The retail industry is one of the largest industries with great influence on global economies. The industry consists of all companies that sell goods and services to consumers with various sales and store types across the world, including grocery, discounts, convenience, independents, department stores, DIY, electrical, and specialty stores. This industry employs millions of people and generates trillions of dollars per year in revenue. Cryptocurrency is also playing a major role in contributing to the financial influx in the retail industry through various businesses that are now accepting crypto as payment.
The impact of the retail industry on the American economy
When looking at the United States economy, a report was published by the U.S Census in 2020 and reported that within the year, the retail industry generated $5.57 trillion in sales — a figure that has massively increased since 1992, when it was $1.8 trillion. As of August 2022, the report indicates that the figure for sales was $683.3 billion. The largest category within retail that makes the most sales is the automotive industry, with over $1.2 trillion in sales, followed by online retailers, vending machines, and direct sales stores at $978 billion, and then food and beverage stores are standing at a figure of $850 billion. The ever-growing pool of online stores also made a huge contribution of $888.5 billion and further saved many jobs during the peak Covid era, which positively impacted global and community economies.
The retail industry is also a great factor and contributor to a nation’s economy and credit outlook. It serves as an essential economic indicator, as consumer spending is a great driving force for all economies.
Why should the retail industry accept crypto as a payment method?
As much as the retail industry is making enormous profits, more can be made if businesses within the industry accept cryptocurrency as an additional form of payment to the already existing traditional forms of payment. It is important to note that the world and trends are ever-changing. Businesses and industries need to be fluid, flexible, versatile, and adaptable without losing their core values and vision to survive the ongoing digital changes and expansions.
Over the last couple of years, we have and still are witnessing the growth and expansion of the use of cryptocurrency at large. Various businesses in different industries, including the travel industry, are now accepting crypto as a payment to book hotels and flights. This has led to a positive impact on the travel industry, subsequently impacting the economy. Apart from the financial benefit for businesses, consumers and investors are also benefitting from this as more viable opportunities to travel are made possible through crypto. Thus, businesses must not only focus on making an income but be considerate of their consumers by giving them value for their money and making more avenues accessible for them to purchase goods and/or services.
According to statistics, The U.S. jewelry market earned $57.965 billion in annual revenue in 2021. The global jewelry industry is valued at $249.02 billion as of 2021. The U.S. jewelry market is expected to grow by a CAGR of 1.31% from 2021 to 2026 and earn $61.868 billion in revenue by 2026. Thus, it is evident that the jewelry market is making great strides and has a significant financial influence that impacts the global economy. Should a business allow crypto as an additional form of payment to the traditional form of payment, the industry could become far more profitable. Below is a list of 20 jewelry companies that accept crypto:
- Ace Jewelers
- Hublot
- Amsterdam Vintage Watches
- Baunat
- Bomberg
- CRM Jewelers
- David SW
- IFLW
- JC Penney
- Jewellery Affairs
- Joma Shop
- Maison Birks
- Royani
- Marc Gebauer
- Stephen Silver
- Super Jeweler
- True Facet
- Urwerk
- Wrist Aficionado
- Idoneus
All of the above-mentioned stores are inclusive of some of the most prestigious jewelry brands and watch dealers, all of which accept cryptocurrency directly when making a purchase. A customer needs a BitPay wallet or card to spend their crypto with any jeweler or watch dealer.
What is BitPay?
BitPay is a Bitcoin service provider that provides Bitcoin and Bitcoin cash payment processing services for merchants. When it comes to the direct purchasing of jewelry from stores that accept crypto, BitPay is versatile and not only uses Bitcoin as a payment method but further allows Ethereum, Litecoin, and other popular currencies from your wallet. The service provider further supports other popular crypto wallets, including Exodus, Metamask, Electrum, Trust, Coinbase, and more. Bitcode Method site, a reputable crypto news site, and resource, gives the latest and in-depth news, guides, reviews, and analysis regarding the aforementioned currencies and wallets
There are numerous noteworthy reasons that justify why more businesses and industries should be open to accepting cryptocurrency as a form of payment. Apart from fluidity, versatility, and adaptability to the ongoing and ever-changing market and digital trends, the facts are, in the world we live in now, traditional currencies, like physical money, are not the only means of having and making money. Digital currencies that come in the form of various cryptocurrencies also exist and are making waves. Accepting both traditional currency and opening up the avenue of accepting digital currency will open up more avenues for profitability, which could lead to even tremendous growth for the company. Bitcoin, specifically, is the number one leading cryptocurrency in the world. Accepting this as a payment method means accommodating a wide span of customers.
