In recent years, small businesses have struggled to maintain a solid foothold in the marketplace because the big box stores have been able to produce their goods in bulk for cheaper.
Even still, small businesses have prevailed and continue to support their communities around the world while providing jobs and keeping revenue local unlike the corporate stores that send money back to where their corporate headquarters are.
Ease of Adoption
One major advantage that small business holds over corporations is that there is less red tape to cut when making decisions. Major announcements have come out this year regarding partnerships like Starbucks seeking to offer mobile crypto payments sometime in the future.
But, how long will it take for this to happen?
A small business can pivot their business quickly and doesn’t have to meet with board members to come to a decision. If the owner believes crypto is a good option, it can be implemented right away.
Cost per Transaction
Right now, businesses are charged for every transaction that is paid using a card and most people don’t make it a habit to carry cash anymore. Bigger businesses that conduct more card transactions per month are given a discount on fees that small businesses are not given.
Because of the fees, the cost per transaction is added to the buyer’s purchase price and drives up the cost of goods.
Cryptocurrency transaction fees are fairly low, making this a viable option for small businesses and evens the playing field between small and large businesses because it gives small businesses a competitive edge again. In 2017, Bitcoin payments via BitPay rose by 328% to almost $1billion in transactions!
Engaging With a New Audience
Millennials love new technology and crypto is no different! Businesses that want to engage with millennials or are looking to in the near future could use crypto to engage with them and relate to them.
In order to succeed in business, you have to understand your customers and operate in areas they hang out at. No matter what industry a business operates in, taking an interest in developing technology benefits the bottom line.
This doesn’t mean jumping on every new trend hoping to score big. This means keeping your finger on the pulse of the marketplace and new advancements while evaluating whether or not your business can benefit from using it.
Staying engaged with your target market requires understanding them and keeping up with their interests.
What are they spending their money on and why?
How are their attitudes changing based upon the socioeconomic environment?
If you run a small business, consider watching what is going on with crypto. Remember to not just keep an eye on the price of crypto, but on the technology behind it and the wonderful advancements that are being made. Dig deep and do the research for yourself and don’t just listen to what mainstream media tells you about crypto.
Do you think small businesses can benefit from using crypto? Why or why not?
Have you looked at how crypto is changing the world of business? I would love to hear your thoughts!
Thanks for reading!