Women-focused brands are starting to embrace cryptocurrency payments and foster their adoption
Recently, more and more brands providing goods or services have started accepting cryptocurrency payments. For example, giants like Starbucks, Home Depot, and Target have started accepting Bitcoins. And brands targeting women are no exception.
Magnetic eyelash beauty brand Glamnetic recently started accepting payments in Bitcoin, Ethereum (ETH) and Dogecoin (DOGE) as part of a partnership with the electronic payment provider BitPay.
In an interview with Cointelegraph, Glamnetic CEO and founder Anne McFerran said the firm was one of the first female-founded companies to follow this path. She noted that when she started investing in cryptocurrencies, the market was dominated by a male society.
According to a study by BDC Consulting, in 2019, only 8% of all cryptocurrency users were women.
Following the launch of Glamentic in July 2019, McFerran was determined to enable crypto payments to encourage women to use cryptocurrency.
“The beauty industry is a sector where cryptocurrency payments have not been widely adopted. I wanted Glamnetic to be one of the first brands to support the cryptocurrency payments because I believe in cryptocurrency very much and want to attract more women into this space,” McFerran said.
McFerran also noted that Glamnetic intends to release a Dogecoin-inspired collection of magnetic eyelashes to foster adoption.
According to Sanja Kon, CEO of Utrust, a banking system for crypto payments, bringing women to the crypto space depends on a brand’s ability to reach its consumer base with the right educational tools.
She is confident that women need to be provided with the convenient conditions for using cryptocurrencies as a payment for goods and services. This requires providing support and educational content to promote the adoption of the crypto industry.
For example, Utrust invests in the creation and promotion of educational content in this area. And Glamnetic began creating TikTok videos to educate the consumers in the cryptocurrency industry.
In order to stimulate the attraction of the female segment of consumers, other businesses have also started using cryptocurrencies.
According to Aubrey Strobel, head of communications for online platform Lolli, the company is working with the leading retailers including Sephora, Ulta, EM Cosmetics and Glossier. She noted that at the moment among the platform users 30% are women.
She explained that thanks to Lolli’s services users can accumulate satoshi through online shopping. And this can be attractive to so many women.
In a report by The Defiant titled “The Global Report on Women, Cryptocurrency, and Financial Independence,” a woman named Christine noted that she sometimes learns managing cryptocurrency by practising small transactions. For example, she accumulated satoshi to receive Bitcoins for a long time, and while travelling she made small purchases with them.
Jewellery company Noémie decided to sell cryptocurrency only to its female clients.
At the moment, according to the results of a market research, women mainly spend cryptocurrencies on traveling, holiday, real estate, furniture, beauty products and much more.
Thanks to the adoption of cryptocurrencies, brands will be able to drastically reduce payment processing fees as blockchain reduces the number of traditional intermediaries such as banks, payment processors and credit card schemes, Sanja Kohn said. In addition, these brands will be able to eliminate chargebacks and fraud and increase their revenue by attracting new customers.