Retailers accepting cryptocurrency as a form of payment is not common, but it is increasing. Companies like Overstock and Starbucks are just some of the largest merchants utilizing digital currency as a form of payment. In 2013, one of the biggest flower delivery services, 1-800-FLOWERS, hopped on the trend as part of its customer-centric marketing strategy.
The Future of Cryptocurrency in the Flower Industry
However, despite the increasing popularity of cryptocurrency on the global stage, many retailers, such as those in the flower industry or cool chain logistics, are apprehensive about joining the bandwagon. Still, the future of cryptocurrency in the flower industry looks to be promising, with more and more big companies and mom-and-pop shops welcoming an alternative payment option for their products and services.
The Challenges of the Flower Industry
Aside from cool chain logistic issues, delivery problems, and marketing challenges in the flower industry, consumer trends have also shown a missed opportunity among a specific generation with high buying power. According to floral industry news, this generation is the millennial generation—people who were born between 1982 and 2004.
Studies on floral product consumption among millennials in the US were seen to be lower than those of previous generations. Experts believe this is a major missed opportunity for the flower industry to claim a share of the buying power of millennials. This untapped market provides potential opportunities for the flower industry to increase sales by utilizing the power of smartphones and other mobile devices.
More and more millennials and younger generations of today are exclusively making financial transactions in the digital space. By offering innovative solutions to floral companies, next-generation consumers can be targeted in marketing campaigns that focus on their lifestyles.
How the Future of Cryptocurrency Can Help the Flower Industry
Studies have shown that more than 50% of people who invest in and use cryptocurrency consider digital currency as a safer and more secure way of purchasing goods and services as compared to traditional financial companies and banks. The most prominent way the floral industry can take advantage of this digital currency is by accepting cryptocurrencies like Bitcoin, Ethereum, and Litecoin as legitimate means of payment for their deliveries and services.
More Payment Options
With more options for payment at their disposal, the flower industry can attract and claim a new generation of consumers. More than just an alternative payment option, cryptocurrencies also offer more benefits to the industry. Some of these include having the ability to accept international payments without international processing fees, reduction of transaction fees common among banks and credit card companies; and eliminating fraudulent chargebacks.
An alternative option to debit and credit cards, cryptocurrency can also give a company a competitive edge. Younger generations are more conscious about their buying options and are more likely to choose companies and brands that match their beliefs and philosophies in life. By adapting to the ever-evolving digital world through the use of cryptocurrency as a viable payment option, floral companies can boost new customer acquisitions they have never enjoyed before.
Flexibility and Adaptability Are Characteristics the Floral Industry Needs to Hold On To
The floral industry and cool chain logistics industry have fast turnovers. When products don't sell, companies lose money. This is why it's important the industry remains flexible and maintains high adaptability in the ever-changing landscape of consumer behavior and preferences. Though digital products are the most purchased goods using cryptocurrency, more and more retail shops are offering Bitcoin and other digital currencies that have contributed to making it a popular and modern way to send payments.
Though many companies, especially small floral shops, are still not open to the idea of accepting crypto as an alternative payment option, larger merchants have. And with this, the motivation to make it easier and faster for consumers to purchase goods and services from floral shops is becoming the norm in the future of the floral industry.
More Than Just a Trend
Cryptocurrency is more than just a trend; experts believe it is here to stay. It doesn't mean, though, that a floral company is behind when it doesn't accept digital currency, but it is missing out on a potential consumer demographic with high purchasing power. Subscribe to our newsletter to read more blogs like this.