Cryptorefills, a prominent crypto ecommerce platform, has recently launched its highly anticipated 2023 Consumer Report, marking the third edition of this annual publication. This comprehensive 100-page analysis stands as the largest and pioneering report of its kind, meticulously examining the worldwide adoption of cryptocurrencies as a method of payment in commerce.
The Cryptorefills Report delves into a myriad of aspects related to crypto shoppers, presenting over 80 detailed data tables and charts. The report offers a deep dive into crypto shopper demographics, shopping behaviors, payment preferences, and sheds light on the factors influencing or impeding crypto adoption. Notably, this year’s edition introduces a new section focusing on the news channels and social media preferences of crypto shoppers, enhancing the understanding of consumer segments. The innovative cluster analysis, first introduced in the previous report, continues to aid marketers in effectively targeting and engaging diverse consumer groups.
Key Findings of the 2023 Report:
- Bitcoin Dominance: Bitcoin remains the preferred cryptocurrency, held by 60% of cryptoshoppers. However, the dominance of Bitcoin and Ether in shopping transactions is waning due to the rising popularity of stablecoins, with 53.2% having USDT and 9.7% having USDC in their wallets.
- Stablecoin Surge: The use of stablecoins, especially USDT, for shopping has seen a notable increase. This shift is attributed to the growing availability and adoption of alternative networks and layer-2 protocols, contributing to the rise in stablecoin usage.
- Concerns and Trends: Transaction fees (35.5%) and limited availability of stores/products accepting cryptocurrency (33.9%) remain the primary concerns among cryptoshoppers. However, there’s a visible decrease in concerns about the availability of crypto-accepting establishments compared to 2022, suggesting an expanding market presence.
- Fraud and Scam Decline: Concerns about fraud and scams have significantly decreased compared to previous years, indicating a more secure marketplace, heightened trust in crypto payments, or broader acceptance of crypto payments by reputable brands.
- Lightning Network Adoption: The share of cryptoshoppers utilizing the Lightning Network has increased by 20%. Furthermore, those using the Lightning Network or other layer-2 solutions engage in daily crypto-shopping at a rate eight times higher than non-users.
- Optimistic Outlook: A majority of crypto-consumers believe in the outstanding potential of crypto-shopping, anticipating its increased prevalence in the future. A noteworthy 64.9% of cryptoshoppers plan to make a cryptocurrency purchase within the next six months, with 51% planning to do so within the next month, indicating a growing habit of crypto-shopping.
Cryptorefills’ annual report has become a benchmark for examining global crypto shopping consumer demographics and preferences, with select data featured on platforms like Statista. The insights derived from this report not only provide valuable information for the crypto industry but also offer actionable data for marketers looking to navigate and capitalize on the evolving landscape of crypto commerce.
For further details, you can read the full report here.