Integrating an ECommerce cryptocurrency payment gateway is no longer a trend, but an almost mandatory standard for large businesses.
The development of cryptocurrency in recent years has led to many accompanying job opportunities. But have you ever wondered which business pioneered the integration of crypto payment gateways in the early days of cryptocurrency?
In this article, I will analyze the case study of Overstock.com for you to see their modern vision. This is very beneficial for business owners who are still hesitant about the scandals of crypto!
SEE MORE: 3 Smart Moves for Using an OpenCart Cryptocurrency Payment Gateway
Overstock-dot-com and E-Commerce
Overstock.com was founded in 1999 with a fresh business idea: Selling inventory from other retailers. This business model was very good, as it reduced costs and brought convenience to both customers and retailers.
The year Overstock.com was founded, the e-commerce market was on the rise. Therefore, from the beginning, they did business according to the e-commerce model to decrease costs such as rent and labor.
Then, they later expanded their products to many areas including furniture, home appliances, fashion and toys. At this time, the development of the e-commerce model provided opportunities to expand the product catalog and develop new services for Overstock.com.
By 2014, one of those new services was accepting cryptocurrency payments.
Deciding to Integrate an ECommerce Cryptocurrency Payment Gateway
As a company that is almost a pioneer in the e-commerce wave, I think it goes without saying that Overstock is also at the forefront of this new crypto payment revolution. The company partnered with Coinbase, one of the largest Bitcoin exchanges, to roll out this payment gateway. Obviously this Overstock guy wants to create a modern and innovative brand image.
I think I mentioned above, Overstock has expanded into selling a variety of products. So, there is no better tool than crypto to reach a wider customer base, besides customers who prefer cash or cards. Besides, being a fairly old business, perhaps their intention in accepting crypto payments is to attract a younger, tech-savvy consumer base. It’s like your Beatles-loving grandma having to memorize Doja Cat lyrics to have a good conversation with you, her GenZ grandchild.
SEE MORE: How to Build a Crypto Payment Gateway for E-Commerce Websites
Post-Integration Results
While Overstock’s post-2014 revenue numbers are based on a number of factors, the integration of crypto payments has had a very positive impact on the company both commercially and in terms of brand value.
First, they have attracted a new group of customers, including digital natives and crypto users. Investors in the technology and blockchain space have also been very interested in Overstock’s decision. Therefore, accepting crypto payments has also had an impact on improving the company’s stock price.
Second, Overstock has increased its brand ranking in the market. Being one of the first major retailers to accept cryptocurrency in the e-commerce space put the company in the spotlight with both the media and consumers at the time. This is a huge competitive advantage, you know? They are often mentioned in the blockchain community and discussions about new technologies.
Projects with Crypto
Overstock.com didn’t stop there!
Soon after, they continued to invest in blockchain technology through Medici Ventures. This subsidiary focuses on investing in startups using blockchain in many different industries: finance, asset management, real estate, etc. Similar to the old days of partnering with retailers to sell their inventory, Overstock continues to reuse that model, but in a different form.
Not only that, Overstock also entered the financial sector to trade digital assets, no longer just a dealer of inventory sofas. They expanded their influence by investing in the development of tZERO, a digital securities trading platform using blockchain.
Their vision is quite accurate, right?
Lesson learned?
If you start a business, stay ahead of the curve. Overstock realized long ago that to stay competitive and expand its market, adopting new technology is a super-essential factor. Especially for businesses with an e-commerce business model.
Second, be a pioneer. Be a pioneer in anything. Payment methods, packaging, products, training staff, anything. Customers prefer creative clowns to boring ones who only mime.
Third, don’t just focus on revenue. Integrating a cryptocurrency payment gateway isn’t a decision that will immediately make Overstock a huge profit, right? But it does open up a huge opportunity for them to build a pioneering image and reach a new group of customers. I consider this a pretty smart long-term strategy that will help Overstock maintain its position in the easily replaceable e-commerce market.
SEE MORE: 5 REASONS Why Your Small Business Needs a Crypto Fiat Payment Gateway for Growth
Don’t have an ECommerce Cryptocurrency Payment Gateway yet? How about XaiGate?
Yes, why haven’t you found XaiGate yet? The current e-commerce market is saturated with crypto, and those who don’t keep up with this trend are closing the door to the future of the industry.
Don’t ask yourself how long it will take to be ready to enter the technology race when your customers are ready to give that shiny crypto coin to your competitors.
We are confident that we are not only a crypto payment gateway, but also an optimal solution for you to integrate cryptocurrency payments quickly. You don’t need to worry about security issues and technical details, because XaiGate will take care of everything from A to Z! We need you, and you need customers!
Multi-currency support, rocket-like transaction speed, much lower fees than traditional payment methods,…isn’t that enough for you to retain any customers?
With XaiGate, the relationship with customers does not stop at completing transactions. We always accompany and support customers at all times!
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