Although Bitcoin (Bitcoin) Maybe Seen as a store of value For many people, some consumers around the world may not think so.The most recent data are disclose 46 million people in the United States plan to use cryptocurrency to pay for groceries or real estate.Payment giant Visa further revealed in July that its Cryptocurrency cards processed more than 1 billion U.S. dollars Total expenditure in the first half of this year.
Therefore, it should not be surprising that major brands like Starbucks, Home Depot and Target Have started putting Bitcoin on their balance sheetHowever, as encrypted payments have become more popular and easier to integrate, smaller brands—especially those that are women-oriented—have begun to embrace crypto to help drive adoption by women.
The beauty industry is betting on Bitcoin
For example, the multi-billion dollar beauty industry has recently become interested in Bitcoin. Ann McFerran, CEO and founder of Glamnetic, a magnetic eyelash beauty brand, told Cointelegraph that the company now accepts Bitcoin and Ethereum (Ethereum) And Dogecoin (dog) Through the recent cooperation with Bitcoin payment provider BitPay. According to McFerran, Glamentic is one of the first beauty brands founded by women who supported encrypted payments.
McFerran shared that she started investing in cryptocurrency in 2017, but noticed that the field is dominated by men. According to McFerran, the research firm BDC Consulting Established Only 8% of all cryptocurrency users in 2019 were women. After the launch of Glamentic in July 2019, McFerran decided to include crypto payments in the brand to encourage women to use cryptocurrencies:
“The beauty industry is an industry where crypto payments are not widely accepted. I hope Glamnetic will be one of the first brands to support crypto payments because I believe in cryptocurrencies very much, and I want to bring more women into this field.”
McFerran further mentioned that she believes that there is still a lot of stigma surrounding the use of cryptocurrencies today. “From the beginning, it was definitely not a safe payment method,” she commented. McFerran pointed out that events such as the Silk Road and the mountains. Gox further led to women’s disinterest in cryptocurrency: “Even today, women are still under-educated in cryptocurrency. I want to educate others about the risks and what they might miss.”
Although trading beauty products with Bitcoin and other cryptocurrencies may encourage women to become interested in cryptocurrencies, this is only part of the equation. Sanja Kon, CEO of Utrust, a crypto payment banking system, told Cointelegraph that crypto education for women depends to a large extent on the brand’s ability to reach consumers through the right educational tools:
“More beauty brands that use cryptocurrency to pay can increase visibility, but not necessarily the usage rate. Women need to feel comfortable using cryptocurrency as a payment method. To achieve this, brands should provide support and educational content to promote adoption.”
According to Kon, Utrust is promoting this movement by investing resources in educational programs with company businesses. McFerran also pointed out that Glamnetic has already started making TikTok videos to educate consumers about cryptocurrency, which could have a major impact given the notion that young consumers are more likely to own cryptocurrencies. PYMNTS.com found that 27% of millennials own or have owned a cryptocurrency.
McFerran further stated that Glamnetic will release a series of magnetic eyelashes inspired by Dogecoin to help drive adoption: “I think if you transform the concept of encryption into an entire beauty product, people will be more open to the idea of cryptocurrency.”
Although Glamnetic may be one of the first beauty companies founded by women to accept encrypted payments, some of the larger cosmetics brands have also begun to integrate encryption technology in other ways to promote women’s participation.
Aubrey Strobel, head of communications for online bitcoin rewards platform Lolli, told Cointelegraph that the company works with leading retailers including Sephora, Ulta, EM Cosmetics and Glossier. According to Strobel, women account for 30% of Lolli’s user base. “Historically, women lag behind men in this field, but dominate the purchasing decisions of most households,” Strobel said.
Strobel explained that companies that provide consumers with bitcoin rewards are attractive to many shoppers, especially women who want to “stack” when shopping online.
A recent report by The Defiant entitled “Global Women, Cryptocurrency and Financial Independence Report” emphasized this concept.In this document, a woman named Christine points out that she occasionally learns how to management Practice cryptocurrency through small transactions. She stated that she has been accumulating seats to accumulate a small amount of Bitcoin for a long time. “When I travel, I like to use it to buy coffee and other things,” Christine further commented.
Will Bitcoin become popular in the beauty industry?
Although it is too early to judge whether encrypted payments for beauty products will promote women’s participation in encryption, it has shown a small impact. McFerran shared that Glamnetic has already processed crypto transactions for some female consumers. Yuvi Alpert, founder and CEO of Noémie, also told Cointelegraph that the brand currently only conducts crypto sales with female customers. Noémie is a jewelry company that has also recently joined the crypto payment business.
Although this may be the case, the survey results indicate that the products women are most likely to use cryptocurrency to buy are travel and leisure, real estate, furniture or electrical appliances. However, although the popularity of crypto payments in the beauty industry may be slow, brands that use cryptocurrency transactions may gain a competitive advantage.
According to Kon, in general, more and more brands are beginning to understand the advantages of accepting cryptocurrency as a payment method:
“They will be able to significantly reduce payment processing fees because blockchain allows to cut all traditional intermediaries, such as banks, payment processors, and credit card plans. In addition, these brands will be able to eliminate chargebacks and fraud, and increase by reaching new customers income.”