10 Advantages of Building an E-Commerce Platform that Accepts Crypto Payments
E-commerce platforms have become similar to convenience in the shopping dictionary. Around 33% of the world’s population shop online in 2024, which is a sharp rise of 80 million buyers compared to 2022. So we can say that a big part of the population prefers online shopping, which is increasing consistently and is projected to witness a 4.9% spike with a total of 2.77 billion online shoppers in total.
On the other hand, some e-commerce platforms have started accepting crypto payments, which has seen an amazing response from customers. Over 39% of consumers believe that cryptocurrencies can be used as a mode of payment, not only investment. Which is again a big number. So, if a business wants to start accepting crypto payments, then they may have 39% of consumers waiting to do online shopping with crypto.
From the stats shown above, we can say that it’s important to have an e-commerce platform for retail-based businesses. And it’s more important to have an e-commerce platform that accepts crypto payments. So, we’ll have a look at the advantages of building such platforms.
1. Fast and Affordable Transactions
Traditional payments involve centralized authorities and intermediaries, which may cause increased processing time and higher transaction fees. Crypto transactions can be executed within minutes or even seconds as they require only a miner’s verification. The reduction of intermediaries speeds up transactions and reduces transaction fees, which can help you reduce the prices of your products or gain more profits for your business.
2. Real-Time Tracking
Crypto payments offer real-time tracking of transactions, causing unparalleled visibility into the payment process. Transactions can be monitored from initiation to completion, which causes reduced errors, disputes, and chargeback risks. With the help of real-time tracking, you can improve your platform’s transparency and build trust with customers.
3. Access to New Technologies
Adding the crypto payment option to your e-commerce platform lets you step into the world of blockchain technology. With the help of this technology, businesses can explore innovative solutions for supply chain management, inventory tracking, and smart contracts, which help businesses revolutionize operations and customer experiences.
4. Increased Sales
Accepting crypto payments can help e-commerce platforms expand their customer base. We can see a specific audience investing in crypto. Also, over 39% of consumers consider using crypto as a mode of payment. And the number of such investors is growing consistently. Businesses can offer the crypto payment option and attract new customers to boost sales and revenue.
5. Improved Customer Retention
As we saw before, cryptocurrency may be a preferred mode of payment for many consumers, especially when it comes to cross-border transactions. Providing customers with their preferred payment method may enhance satisfaction and loyalty. Other advantages like convenience and fast transactions can create a positive customer experience, resulting in repeated purchases and referrals.
6. Global Expansion
Crypto transactions are beyond borders. If we ignore regulations from some nations, allowing businesses to reach a global customer base. With crypto payments, businesses can eliminate currency exchange barriers, and exchange rates and reach new markets.
7. Scalability
Unlike traditional payment systems, crypto payment systems are designed to handle high-volume transactions efficiently. Adaptability is one of the key requirements of growing businesses. The scalability offered by cryptocurrencies can be helpful to e-commerce platforms in handling increased sales without compromising transaction speed or security.
8. Investment Opportunities
Besides payments, many cryptocurrencies offer excellent investment opportunities. Businesses can accept cryptocurrencies as payments and hold some of them as assets. However, holding cryptocurrencies with the possibility of high returns is preferred. By holding assets, businesses can expect high returns, create additional revenue streams, and earn long-term financial growth.
9. Financial Innovation
E-commerce platforms can utilize crypto payments to develop new financial products and services like loyalty programs, lending platforms, and insurance offerings. Cryptocurrencies can cause an innovative financial industry.
10. Enhanced Security
Crypto transitions are primarily secure just because of blockchain technology. However, businesses can rely on crypto payment platforms with additional security features. Such platforms may offer features like two-factor authentication, preventing your account from unauthorized logins, and other security features that help you keep your funds secure.
Build Your E-Commerce Platform that Accepts Crypto Payments
There are two ways of building an e-commerce platform that supports crypto payments.
- From scratch
- Using a readymade solution
From Scratch
If you’re thinking of building an e-commerce platform from scratch, it is a good idea but it may be time-consuming. The website may go through various phases to serve you the best. However, this option can be best if you’re looking for a custom website. Integrating a crypto payment platform can be another time-consuming process as you may struggle to find plugins for your platform. You may consider some third-party e-commerce website development services.
Pros
- Can match up to 100% requirements
- Customizations when needed
Cons
- Time-consuming
- Expensive
- May face struggles in integrating crypto payments
Building an e-commerce platform may seem expensive. However, we can help you with affordable e-commerce website development services followed by crypto payment gateway integration services, helping you with a complete solution.
Using a Readymade Solution
Building an e-commerce platform using a readymade solution like Cryptocommerce WordPress Theme helps you save time. This solution comes with all the pages and sections that are required for building an e-commerce platform. Businesses can easily create an e-commerce platform and list products directly from the CMS. A crypto payment platform can also be easily integrated using the Coinremitter’s WooCommerce plugin.
Pros
- A readymade solution
- Time-saving
- Affordable
Cons
- Limited customizations
If we ignore the only con, we can say that anyone can easily build a crypto payment platform that can accept crypto payments, requiring minimal to no coding, which can help anyone build a crypto-friendly e-commerce platform.
Conclusion
Accepting crypto payments offers many advantages for e-commerce platforms, including faster transactions, reduced costs, enhanced security, and global expansion opportunities. With the help of this emerging technology, businesses can position themselves for long-term success in the digital economy. As the cryptocurrency market continues to grow, we can expect even more innovative applications and benefits to emerge.
