Survey discusses the importance of engaging with crypto for retailers.
The recently published Deloitte survey of 2,000 senior executives from the retail industry revealed nearly 75% plan to accept crypto or stablecoins as payments within the next two years.
” A radical shift has occurred in less than a decade, with once-wary customers and retailers increasingly viewing digital currency through an optimistic lens.”
The survey highlighted the importance of retail crypto adoption due to the increasing consumer interest in using crypto as payment, which is expected to significantly increase.
” It’s a sign to retailers that those that fail to embrace the customers’ demand of this trend run the risk of being left behind and losing out on profits.”
Taking a step further, 85% of respondents agreed that digital currency payments would be ubiquitous in 5 years and retailers would expect suppliers to accept both stablecoins and crypto.
The retail presence of crypto will be broad as demonstrated by the breadth of respondents polled from the consumer goods and services industry including cosmetics, digital goods, electronics, fashion, food & beverages, home/garden, hospitality & leisure, personal & household goods, services, and transportation.
Retailers also feel they can tackle crypto volatility by utilizing payment services which convert crypto to fiat money at the point of sale, and by using stablecoins which are pegged to an underlying asset such as the US dollar.
Vestly Takeaway: Crypto continues to march forward in the retail space, although Bitcoin in particular seems well-suited as a payment system. The lightning network, which enables extremely cheap and fast payments, has been rapidly expanding. Just last month The Coin Republic reported the network’s capacity rose by 34%.
Regulation also seems to be heavily favoring Bitcoin, with a plethora of regulatory heavies like SEC chair Gary Gensler proclaiming it a commodity and not a security, and bills introduced in Congress with similar language. Clear regulation will remove the majority of Bitcoin’s remaining hurdles and provide more stability and marketplace safety.
Credit —- Vestly_CryptoDoc