Black Friday: Driving Crypto Use Case

Image Source: coinspectator.com

“Whoever said that money can’t buy happiness simply didn’t know where to go shopping.”

This week has been a time to be thankful. And today, Black Friday is yet another reason to be thankful for the savings one can get at local retailers—and to shop with Bitcoin! Yes, Bitcoin. For crypto enthusiasts we can thankful too, as Black Friday may prove to be a harbinger of things to come, namely—mass adoption of cryptocurrency.

Image Source: rt.com – A glimpse of retail stores in the US on Black Friday.

While Black Friday is primarily an American event that follows America’s Thanksgiving Day holiday, shoppers around the world are spending billions of dollars.  In many countries, “Black Friday is the biggest sales day,” says Mappo, writing for Medium.  Indeed, this event could have a positive impact for mass adoption on a global scale.

Along with traditional Black Friday retailers, merchants in the crypto space will offer exclusive discounts for their cryptocurrency users. While today is Black Friday—sales will continue through the weekend. And the crypto world has joined the rush to offer deep discounts.

Global Impact

What started in America, is now a global phenomenon. According to Mappo, “approximately 50% of shoppers visited online stores and that number is only going to rise.”  Most online stores can reach a global audience; however, international payments and currency exchanges have proven to be a challenge for the retailer and shopper alike—faced with foreign currency exchange fees or poor exchange rates.

However, by using cryptocurrency these concerns go away. With blockchain, transaction fees are a set amount and not a percentage of the total purchase.  Some cryptocurrencies have fees as low as just a few cents per transaction.

Platform to Launch Loyalty & Reward Programs

A key advantage local retailers have in keeping customer loyal are reward programs offered to local customers. Retailers can now expand their reach to a global consumer base with crypto.

“Cryptocurrencies could provide that slight advantage in the form of reward and loyalty programs,” says Mappo. Borders and oceans are not a hindrance for cryptocurrency. With crypto and retail systems—integration can be created with very little effort, thereby removing any consideration of location or border limitations. Retailers can now market to a global audience and create a competitive edge with crypto enabled transactions where few retailers have capitalized on to date.

Tokenizing Allows for Easy Resale, and Refunds

A key advantage blockchain offers consumers is the ability to validate products from their source. Unfortunately, consumers have to deal with fakes and knock-offs—especially with high end goods such as wines, jewelry, designer brands, fine art, collectibles and more.  Data added to the blockchain—such as certificates of authenticity—cannot be altered or erased in any way. That is, the blockchain is immutable.

While proving the authenticity of a product protects the buyer, it also protects the retailer. With blockchain, retailers can now offer their customers refunds—with or without a receipt. The person who has the token associated with a product is automatically validated as the true owner of that product. The customer does not need to keep the receipt or proof of sale. The token can easily trace the product purchase to the store, date and time of the purchase.

Image Source: disruptordaily.com

Payment Options

According to Sead Fadilpašić, in Cryptonews.com, there are a number of methods that crypto wallets are used in businesses and apps to make shopping on Black Friday a reality.

Ledger. A major crypto wallet-maker is offering a “30% off sitewide sale”. For Ledger, it’s not just Black Friday—it’s “Black Friday all week.” Their sale will go from November 25 to December 2 for “Nano X, Nano S, Backup Pack and OTG Kit bought through the site,” says Fadilpašić.

Trezor. From November 26 to December 3, Trezor is offering 30% off with a promocode. And shipping is free in the U.S. and the EU.

TradingView. For two more days, a web-based charting package and trading social network is offering 40–60% on its Pro, Pro+ and Premium plans.

Major Retailers Accept Crypto

Well known retailers such as Barnes & Noble, Bed, Bath & Beyond, Nordstrom, and Whole Foods allow you to pay in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Gemini Dollar (GUSD) when you use an app such as SPEDN —a “product of a payments startup Flexa and cryptocurrency exchange Gemini.”

Another option is to use Fold, also known for its Lighting Pizza. You can shop at major retailers. Fold announced “unprecedented cashback in BTC for Black Friday season, up to 20% satsback on every purchase,” adds Fadilpašić.

Direct to Retailers

Finally—there are a number of retailers where you directly shop at using crypto. With “crypto-friendly Overstock.com”—you can shop from among the thousands of items that are available at 70% off as a part of their Black Friday sale.  And shipping is free, according to their website.

Conclusion

Events like Black Friday often drive innovation and creative marketing.  For blockchain and crypto—Black Friday provides an opportunity to further mass adoption with retailers and consumers.  It truly provides a significant platform for blockchain and cryptocurrency to demonstrate their true value.

 

Samuel H. is an author, writer and speaker with over twenty years in the educational technology sector.

Contact Samuel

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