Getting Bitcoin into consumers’ hands is a daunting challenge. A lot of everyday users do not care for cryptocurrency all that much. Lolli, a rewards platform, is now focusing on Bitcoin and e-commerce. Anyone shopping at participating online retailers will receive a small amount of Bitcoin for doing so.
Lolli Pushes Bitcoin Adoption Higher
Changing the way consumers shop has never been easy. This is especially true when it comes to using cryptocurrencies such as Bitcoin. Numerous online retailers accept this form of payment. However, the number of consumers paying with Bitcoin remains rather low. As such, the success of cryptocurrency in e-commerce remains fairly limited.
The creators of Lolli are taking a different approach. This rewards platform grants shoppers small amounts of Bitcoin when making online purchases. This is achieved through a proprietary browser extension of visiting the Lolli website. Retailers create their own cashback rates, denominated in Bitcoin. It is a different type of business model which can expose more consumers to cryptocurrency.
Users do not even need to set up their own Bitcoin wallet. The platform offers storage solutions on behalf of its clients. If successful, the project will be expanded to new levels in the coming months. Increasing the number of consumers with a Bitcoin wallet is the team’s number one goal. Additionally, the platform will serve as an educational resource regarding cryptocurrency.
Cryptocurrency and E-commerce
Ventures like these can only succeed with the help of participating retailers. For Lolli, the initial partners include brand names such as Jet and Bloomingdales. For retailers, the Bitcoin option allows them to expand their interaction with consumers. Additionally, this method will introduce a lot of new consumers to these brands simply because of the Bitcoin cashback rewards.
It remains to be seen how consumers and retailers respond to this new venture. Online shopping is a booming industry on a global scale. Introducing cryptocurrencies to the equation can lead to new revenue streams and business opportunities. Any service offering a cashback to clients tends to attract a lot of attention, at least during the initial stages
Cryptocurrency volatility hardly affects the loyalty reward industry. It is very different from accepting cryptocurrency payments directly. Lolli is not the only service exploring cryptocurrency-related cashback options. A fair few firms tackle this industry as a potential new e-commerce frontier. For the cryptocurrency industry, it is another sign of how Bitcoin is maturing.
What do you think of rewards programs? Would you be more or less likely to use one that paid rewards in bitcoin? Let us know in the comments below.
Images courtesy of Shutterstock