- A Detailed Analysis of Global Crypto Shopping Adoption, Behaviors and Preferences in 2023
Amsterdam, December 6th, 2023, ZEX MEDIA, Cryptorefills, the leading crypto ecommerce platform, proudly announces the release of its 2023 Consumer Report. This annual report, now in its third edition, continues to be the first and largest of its kind, systematically exploring global consumer adoption of cryptocurrencies as a payment method in commerce.
The Cryptorefills Report is an extensive 100-page analysis, featuring over 80 detailed data tables and charts. It provides an in-depth look at crypto shopper demographics, shopping patterns, and payment preferences, along with insights into factors driving and hindering crypto adoption. The 2023 edition offers an expanded view of the cryptoshopper landscape, with this year’s edition introducing a new section on news channels and social media preferences of crypto shoppers. This addition complements the innovative cluster analysis introduced in the previous report, providing marketers with actionable data to effectively reach and engage different consumer segments.
Key Findings of the 2023 Report:
- Bitcoin remains the most popular currency with 60% if cryptoshoppers holding some. Stablecoins are becoming more common among crypto-consumers as 53.2% have USDT, and 9.7% have USDC in their wallets.
- The dominance of Bitcoin (and Ether) among cryptocurrencies used in shopping continued to weaken due to the increasing popularity of stablecoins, especially USDT, for shopping. The increased availability and adoption of alternative networks and layer-2 protocols increased stablecoin usage for shopping.
- Transaction fees (35.5%) and the limited availability of stores/products accepting cryptocurrency (33.9%) are still the primary concerns among cryptoshoppers. However compared to 2022, there is a noticeable decrease in the concern regarding the availability of crypto-accepting stores/products, suggesting an increased presence of crypto payment options in the market.
- There is a significant decrease compared to previous years in the ranking of fraud and scam concerns, indicating a healthier marketplace, increased trust in crypto payments or wider acceptance of crypto payments by prominent brands.
- The share of cryptoshoppers who utilized the Lightning Network increased 20%. Moreover, crypto-consumers using the Lightning Network or other layer-2 solutions engage in daily crypto-shopping 8x more than nonusers.
- Most crypto-consumers believe that crypto-shopping has outstanding potential and will be more common in the future. Also, 64.9% of cryptoshoppers claim that they will buy something with cryptocurrency in the next 6 months. 51% claim that they will do crypto-shopping within the next month, showing that crypto-consumers are making a habit out of crypto-shopping.
The annual report by Cryptorefills Labs has become a hallmark in investigating global crypto shopping consumer demographics, preferences, with select data also being featured on Statista.
The Cryptorefills 2023 Consumer Report is available at https://labs.Cryptorefills.com/consumer-report-2023/
About Cryptorefills (www.cryptorefills.com)
Cryptorefills continues its mission to empower global customers to use cryptocurrencies for their daily needs. Serving people in over 150 countries, Cryptorefills allows users to recharge mobile credits and buy gift cards using cryptocurrencies from the world’s top digital and retail brands. Being at the forefront of crypto payment innovation, Cryptorefills was the first company in the world to introduce layer-2 Ethereum payments and has consistently integrated various blockchain networks for ecommerce, positioning itself as a leader in applied decentralized payments and technologies for the gift card industry. The company is also actively involved in crypto consumer spending research through its Labs initiative and regularly publishes reports on global cryptocurrency usage in retail.
Cryptorefills, headquartered in Amsterdam, is a proud member of the Holland Fintech Association and Blockchain Netherlands Foundation.
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