75% of retailers look at cryptocurrencies within 24 months: Deloitte
Three-quarters of U.S. retailers plan to accept crypto or stablecoin payments over the next two years, according to a new study published by Deloitte.
It also found that more than half of large retailers with revenues over $ 500 million currently spend $ 1 million or more on building the necessary infrastructure to do so.
The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on Wednesday.
A large majority, around 85%, of the sellers surveyed said that they expect payments with cryptocurrency to be ubiquitous in their respective industries in five years.
The survey examined 2,000 top executives at US retail organizations between December 3 and December 16, 2021, when cryptocurrencies remained high, but the results have only just been revealed. The leaders were divided equally between cosmetics, digital goods, electronics, fashion, food and drink, home and garden, hospitality and leisure, personal goods and household goods, services and transport.
Small to medium-sized businesses are also starting up, with 73% of retailers with revenues between $ 10 million and $ 100 million investing between $ 100,000 to $ 1 million to support the necessary infrastructure.
According to Deloitte, spending will not stop there and is only expected to increase during 2022. More than 60% of retailers said they expect budgets of more than $ 500,000 to enable cryptocurrencies over the next 12 months to December.
Consumers are pushing for cryptocurrencies
Consumers’ interest drives merchant adoption, with 64% of merchants signaling that their customers have expressed significant interest in using crypto for payments. Approximately 83% of retailers expect interest to increase or increase significantly during 2022.
Almost half expect that their use of cryptocurrency will improve the customer experience, about as much believe it will increase their customer base, and 40% hoped that their brand would be perceived as “groundbreaking”.
Related: Business development: How adoption changes crypto company structures
Traders optimistic about digital currencies
Of the traders who already accept cryptocurrency, 93% have reported a positive impact on their customer surveys.
Carriers and challenges for adoption cited by sellers include the security of the payment system (43%), changed regulations (37%), volatility (36%) and lack of budget (30%).
The complexity of integrating cryptocurrencies with older systems and the complexity of integrating multiple cryptocurrencies was the biggest challenge, according to 45% of the sellers surveyed.
Deloitte said it expects “further education” will create further clarity for regulators, and allow for wider use across a broader set of products and services.
