Trends and Stats
Traditionally, rewards and loyalty programs for local retail, restaurant and service merchants have had limited success due to the perceived value of continued merchant support. Ultimately, the programs require long term patronage for little true value or diminished value over the term of the program.
Recently, a survey was conducted across North America with 1,100 consumers, with the goal of understanding the sentiments around cryptocurrency in regards to small and local business. Results of the survey included several trends and interesting stats –just a few include:
- 68% of respondents have interest in receiving cryptocurrency as part of a promotion or loyalty program. Of those people, 53% prefer cryptocurrencies over traditional rewards
- 57% of respondents would choose a store over a competitor if they received cryptocurrency rewards for doing so
- 42% of respondents would leave and online review in return for cryptocurrency rewards
- Nearly half of respondents are willing to like, share or repost on social media to earn cryptocurrency rewards.
READ MORE by downloading the Cryptocurrency and Small Business Report