Black Friday: improve your sales with crypto payments
Black Friday, the pinnacle of consumer spending, is evolving rapidly with the inclusion of cryptocurrency payments. With everyday transactions increasingly embracing crypto payments, now is the perfect time to explore how this option can enhance convenience and inclusivity for your customers. Offering crypto as a payment method not only positions your business for the future but also broadens your reach to a tech-savvy, diverse audience.
The rise of Black Friday
In the 1930s, controversy arose from Thanksgiving's relationship with Christmas shopping. Retail stores wanted to have a longer shopping season, but no store wanted to break with tradition and be the one to start advertising before Thanksgiving. To extend the shopping season, in 1939 President Franklin D. Roosevelt moved Thanksgiving to the fourth Thursday in November rather than the last Thursday. This meant extending the Christmas shopping season by a whole week in some years.
The term "Black Friday" was originally used in Philadelphia during the early 1960s. Police officers coined it to describe the overwhelming chaos caused by large crowds of suburban shoppers flooding into the city after Thanksgiving. These visitors often came for holiday shopping and, in some years, for the Army-Navy football game on Saturday. The influx of people led to heavy traffic, accidents, shoplifting incidents, and extra-long work hours for the police. Although local merchants tried to rebrand the day as “Big Friday” to give it a more positive image, the term "Black Friday" gradually spread.
By the late 1980s, the retail industry began using "Black Friday" in a more positive light, tying it to the idea of moving from financial losses ("in the red") to profits ("in the black"). Despite being marketed as the biggest shopping day of the year, for many years, the Saturday before Christmas often saw higher sales.
Today, Black Friday has evolved beyond a single shopping day, with related events like “Small Business Saturday”, “Cyber Monday”, and “Giving Tuesday” encouraging shopping, online retail, and charitable donations.
A Black Friday myth
Black Friday creates high expectations from customers looking for great deals, and now, a growing number expects hassle-free shopping with crypto payments.
Historically, one of the largest misconceptions about Black Friday is that it always delivers the lowest prices of the year across the board, but is that true? However, we see that sometimes prices get pumped up artificially in the month leading up to Black Friday, which gives a feel of bigger discounts, but you’re fooled. Make sure to do your research before the big day and you can walk away a winner.
Crypto-friendly merchants, however, have found success by emphasizing value beyond mere discounts. Features such as instant transactions, global accessibility, and exclusive loyalty rewards create an experience that traditional payment methods struggle to match.
Why crypto for Black Friday?
Offering crypto payment options redefines convenience and accessibility for shoppers, eliminating the barriers of traditional cross-border commerce. Accepting crypto as a payment method during Black Friday will attract a group of customers who have seen a great increase in value in their crypto wallets lately and are willing to spend it. If they can make purchases without the need to convert their cryptocurrency, they are more likely to choose the crypto-accepting merchant over others that don´t offer the same service. Crypto adoption during Black Friday is not just a trend but a strategic advantage.
Global reach and accessibility are key. Merchants who accept cryptocurrency can attract international buyers without the complications of currency exchange or exorbitant transaction fees. This is particularly appealing for Black Friday, as it enables merchants to unlock new markets while ensuring a consistent and frictionless shopping experience for consumers worldwide.
The ability to accept crypto payments can serve as a powerful differentiator for businesses. Merchants who position themselves as innovative and forward-thinking often attract tech-savvy customers who are not only looking for deals but are also drawn to brands that align with their values and interests.
Crypto and Black Friday in action
During Black Friday 2023, several crypto-friendly merchants saw significant increases in sales volume. For example, Ledger offered substantial rebates in Bitcoin for purchases of its hardware wallets, appealing directly to crypto enthusiasts looking to secure their assets.
A range of brands, primarily in the luxury and tech sector like Lanieri, Baunat, Maison Birks, Pacsun, Newegg and Express VPN, create exclusive deals and discounts for discerning crypto enthusiasts. But even outside the more capital-intensive categories, crypto payments are making an entry into the Black Friday festivities with South African grocery retailer Pick n Pay offering special deals for their growing number of crypto customers.
In short, add crypto payments to your checkout and make life easier for crypto holders, a surefire way to increase the market for your next Black Friday, week or month.