A Deloitte report revealed that around 75% of all U.S. retailers want to enable crypto payments within the next two years.
Retailers Bullish Towards Crypto
On Wednesday, Deloitte released its “Merchants Getting Ready For Crypto” report in collaboration with PayPal. The report contains the results of interviews with 2,000 senior executives at retail organizations in the United States. 75% of the surveyed retailers stated that they plan to accept crypto or stablecoin payments within the next 24 months. 85% of them shared their beliefs that crypto payments would become more mainstream in their respective industries in the next five years.
An overwhelming 87% of all retailers surveyed also stated that companies accepting crypto payments have a competitive advantage over those who do not. The survey has also looked into retailers who already offer crypto payments and gauged their reaction toward the new development in their business. A significant majority of such retailers, i.e., almost 93%, have reported that including crypto in their payment structure has positively impacted customer metrics.
Businesses Investing Millions Towards Crypto Infra: Report
The investigations led by Deloitte looked into all sectors, like cosmetics, digital goods, electronics, fashion, F&B, home and garden, hospitality and leisure, personal and household goods, and services and transportation. The report also uncovered that more than half of the larger retailers generating over $500 million are investing $1 million or more towards the infrastructure required to incorporate crypto into their business. Similarly, 73% of small- to medium-sized companies with revenues between $10 million and $100 million are financing their crypto adoption by investing funds in the $100K to $1 million range.
Role Of Consumers
Their findings also uncovered the consumers' role in driving merchant adoption of cryptocurrencies. 64% of the retailers surveyed revealed that customers had expressed significant interest in availing of payment options in cryptocurrencies. 83% of retailers believe this customer interest in crypto will only increase in 2022, while half of those surveyed believe crypto can enhance consumer experience and draw in more customers.
To be fair, the interviews were conducted between December 3 and December 16, 2021, when crypto prices were soaring high. Therefore it is likely that some of the retailers might have had a change of heart since then, especially in the light of the market slowdown followed by a devastating crash that pegged the crypto industry in 2022.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.