Digital currency is not only a fresh way to pay; it’s a fresh way to play the overall game of business.
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To be certain, digital currency markets experienced their ups and downs. A recently available study by Gallup implies that only 2 percent of investors are purchasing Bitcoin or other cryptocurrencies, but one in four is intrigued. With major banks betting on the area, however, that math could be going to change.
Whether your company accepts cryptocurrency as a payment method, it could do well to focus on the surprising ways the business enterprise world has already been using digital currency:
1. Buying customer loyalty.
Loyalty programs have long struggled to obtain the right incentive structure. In line with the 2017 Colloquy Loyalty Census, over fifty percent of loyalty memberships in the U.S. are inactive. The report says approximately thirty percent of surveyed U.S. and Canadian consumers have gone loyalty programs without ever redeeming a spot or a mile.
Could cryptocurrencies reignite customer loyalty? Cryptocurrency gives customers want they need — cash — without the security and logistics challenges of doling out cash.
In Zurich, for instance, Caffe Lattesso encourages purchasers to redeem codes entirely on its bottles for loyalty rewards by means of digital coins, that may be exchanged within a couple of months for other digital tokens or traditional currency. EZ Rent-A-Car is following suit with an application that allows customers to switch their loyalty points for digital coins.
Related: Here’s How exactly to Earn and Keep carefully the Loyalty of YOUR VISITORS
2. Banking on accessory technologies.
Instead of re-invigorate their existing customer base, other entrepreneurs could look at creating a new one around the cryptocurrency market. Investors may begin focusing less on initial coin offerings and more on building the technological ecosystem around cryptocurrencies.
Demand keeps growing quickly for digital currency point-of-sale systems, for instance. Although a lot of the demand happens to be in South Korea, at least one company plans to distribute some 100,000 point-of-sale machines by 2021. Vendors that accept cryptocurrencies may also need accounting and reporting software to aid the payment method.
Related: 4 Methods to Leverage the Fast Growth of Cryptocurrencies for Success
3. Making change easily.
But cryptocurrencies are best for more than extra cash; they’re also ideal for giving back. Eric Tippetts, co-founder of NASGO described at the United Nations’ Media for Social Change Summit, cryptocurrency’s digital nature makes set-it-and-forget-it philanthropy possible.
“Rather than voicing a committed action to philanthropy, the blockchain can help you program giving in to the operation itself,” Tippetts explained in a Cheddar interview. NASGO’s financial systems, he noted, direct every seventeenth revenue cycle into a merchant account for humanitarian contributions.
Creatives, too, are employing cryptocurrency to spread their message.
In the Cheddar interview, Tippetts and Jaafar Jackson, son of Jermaine Jackson and nephew of Michael Jackson, discussed plans to tokenize upcoming musical releases in an effort to raise awareness, gather contributions and donate part of their earnings to humanitarian causes. Ashton Kutcher, actually, recently donated $4 million in XRP tokens, an electronic currency introduced by fintech startup Ripple, to the Ellen DeGeneres Wildlife Fund during his appearance on DeGeneres’s show.
Definately not the fad its detractors thought it will be, digital currency is turn into a staple of the business enterprise world earlier than anyone expected. If it could soup up tired loyalty programs, open new opportunities in software and streamline charitable giving, then what’s next? Entrepreneurs can’t buy a remedy compared to that question — however they can build