Why should you start accepting crypto payments on your Magento store in 2025?
Are you considering adding crypto payments to your Magento store but are unsure whether it would be a wise move? Well, if you are, you need not worry. We have crafted this article for people like you, and you will really do well to have a look at it. Remember, as technology evolves, even in the crypto industry itself, it always presents new possibilities to improve our life experiences.
For instance, you can take advantage of an online BTC to USD converter at any time to help you make better investment decisions. And mark you: this is independent of whether you use a laptop, smartphone or desktop. In e-commerce, tech improvements have made it possible for users to enjoy safe, secure and cheap transactions, which is why many e-commerce stores are adopting crypto payments. Read on to learn more.
The growing importance of immediacy in transactions
One of the reasons why you should probably think of integrating crypto payments into your Magento store is the growing need for instant payments. By the way, do you actually know that, according to PYMNTs.com, almost eight in ten customers claim to be very satisfied if they find such experiences? And you can agree that if you want to stand out from competitors, aligning your products to changing customer demands can really help.
No one wants to keep waiting just because their transactions must be processed for ages. And given that e-commerce has become extremely competitive, instant payments can help you stay ahead. You may actually be surprised to learn that you’ll need to spend atleast five times more to acquire new customers than retain existing ones. Thankfully, crypto transactions are way faster and can be completed in a matter of seconds.
To add to that, some digital currencies like Solana are very scalable. Solana alone allows for about 65,000 transactions per second. So, if you were targeting a global audience, such features can be very beneficial during peak seasons when traffic volumes are high.
Reaching a wide audience
We have already hinted at how e-commerce has become extremely competitive and how instant payments can help you stand out. But beyond adopting these payment options, you need to understand that the number of crypto users is also increasing. Just recently, Exploding Topics noted that around one billion people use the currencies globally, with about 50 million owning Bitcoin. On top of that, the number of confirmed daily Bitcoin transactions is about 50,000.
These numbers clearly demonstrate what a brand can miss out on if it doesn’t offer crypto payments. Of course, if someone frequently uses digital currencies, they would most likely expect to find similar experiences when they visit your platform. But if they don’t, they might never return, and it could be part of why Superoffice CRM thinks that customer-focused businesses are 60% more profitable than those that are not.
In another place, a study noted that close to 32% of US millennials using crypto were very likely to switch to a brand that allows crypto payments. What about if this preference cuts across the entire globe? This can be a great way of attracting customers, especially if your products target this demographic. As if that were not enough, some experts would tell you that crypto consumers tend to spend more, particularly on luxury products.
The place of online security
As much as we pay more attention to our physical security, we also need to ensure our online safety is intact. Cybercrimes are on the rise, and hackers are now using more advanced techniques to compromise and access users’ data. According to SentinelOne, almost every organization experienced about 1636 weekly attacks in the second quarter of 2024, a number that could continue increasing in the coming days.
Customers also want to be sure that they are interacting with a secure platform. The best part is that if they perceive you as trustworthy, most of them could become loyal buyers and even refer your brand to their communities. So, adopting technologies that strengthen your security not only combats attacks but also adds to your competitiveness.
Cryptocurrencies are decentralized, meaning no single entity controls or manages the entire network. This reduces the chances of losing data and manipulation, common in traditional systems. And even if one entity were to be hacked, the others can still continue running. Currencies like Bitcoin use advanced encryption mechanisms that convert data into an unreadable format, making it difficult for third parties to access and tamper with it.
What is the conclusion?
As you can see, running a successful e-commerce brand is not just a walk in the park; you’ll need to do several things to stand out. With some studies claiming that more than 250,000 merchants operate on Magento, you can imagine what you need to do to stand out. Good enough, tech advancements like crypto can help you with this.
Cryptocurrencies offer highly sought-after benefits like instant transactions, which can help you improve your competitiveness. Plus, no one wants to transact in an unsecured environment, and by taking advantage of crypto’s decentralized infrastructure, you can give an impression of your commitment to ensuring the safety of transactions. Since we expect the e-commerce sector to grow more in 2025 and beyond, using technologies like crypto can really help businesses stand out.
