Can Byron Shire Businesses Benefit From the Ongoing Popularity of Crypto?

At a time when crypto hit its highest price in history just recently, it makes all the sense to have such questions. Of course, how a world power like the US regards crypto really affects a lot of things in this industry. For instance, you remember that just after Trump won the election, Bitcoin took on a bullish trend, exceeding the $100,000 mark.

That means if this trend continues, we are likely to see more investors across multiple divides join the industry, which begs the question of whether Byron Shire businesses can take advantage of it to stay ahead. And since such trends affect the BTC to AUD value, getting acquainted with them can really come in handy in making informed investment decisions. So, without further ado, let’s get this question answered.

Improving customer-centricity

Any businessperson can agree that aligning products and services to match customer preferences is one of the greatest secrets of success for those seeking long-term success. In fact, if we consider statistics, Supperoffice CRM claims that customer-focused businesses usually tend to be 60% more profitable than those that are not. So, you always want to ensure that customers can find exactly what they are looking for on your platform.

Are you actually aware that, according to Exploding Topics, close to 1 billion people worldwide own crypto? Given the continued buzz around digital currencies, this might increase in the coming days. Narrowing down to Australia, research by Finder.com revealed that about 27% of Australians had owned or expressed interest in possessing crypto. This is over five million of the country’s 26.64 population, and it follows that residents of Byron Shire form a considerable percentage of it.

Of course, part of this population may want to make purchases using cryptocurrencies. You don’t want to imagine the pain of losing such an audience just because you didn’t cater to their preferences. It gets even worse because the business world in this region has become very competitive, and acquiring and retaining customers is becoming quite expensive.

Plus, by adopting crypto, you can appeal to international visitors. Remember, Byron Shire is home to multiple tourist sites that appeal to the global community. And if you’re able to provide experiences that match their tastes, you can really benefit a lot from them.

Better customer experiences

Why would you even want to interact with a business that isn’t concerned about your experience with them? Well, since we love finding value for every coin we spend, most of us will ignore such businesses. In fact, according to Zendesk, if there are many of these experiences, they might cause up to 73% of consumers to turn to competitors – an experience you don’t want for your business.

As an innovative and forward-thinking brand, you’d want to take advantage of modern technologies to offer better customer experiences. In this case, crypto boasts fast and cheap transactions that can really help Bryon Shire businesses stay ahead of competitors. The best part is that tokens like Solana can support up to 65,000 transactions per second, which is good when you want to scale your business.

Unsurprisingly, a study by PYMNTS.com claims that close to 78% of customers rank instant payment as a very critical aspect of their satisfaction. In other words, businesses that don’t allow for such can affect the satisfaction of close to eight in ten consumers. Thankfully, crypto’s fast speeds can help you with that, ensuring you don’t frustrate this huge population.

Plus, crypto eliminates the need for intermediaries, further adding to the speed of transactions. This also results in a reduction in the cost of transactions because you don’t have to cater to the intermediaries associated with traditional payment methods. As a result, businesses are able to improve the payment experiences of customers, which may lead to higher retention rates.

Appealing to multiple preferences

Perhaps your business targets not just Byron Shire residents but also the global audience. What would you do if you realized that a good number of financially exclusive individuals could actually benefit your company? Well, you’d definitely want to find ways of accessing them.

A study by FinDev Gateway highlighted that only 76% of the world’s population could access financial services or formal financial accounts. Now that there are more than eight billion people on the globe, 24% is such a huge percentage to ignore. Good enough, crypto can help reach these audiences as it doesn’t complicate the process of having an account and completing transactions.

As if that’s not enough, with the rising cyberattack incidents, customers are becoming more discerning. In fact, if your brand doesn’t give the impression of online safety, you might end up losing a significant number of them to competitors. Adopting measures that improve online security can appeal to these customers and encourage them to continue transacting with a brand. And now that crypto seems to be more secure than traditional methods, it can really be a great place to get you started.

What is our final word?

Well, from these crypto benefits, you can actually agree that there’s a lot for Byron Shire businesses to reap. Especially now that crypto investors could increase, implementing it into daily operations can help these businesses stay ahead.

Plus, the region has several destinations that appeal to international visitors. And, of course, some could be crypto enthusiasts, which further solidifies the need for businesses to consider adopting such technologies.