75% of retailers plan to enable their customers to pay in crypto within the next 24 months, a survey showed. With this move, they hope to improve the customer experience, grow their customer base, and gain the perception of their brand as cutting edge.
According to a new survey released by Deloitte, three-quarters of US retailers plan to accept payments in cryptocurrency or stablecoin within the next two years. It also found that more than half of large retailers with revenues over $500 million currently spend $1 million or more building the infrastructure needed to do so. The vast majority, around 85% of merchants surveyed, said they expect crypto payments to become ubiquitous across their respective industries in five years.
The information was disclosed in Deloitte's “Merchants Getting Ready For Crypto” report released Wednesday in partnership with PayPal, Cointelegraph reports.
2,000 top US retail executives were surveyed between December 3 and 16, 2021, when cryptocurrency prices were still high, but the results were not made public until May 2022. The executives were equally distributed among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services and transportation sectors.
Small and medium-sized companies also take part in the survey. 73% of retailers with $10 million to $100 million in revenue invest between $100,000 and $1 million to support essential infrastructure. According to Deloitte, spending will not stop there and is only expected to increase throughout 2022. More than 60% of retailers said they expect budgets over $500,000 to enable crypto payments over the next 12 months to December.
64% of merchants report that their customers show significant interest in using cryptocurrencies for payments. Approximately 83% of retailers expect an increase or significant increase in interest by 2022. Nearly half expect their adoption of cryptocurrency to improve their customer experience, about the same number believe it will increase their customer base, and 40% hope their brand will be perceived as cutting-edge.
Of the retailers already accepting cryptocurrency, 93% have reported a positive impact on their customer metrics.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.