies can be daunting for those who are not familiar with how they work. There is a fair amount of uncertainty and ambiguity surrounding cryptocurrencies, but in the end it is the safest way to make payments and make transactions online.
To bring out this fear of cryptocurrency, exeno is trying to popularize it by integrating it into an easy-to-use e-commerce platform, encouraging more and more people to make the switch and be part of the movement that will revolutionize their shopping habits.
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