In 2021, statistics showed a sharp increase in cryptocurrency transactions made in the luxury sector. The same phenomenon has prevailed so far. Have we made progress on bitcoin (BTC) in the luxury industry and among its consumers?
Cryptocurrency and their ability to influence
In 2021, Market Business Insider released a report saying that the global cryptocurrency market exceeded $ 3 trillion. The first in the history of crypto assets. Stocks of institutional and retail investors are driving this growth. They no longer hesitate to invest in digital assets.
Faced with the rise of bitcoin and other cryptocurrencies, luxury brands are moving towards new payment methods. Crypto-currencies are indeed a bold alternative to retaining customers and giving them a certain level of flexibility. In this way, they will be able to transact through another payment method tailored to their needs.
Some researchers believe that 56% of affluent clients are now investing in cryptocurrencies. In the future, this number will continue to increase.
Similarly, some observers argue that cryptocurrency users are more likely to buy high-end items. They were assigned an average order value of $ 450. However, non-users also buy, but with an average value of $ 200.
All the more reason for Major brands like Gucci accept bitcoin in select stores across North America. Recently, the big names in luxury are gradually embracing digital currencies. They really need to expand their payment solutions.
Luxury brand and crypto transactions
Fashionweekonline believes that famous brands like Cartier, PRADA and LVMH, the promoters of the “Aura Blockchain Consortium”, are beginning to enjoy cryptocurrency transactions. The reason: Concentrated wealth seems to be enormous. Moreover, this type of payment is currently the safest.
Are they making a mistake by adopting crypto? Far from it. With the performance that crypto assets show, these luxury brands would not want to miss any of the positive results from bitcoin. And the possibilities of buying high-end products will not be missing through the inclusion of BTC or ETH purse crypt.
Take Juliettes Interiors, a luxury furniture retailer that became the first to adopt bitcoin in the UK in 2017. 5 years later, the results are visible: an increase in encrypted transactions and the myriad benefits of accepting soon with cryptocurrencies.
Thanks to Juliettes Interiors, some families with well-heeled encrypted wallets will be able to afford high-end furniture and access their interior design service. This British retailer is extremely proud of its amazing track record.
Recently, a home customer received an exclusive Droplet coffee table by paying for the change on Satoshi Nakamoto. To say that few businesses currently acknowledge this type of transaction.
Juliette Thomas, director of Juliettes Interiors, says:
“When digital currency is added to our list of payment options, we have seen a boom in cryptocurrency payments, especially in the last 12 months. Many of our customers are bitcoin investors, and we want to make their experience with us as easy as possible, so our decision to accept payment via bitcoin.»
“We want to offer our UK and international customers a convenient choice. That’s why we chose to integrate cryptocurrency payments, which are fast, easy and hassle-free.“, She said.
Prada, Cartier, LVMH, Gucci, Hogan, Louis Vuitton and many more are luxury industry badges that have recently entered the metaverse and crypto universe. With such initiatives, look forward to a flourishing future for the sector.
Source: Mobile Marketing Magazine
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The blockchain and crypto revolution is underway! And on the day when the impacts on the most fragile economy in this World are felt, against all odds, I will say that I was involved.