The use of cryptocurrency has been bubbling beneath the surface for over a decade until it hit an all-time high in 2021, and this aptly dubbed "currency of the future" has found many use cases in banking, staking, asset tokenization, gaming, and online payments. This is because cryptocurrency has many advantages over fiat currency without the associated disadvantages.
For cross-border payments, the traditional fiat currency involves a lot of intermediaries, high transaction fees, and currency conversions, which make payments time-consuming and expensive. It is also centralized, which means payments can collapse at a single point of failure. This is unlike payments in digital currencies, which are cheaper, faster, decentralized, and much more secure as they are stored on the blockchain.
As an e-commerce merchant, shipping your goods to countries far and wide is the ultimate dream, but with all of the many issues surrounding traditional modes of payment, the ease of use that comes with using digital currencies like Bitcoin must feel heaven-sent.
However, it is one thing to accept payments in crypto; it is another for your shoppers to make payments in crypto, as a section of the populace is still rather skeptical about the whole thing. The ultimate question is how you convince your shoppers to pay with Bitcoin, which is answered perfectly in this article as three fool-proof strategies for incentivizing your shoppers to pay with crypto are explained in depth.
Strategies to Make Shoppers Use Bitcoin
Discount or Cashback Offers
As an e-commerce merchant, paying is one strategy that has always worked to get your shoppers to do your bidding. This payment could come in the form of discounts or cashback offers, but when you offer these exclusive packages to your clients who choose to pay in Bitcoin, it incentivizes a larger percentage of your customer base to win some of the goodies on offer.
You can promote the offers on your e-commerce platform, your social media pages, or through targeted email campaigns. You can also take advantage of seasonal events or holidays to offer deals, as customers often flock to e-commerce sites during those events looking for good deals. For instance, you can have special promotions during Black Friday, Cyber Monday, or Christmas celebrations.
The way this works is to create a long-term loyalty program specially designed for your customers who pay with Bitcoin. The idea of the loyalty program is to offer rewards or points for every purchase they make with it, which can be redeemed at any time for free products or special perks, either way, you prefer.
The loyalty programs work to encourage your customers to pay with Bitcoin and to shop with you again. This helps you develop a loyal customer audience by giving them a sense of value and appreciation. This will help increase the rate at which your customers shop and drive their adoption of Bitcoin.
Exclusive Product Releases
Product releases work by creating a policy for your store in which you sell new or limited-edition items to your clients who pay in Bitcoin alone. This strategy instills exclusivity and scarcity, encouraging your clients to pay with Bitcoin and gain access to these exclusive goods.
To drive up the stakes and sweeten the deal further, you can introduce a time-limited campaign for your clients to purchase those exclusive goods if they pay in Bitcoin before a stipulated date. With the early access given to clients who pay with Bitcoin, you'll create a sense of urgency, driving your customers to follow suit to take advantage of these exclusive deals.
Pros of Shopping With Bitcoin
As an e-commerce merchant, you should communicate these incentives and offers to your shoppers through various channels, including your website, social media platforms, and email newsletters, if you use those. However, in whatever form the message to your shoppers takes, it is also important to let them know the multiple advantages of shopping in Bitcoin.
You can highlight the security and privacy of using Bitcoin as part of your loyalty program or exclusive discount offers. Also, emphasize that transactions with Bitcoin are secure and decentralized and do not require them to disclose sensitive financial information. This is sure to appeal to your customers who prioritize their privacy and data security, providing an extra incentive to use Bitcoin for their purchases.
You should also highlight its advantages over traditional modes of payment, such as lower transaction fees, the absence of intermediaries, and the ease of cross-border payments.
Promoting your new mode of payment is a bold move that will fetch you, new customers, convert skeptical prospects, and reignite the relationship with your existing customers, thereby increasing your sales and revenue.
However, if you have not started accepting crypto payments on your e-commerce platform, don't waste any second; sign up on CCPayment immediately and enjoy an industry-low 0.03% service fee while accepting over 45 major cryptocurrencies, easy API integration with accounting tools for managing your business. Visit CCPayment to learn more.