Enticing customers to make payment with crypto. - page 2.

LogitechMouse

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Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

Giving discounts will be a good thing but if you will be at a loss by doing that then better not to do it. Another thing is that even you will give discounts to your customers, there is no assurance that they will really pay you in crypto though giving discounts isn't a bad idea as well.

As for me, giving discounts are not for long term especially when it comes to crypto because you might end up losing because of how crypto moves. Just let them buy using crypto for one time would be the best I guess and just let them use their crypto to buy at your store.

Kakmakr

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OP, remember..... You will only offer the discounts as a introduction to Bitcoin strategy, so after a while... you will not offer the discount anymore. I will also look for the most popular item in the shop and offer the discount on that item.

People shop around for the cheapest price on the item that are the most popular, so when they see that item in your shop at a discount... they will convert to Bitcoin, just to buy that item. So you are only taking a loss on the one item.... and you make it up on the other items. (Example : Gaming Consoles or one of the latest games) Wink

Uang_kartal

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there are 2 sides to holding assets. if good prices don't last long, of course losses will also turn quickly to prosperity. you offer discounts maybe it's a pretty effective marketing technique customers will come and use their crypto. as long as you don't share the results with your partners maybe The loss in the price of storing crypto at the base will be more relaxed and considered a long term investment. We all know that the value of an asset is not fixed no matter what. They are hard to predict as time goes by and the laws of trading occur. You have complete control over the asset, vision, system that your company owns and you manage.
welcome crypto in your circle, friends.

lovesmayfamilis

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Some time ago, I read about a similar topic. A man opened a coffee shop and attracted customers with discounts if they paid in bitcoin. If your hands created your product, you could well discount products. From a future growth perspective, if you have nothing to lose by producing your goods, getting paid in bitcoin would be reasonable.

But if you depend on the fiat money you invest in your business, then selling at a discount will not be profitable for you.

Poker Player

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Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

I don't see much future for your idea. For starters, you talk about "crypto" in general, so you are including a bunch of indeterminate shitcoins. Why do you want to incentivize a series of centralized, premined shitcoins, which in some cases are clear pump and dump schemes, etc?

If you were talking only about Bitcoin, I could understand it more, but not even then. Cryptocurrencies including Bitcoin as of today are mainly used as an investment, and people are not going to pay massively with them as long as they are an investment.

I can sell shares with my cell phone in an instant and pay with the money I receive with the debit card, but I do not do it because the money I have in shares is an investment, and I will not use the money from an investment to pay for current expenses, such as food in a restaurant even if they offer me a small discount, because I expect to get more out of the investment, regardless of the fact that if I sell the stock to pay for a fucking steak and a beer I will have to pay capital gains. The same applies to cryptocurrencies (as long as the current price is higher than the one you bought).

romero121

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Discounts welcome more users make use of cryptocurrency as Payments. Do you have any reason why people aren't interested in making payments with cryptocurrencies. To my understanding, people consider it as an investment that brings in profit in the long term, whereas if spend on a product there'll be variation in the pricing due to the volatility. What we buy spending $30 in bitcoin can be bought with just $20 tomorrow if there is increase in price.

Dhaniii

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giving a discount for the goods we sell is very good. Many customers expect compensation for what they buy. but maybe they will pay with crypto ? I think you need to observe first about your customers and the area you are selling, maybe they are not familiar with crypto so that the discount offers you offer cannot be accepted by your customers.

Darker45

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Giving discounts doesn't mean you are selling at a loss. It means you're selling with a smaller profit. If it is the former, it is not advisable and you shouldn't do that. You are doing business, why should you be selling your goods at a losing price? No business could sustain that way. Forget about crypto payments, you'd rather receive all payments in fiat but with a profit than crypto but with a loss.

But I agree with the idea of giving discounts or extra freebies to customers who pay in crypto. That sounds nice!

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Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

If giving discounts and some free gifts, there's still a way to cope with it through bringing your profits first. Your mark-up has to be a little down if you'll budget the discounts.

