Singapore City, Singapore, December 13, 2023 – The e-commerce industry is still emerging and experiencing consistent upgrades. For example, upgrades like crypto payments over fiat payments are in the emerging stage and they deserve higher attention. It has been almost a decade since a noticeable online retailer named Overstock started accepting payments in Bitcoin.
Then some other reputable e-commerce platforms came forward in the same direction and allowed their retailers to accept crypto payments for their products. Then some crypto payment gateways came forward with interesting benefits that added more individuals to this ecosystem.
For example, Coinremitter offered features like easy-to-integrate crypto API and plugins and some profit-friendly benefits like the lowest transaction and processing fees and gas station. There are some other contributors as well. As a result, we can see 50+ big market players accepting payments in cryptocurrencies.
What’s So Special?
Instead of discussing their benefits, which are commonly discussed or analyzed by individuals before adopting this method, let’s see how it can affect and revolutionize the e-commerce industry.
E-Commerce: Future Expectations With Crypto Payments
They have the potential to revolutionize the e-commerce industry. Let’s understand what significant changes can be witnessed in the future if major e-commerce platforms normalize them:
- Global Dominance
- Boosted Cross-Border Sales
- Automation Through Smart Contracts
- Crypto-Based Loyalty Programs
- Normalization of Decentralized Marketplaces
Global Dominance
E-commerce is expected to be the most dominant form of commerce worldwide and cryptocurrencies are expected to contribute to this domination. A survey by PYMNTS in August 2022 revealed that 25% of consumers prefer to pay in cryptocurrencies. Another survey by CNBC revealed that 75% of merchants may accept any form of cryptocurrency or stablecoin till mid-2024.
These numbers look promising and we can assume that cryptocurrencies are going to be the most preferred mode of payment soon, which can cause the global dominance of the e-commerce industry.
Boosted Cross-Border Sales
The elimination of the currency conversion process is something that has made individuals choose cryptocurrencies over fiat currencies, especially when it comes to cross-border commerce. The inclusion of cryptocurrency payments may simplify the process of international purchases.
This may also help businesses to reach more global customers. Exclusion of exchange rates and conversion taxes can be more profitable to merchants. Unlike fiat payments, the fee structure in cryptocurrencies remains transparent. Relying on a crypto payment gateway that charges low fees can help merchants retain up to 99% of their funds. Merchants relying on Coinremitter have been said to spend just 0.23% on processing fees. All merchants need to do is register on Coinremitter and look for suitable plugins or crypto API.
The moral of the story is that spending low on fees can increase profit margins (for merchants) and prevent unnecessary price hikes (for consumers). With the help of such crypto payment gateways, we can see almost no difference in gross and net amount indicating the inclusion of more parties in cross-border commerce.
Automation Through Smart Contracts
Smart contracts are capable of automating some important e-commerce aspects like order processing and fulfillment, payment processing, dispute resolution, feedback management, supply chain management, etc. This may cause streamlined operations and by reducing human errors.     Also, smart contracts are tamper-proof and trustworthy among cryptocurrency traders and holders.
Crypto-Based Loyalty Programs
E-commerce platforms will be able to create loyalty programs backed by blockchain technology. Such platforms may offer rewards in the form of tradable crypto tokens, which can brighten the cryptocurrency future ensuring individuals’ benefits.
Normalization of Decentralized Marketplaces
Such marketplaces are already gathering praise. However, normalizing cryptocurrency payments may also cause the normalization of decentralized marketplaces and may cause significant growth in the cryptocurrency market.
This will unlock revenue streams for global merchants as well as creators and simplify the process of connecting buyers and sellers globally. The world has already witnessed some individuals investing in NFTs, which is possible because of cryptocurrencies again. According to Forbes, the global NFT market capitalization is over 8 Billion USD as of 2 December 2022. The e-commerce industry may offer such NFTs for sale or we may see normalized decentralized marketplaces in the future.
Tokenization of Assets
The utilization of crypto payments in e-commerce platforms may enable the tokenization of physical as well as digital assets. This will unlock fractional ownership of products, services, and companies within customers for creating new investment opportunities. However, the tokenization of assets has started, with the current market cap of over 300 Million USD, it is expected to achieve the 10 Trillion feat by 2030 if the bull run continues.
Environmental Sustainability
Blockchain technology can be used to track the impact of available products on the environment. E-commerce may be able to utilize such capabilities and promote eco-friendly choices having better environmental impacts.
Please Remember…
These predictions are meant to be true. But they may take some time. Maybe a decade, two decades or more. The core members of this community are going to play important roles, especially online retailers and merchants.
The choice of the right service provider (crypto payment gateway) becomes crucial if merchants are willing to attain the benefits of cryptocurrency payments on a personal level as well. Also, merchants are expected to educate themselves before stepping into this ecosystem. They must be familiar with technical essentials such as crypto API, plugins, and crypto wallets along with the risks associated with cryptocurrencies before they begin.
The combination of e-commerce and crypto payments can make a long-lasting impact on the industry itself and has the potential to take online shopping to a new level. This may cause a sharp rise in the number of global customers, which can directly benefit online retailers. So, this with the right executions may bring several changes to the entire ecosystem and will bring a bunch of benefits too.
Contact Details:
Name: David
Company: Coinremitter
Email: support@coinremitter.com
Website: https://coinremitter.com/
Address: Central #18-81, 8Eu Tong Sen St., Singapore 059818.
