The growth of businesses is being driven by the increased usability and accessibility of these assets as a payment method among merchants as an alternative to traditional money.
According to a survey titled ‘Merchants getting ready for crypto’ published by Deloitte on June 8, 87% of retailers in the United States believe that businesses that accept digital currencies have a significant advantage over their competitors in the market.
Digital currencies sentiment. Source: Deloitte
While 93% of businesses that currently accept cryptocurrency as a payment method report positive consumer KPIs such as customer base growth, revenue increases, and brand impression.
Merchants are more optimistic about cryptocurrency than expected
Small and medium-sized businesses (SMBs) may be expected to be less optimistic about the acceptance of digital currency payments, but according to the survey, the majority of SMBs asked believe the adoption of digital currency payments will be beneficial to their companies.
Indeed, nearly three-quarters of those polled stated that they intend to begin accepting cryptocurrency or stablecoin payments within the next twenty-four months.
It’s also worth noting that 64% of business owners polled between December 3 and December 16, 2021, reported that their clients were very interested in making payments with digital currency.
Several factors have contributed to retail establishments’ eagerness to accept digital currency payments. They recognise that the market is changing rapidly and want to cater to their customers’ needs.
Furthermore, merchants expect to gain value from their use of digital money in three ways: a better customer experience (reported by 48% of respondents), a larger client base (reported by 46% of respondents), and a brand that is seen as cutting-edge (40%).
Digital currencies’ customer-focused motivations. Source: Deloitte
Customers’ needs are prioritised by business owners
The study reveals that retailers are responsive of their customers’ needs and expectations, and they can recognise the commercial and enterprise-related benefits of incorporating digital currency payments.
These companies have already spent money to provide this capacity and intend to continue doing so in the future.
Nonetheless, there are many issues to be addressed regarding crypto payments, such as infrastructure decisions, the establishment of a legal framework, and the development of a security framework.
These factors will determine the rate at which crypto adoption continues to grow.