That's all you need to do, a re-calculation on how much will come to you and how much you'll give to those crypto payments from your customers as an incentive.

KingsDen

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I have an idea!
Could you consider giving your goods for free, with the condition that the customer will pay with crypto.
If you can do this, you will understand that your customers all has their ways of paying with crypto and simply do not wish to.

I ask, why do you suddenly want to push your customers to paying with crypto? Do you have any problems or threats with your country's fiat? Or you just want to please bitcoin and bitcoiners?

Advice:Try and separate your crypto life and your business life and you will do great. Maybe investing your profit in crypto will be a nice idea instead.

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Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods?

Yes, offering discounts is a good way of enticing customers to pay in crypto. Aside from that promotional events like buy 1 take 1 or freebies if they spend a certain amount and pay with crypto.

Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

In selling an item, we always have a mark-up, you can calculate and sacrifice a certain percentage of this mark-up so that you won't be losing any capital when giving a discount.

Oshosondy

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What should matters to you now should be your business and not the method of payment, you can add crypto as a payment option but encouraging customers to pay in crypto by discounting what you are selling is not making any sense. Just accept what others are paying and do discounts that will move the productsnor services of your company and company forward.

Jemzx00

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Offering discounts or any sort of promotion for using crypto as payment will surely pique the curiosity of the customer and you might also be questions as to how to do it. So basically yes, you can attract or entice customers on paying thru crypto.

However, on you will sustain the promotion in the long run will surely depends on your decision as you are offering payments thru a volatile currency (not including stablecoin). Also, you might encounter a huge loss or even received a huge gain depending on how the market run. But you must also consider that you are promoting crypto thru your community which is a good for us in the crypto industry.

AmoreJaz

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Quote from: Coyster on May 29, 2022, 03:50:21 PM

Of what benefit will it be to you and your business, tbh, your sole aim as a business man/woman is to make profit, irrespective of whatever currency you are paid in, if your customers only want to pay in fiat, then accept payment only in fiat. However, to support Bitcoin adoption you can add an alternative payment method through crypto/Bitcoin but there is no need to try to allure people to use it in such a way that you prolly might run at a loss in the long run, just make the option available and people who fancy it will use it. Discounts and free gifts are for big businesses that have stood the test of times, if your business is nothing like that i think you should forget the idea.

he can always test the idea though. just like every promotion, there's validity period of claiming the reward or gift. because for sure, if he will run it long term, more then likely, he will be at a loss with his business. so that idea is not bad at all if you do really want to attract some customers to pay via crypto. just make sure you are not too generous to the point that your business will suffer. as Coyster said, those who fancy it will use it. always make it known that you accept crypto but the reward thing, should just be a short term promotion.

teosanru

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Quote from: Queentoshi on May 29, 2022, 03:36:59 PM

Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

Yes ofcourse but question is these will be done only if you actually gain from people paying in crypto, currently the incentive that will be given to customer will not entice additional revenues or profits for the company which means all the incentives are just free social service and that ofcourse no business likes to do. Therefore it's impossible that such a thing would happen in any scenario unless you create incentive for business if they accept payments in crypto.

Coyster

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Of what benefit will it be to you and your business, tbh, your sole aim as a business man/woman is to make profit, irrespective of whatever currency you are paid in, if your customers only want to pay in fiat, then accept payment only in fiat. However, to support Bitcoin adoption you can add an alternative payment method through crypto/Bitcoin but there is no need to try to allure people to use it in such a way that you prolly might run at a loss in the long run, just make the option available and people who fancy it will use it. Discounts and free gifts are for big businesses that have stood the test of times, if your business is nothing like that i think you should forget the idea.

TheNineClub

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Discounts are a great way to bring in customers but can't be sustainable for a long period. The issue here is that people need more education on what BTC is and it's benefits and then they would be more willing to do crypto payments. Without that it's just a short term experiment.

Queentoshi

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Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?

Topic: Enticing customers to make payment with crypto. - page 2. (Read 275 times)