High-Tech Gadgets Paid for in Crypto
The biggest tech store in Slovenia accepts cryptocurrency payments via GoCrypto. With 17 different locations, Big Bang is the biggest high-tech store in Slovenia, offering all high-quality products from computers and cameras to TV sets and household appliances. Combined with the fastest-growing crypto payment network, it is one of Slovenia’s biggest merchants pushing cryptocurrency payments toward mass adoption and showcasing its true utility through everyday purchases.
Digital payments are on the rise
Payment digitalization has opened up the market to numerous new payment methods that are attracting younger generations of customers. According to numerous studies, Millennials and Gen Z, who already represent 65% of the world’s population, prefer using digital payment methods for their everyday purchases.
Apart from mainstream digital payment applications like Google Pay, Apple Pay or Samsung Pay, cryptocurrency payments are getting more and more traction as well. Its simplicity is a huge selling point.
While this alternative form of payment is still in its adoption stages, its users are mostly tech-savvy individuals who like to stay on track with high-tech novelties and follow innovation in the crypto space. Like with any new product or service, the early adopters are the ones who play the key role in bringing that product or service to the mainstream.
Big Bang is an early adopter
The Slovenian high-tech store, Big Bang, falls into the group of early adopters, but from the merchant’s point of view. “Big Bang was one of the first Slovenian businesses that integrated the GoCrypto payment network into our cash register and online store,” explained the store manager. “The integration was very simple and our employees find the solution easy to use. If a customer decides to pay with crypto, our staff simply selects the GoCrypto payment method in our cash register. No additional crypto knowledge needed.”
In Big Bang, crypto payments are still considered as an alternative payment option, being used by a specific group of customers. The company has a wide range of customers, from young families buying their first washing machine to true technophiles searching for the latest flagship device. In fact, this last group of individuals probably represents the most customers who are paying with crypto assets on a daily basis. “For us, as a tech store, it’s hard to say that we have gained a new customer base by introducing crypto payments. But we gave our existing clientele a new and easy way of paying for their purchases,” added the Big Bang representative.
Crypto payment trends
Since the Covid-19 pandemic hit the world, eCommerce has been booming in all sectors of the retail industry. Big Bang integrated one of GoCrypto’s eCommerce solutions for their online store as well, which turned out to be a winning decision. “Our analysis shows that cryptocurrency payments are more frequently used in our online store,” explained the store manager, which confirms the overall statistics from the retail industry on a worldwide scale.
Customers, who wish to pay in crypto, tend to buy more expensive, high-quality store items, which in part confirms our assumptions that these customers for now mostly represent the tech-savvy population. “On average, purchases paid in crypto have higher prices than the ones paid with other payment methods,” added the manager from Big Bang.
The GoCrypto payment solution
GoCrypto is a global facilitator of payments present in 69 countries worldwide. The crypto payment network enables merchants to accept crypto payments in their physical and online stores through an array of applications — Web POS, POS terminal integration, cash register integration, eCommerce plugins, and custom eCommerce solutions.
Customers can pay for their purchase with one of the three supported wallets — Binance Pay, Bitcoin.com Wallet and Elly Wallet, covering over 50 different cryptocurrencies combined.
Transactions are processed instantly and seamlessly giving both the merchant and the customer an excellent user experience. What is more, merchants can choose to be settled immediately in their desired cryptocurrency or avoid any potential volatility risk with settlements in their local currency.
Business owners who decide to add this new-age payment method to their list of payment options can access over 40 million new users that use one of the supported crypto wallets on a daily basis.
Just like digital payment applications, cryptocurrency payments are on the rise and are becoming widely accepted across the globe. The early adopters like Big Bang are doing their part in pushing the service to the mainstream, while solutions like GoCrypto contribute to mass adoption by developing safe, accessible, and user-friendly payment solutions for the retail industry. Soon the companies who bravely entered the new world of payments will benefit from a clear competitive advantage over other businesses sticking to traditional payment options only. Because as always fortune favors the brave.
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