The cryptocurrency bubble is not bursting any soon, irrespective of the fluctuating prices. It brings forth several benefits, especially for SMBs, who can make the most of this technology of the future.
However, blindly following the footsteps of other businesses using fintech can be a major dampener because what worked for one, may not work for everyone. Similarly, they don’t need to rush into integrating any new technology without weighing in the pros and cons. This will only end up translating into major losses.
That said, if you have a small business in the e-commerce segment, here are seven fruitful ways to drive maximum gain from the cryptocurrency boom:
1. Boost your brand using cryptocurrency
One of the best factors about cryptocurrency is that you can create your own digital branded version.
This is something you can never imagine doing with fiat currency, which is a part of a centralized system.
On one hand, you need to work on how to integrate your brand with digital currency and on the other hand, you need to build up anticipation among your fans and followers by sharing your plans and what you intend to do with it.
This will serve the purpose of putting your brand on the radar for your target audience. Driven by curiosity, they will certainly visit your e-commerce site sooner or later.
2. Use it as a low-cost alternative
A sure-shot benefit of cryptocurrency is that it does not require any processing fees. It is received instantly and is borderless. This makes the currency available at a reduced price tag, which is a great plus point for small businesses.
If you take the instance of Bitcoin, the transaction charges incurred are comparatively less than credit card processing fees. And let’s not forget that a good cryptocurrency is impossible to fake, making it a secure option.
3. Prevent fraudulent transactions
Credit card fraud cases are not unheard of in the e-commerce industry. This turns several online vendors skeptical about dealing with customers based on different parts of the world. In fact, several brands don’t accept international payments for this purpose.
On the other hand, when you opt for cryptocurrency, any transfer once done, cannot be reversed. This is what makes their use safe and secure for online payments. This means you can target as many countries as you want, without any inhibitions or coughing up middleman fees.
4. Start your own rewards program
Being able to purchase using cryptocurrency and getting something in return is an advantage no customer would want to turn down. It is a great incentive that’s hard to say no to, even for fiat currency users.
For instance, Switzerland-based firm Monaco Visa announced that when you spend digital currency anywhere Visa is accepted, you’ll get 10 percent cash back on the purchases. It’ll be possible by using the Monaco Visa card and App.
More recently, Chanticleer Holdings announced its plans to offer a customer rewards program based on blockchain technology. According to the firm, customers can generate rewards by eating at their chain of restaurants and use them for purchasing burger in the future or even trade them with other people. This will be facilitated by MobivityMind, a blockchain commerce platform with the rewards or cryptocurrency known as Merit.
The company’s CEO, Michael D. Pruitt, said in a release, "use your Merit mined by eating at Little Big Burger to get a buffalo chicken sandwich at American Burger Co., or trade them with your vegan friend so he can get a veggie burger at BGR. And that's just the beginning."
Following this news, the stock of Chanticleer Holdings rose almost 50 percent. This takes us to the next point.
5. Show Your Affinity to The Technology
Long Island Iced Tea Corp. recently changed its name to Long Blockchain Corp. and announced its interest in investing in blockchain technology. Just like Chanticleer Holdings, the stocks of the company rose to a whopping 200 percent post the announcement.
Similarly, showing your affinity to cryptocurrency technology can significantly help you gain much-needed publicity for your business, e-commerce or otherwise.
Think of a scenario, where you offer giveaways that include Bitcoins and alt-coins. This is a twist on the usual route taken by brands and businesses for promotions on social media. You’ll get brand visibility through this step and that too at minimal risk!
6. Seamlessly track logistics
Blockchains work great for revolutionizing your supply chain management. You can easily add whatever documents you like during a transaction without fearing that anything can be deleted or changed by anyone. And because everything stands a chance to be audited and monitored by the parties involved, it is completely transparent. This works great to track the logistics in your business and to track your inventory as well. Right from whom you are buying it from, to the purchaser and the shipping, you’ll get all your records at one place.
Moreover, you can get this facility in real-time with no added costs.
7. Go for mining and expand your business
This one’s a no-brainer. Even when you have a full-fledged e-commerce venture, it doesn’t hurt to have a side business that deals with cryptocurrency mining given its many advantages. You can always use the fund from digital coin mining to fund your existing business.
Calling it a day
We’re more likely to see a growth of cryptocurrency and the blockchain technology in the near future with endless possibilities. Till then, use these pointers for leveraging your business in a landscape that’s evolving at a breakneck speed. Cheers!
Harsh Agrawal is passionate about Blogging and Blockchain technology. His belief is, Blockchain technology can bring much needed social change. He shared his learning on CoinSutra (A crypto community), whose mission is to help Individuals master Blockchain technology and cryptocurrency economics.