Are the beauty brands going to drive female adoption by accepting cryptocurrency payments and is there even a demand to pay with crypto other than stacking stats? Even though Bitcoin (BTC) is mentioned as a store value for many, many customers from across the globe might be thinking otherwise.
Are the beauty brands going to drive female adoption by accepting cryptocurrency payments and is there even a demand to pay with crypto other than stacking stats? Even though Bitcoin (BTC) is mentioned as a store value for many, many customers from across the globe might be thinking otherwise. Based on the recent data it has been revealed that 46 million people in United States are focusing on using cryptocurrency to afford things such as groceries or real estate.
Payments giant Visa disclosed in July that its crypto-authorized cards processed over $1 billion in total after paying out during most of the first half of this year. Anyways, it shouldn’t be such a big surprise that big brands like Starbucks, Home-depot and Target have begun to put Bitcoin on their balance sheets. However, as crypto payments start to achieve popularity and became easier to adjust with smaller brands, especially the ones driven towards women are beginning to accept crypto to help drive female adoption.
For instance, the billion-dollar beauty industry has taken a recent interest in Bitcoin. According to Ann McFerran, CEO and founder of Glamnetic, a magnetic eyelash beauty brand said that the company is ready to accept Bitcoin, Ethereum (ETH) and Dogecoin (DOGE) based on a recent partnership with Bitcoin payment provider BitPay. McFerran believes, Glamnetic is the very first first female-founded beauty brands that stands by crypto payments. McFerran said that she began investing in cryptocurrencies during 2017, but saw a distinctive space that was supremely controlled and run by men. McFerran opinion proves that research firm BDC consulting declared that only 8% of all crypto users were deemed as women in 2019. Soon after Glamnetic was set in motion, McFerran was ascertain to integrate crypto payments into the brands to motivate women to use cryptocurrency more.
“The beauty industry is a sector where crypto payments aren’t widely accepted. I wanted Glamnetic to be one of the first brands to support crypto payments since I’m a huge believer in cryptocurrency and because I want to bring more women into the space.” McFerran further pointed out that she trusts there is still a lot of stigmas connected with how crypto is being used today. “It was certainly not a secure payment method to begin with,” she said. She believes that programs such as silk road and Mt. Gox have ended up being a failure due to women’s disinterest in crypto: “Even to this day, women are not fully educated when it comes to crypto. I want to educate others do they can understand the risks and what they are potentially missing out on.”
Even though transacting with Bitcoin and other cryptocurrencies for beauty products may motivate women to become interested in cryptocurrencies, this is just way of solving the issue. According to Sanja Kon, CEO of Utrust which is a banking system for crypto payments, teaching women about what crypto depends strongly on a brands ability to hold out to their consumer base with the appropriate educational tool: “More beauty brands adopting cryptocurrency payments can increase awareness, but not necessarily usage. Women need to feel comfortable using cryptocurrency as a payment method. In order for that to happen, brands should provide support and educational content to advocate adoption.”
McFerran further went on to say that Glamnetic will be launching a magnetic eyelash collection influenced by Dogecoin to help increase adoption: “I think people will be more open to the idea of crypto if you turn that concept into an entire beauty product.” Even though Glamnetic wight be the first female-founded beauty company to accept crypto payments, a total of big cosmetic brands has begun to assimilate crypto which would increase female participation. Aubrey Strobel, head of communications at Lolli which is an online Bitcoin rewards platform said that the company works with the top retailers such as Sephora, Ulta, EM cosmetics and Glossier. According to Strobel, women make at least 30% of Lolli’s user base. “Historically, women have lagged behind men in the space, but lead a vast majority of many household’s purchasing decisions,” Strobel said.
This idea was mentioned in the recent report from The Defiant, titled “Global Report on Women, Cryptocurrency and Financial Independence.” This document stated that a woman named Christine pointed out that she often tried to learn how to handle cryptocurrency by practicing with small transactions. She also said that she has been saving sats to collect small amounts of Bitcoin over a long period of time. “When I travel, I like to buy coffee and other things with it,” Christine said.
“They will be able to drastically reduce their payment processing fees, as blockchain allows to cut all the traditional intermediaries, such as banks, payment processors and credit card schemes. Additionally, these brands will be able to eliminate chargebacks and fraud, as well as increase their revenue by reaching out to new customers.”