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Six Great Reasons for Online Merchants to Opt for Virtual Gifting

Author: Ava Taros

Date: 2023-Apr-09

Online retailers face huge competition, particularly small and medium sized businesses. You face costly third-party fees, logistic nightmares, looming corporations, cross-border expenses and much more. Maybe it’s time for you to change the paradigm and reach out to Web3?

Web3 - Opening Doors to New Audiences

“What’s Web3?” you ask in a panic. Actually, there’s nothing to fear about Web3 or its place in the metaverse. Web3 refers to a virtual reality which involves the sale or trade of non-physical lands, NFTs assets, gaming tokens, videos, digital collectibles and many other items.

Although Web3 is in its initial stages of development, here are some numbers that show that the phenomenon is rapidly gaining interest: In a recent survey, McCann Worldgroup discovered that by 2026, about 2 billion people worldwide “will spend at least one hour a day in the metaverse to work, shop, attend school, socialize or consume entertainment.” According to predictions, by that same year the total value of the virtual goods market in the metaverse could be as high as $200bn.

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How Do Your Current Online Sales Work?

Let’s discuss how you currently handle the physical merchandise or gifts for sale on your website, and the hassles you face on a daily basis:

  • You sell the same old products, offering your customers little innovation or excitement.
  • You spend endless time and money dealing with inventory, storage, manpower and third parties.
  • You have considerable costs and red tape related to cross-border payments, handling, shipping and delivery of physical items.
  • Gift cards that you sell can be lost, hacked or expire.
  • Many of your products are far from eco-friendly, not to mention your involvement in pollution-causing transport processes.

How Does the Sale of Virtual Assets Change the Game?

Now let’s examine how the sale of virtual assets can truly revolutionize your business and arouse unprecedented customer engagement.

  • Virtual products bring a new element of exhilaration to shopping. Purchasers can buy gaming tokens, accessories for avatars, crypto coins and other items. With these new assets, they can immerse themselves in exciting realms of the growing metaverse.
  • This unprecedented sense of innovation will attract new audiences of different ages and from untapped geographies, bringing a surge of traffic to your website.
  • When dealing in virtual products, there is no need to maintain physical inventory or store merchandise. Blockchain makes the logistic chain transparent and seamless for all parties involved. Less manpower and office space are required.
  • Gone is the headache of third parties demanding payments and cross-border fees. In addition, as the virtual products are sent via email within 90 seconds, there is no need for physical handling, shipping or delivery.
  • Virtual gift cards cannot be lost and they are securely registered on blockchain in the recipient’s name forever.
  • Virtual gifts are completely eco-friendly, leaving no pollution in their wake.

This combination of features makes virtual products an especially inviting prospect for online retailers eager to expand and innovate. Web3 gives you that special competitive edge you’ve been looking for.

Giftoin - A Key Innovator in Web3 Gifting

Now that you understand the benefits that Web3 virtual assets have to offer, let’s discuss how the process actually works. Understandably, you may be worried about the unfamiliar blockchain technology involved.

That’s where Giftoin comes in. Giftoin is an end-to-end blockchain-based platform which handles the payment, creation, wrapping and sending of virtual gifts from end to end. Online retailers do not require any prior knowledge of blockchain or crypto to deal in virtual gifts. In fact, all you need to do is upload the virtual assets to your website and monitor the sales.

In addition, customers can use standard payment methods to pay for the virtual gifts, and they don’t even need a crypto wallet. The Giftoin system converts the gift to crypto coins and places them in a secure Giftoin Wallet opened especially for the recipient.

Want to see what Giftoin has to offer? Go into our Starter Edition App and give it a try.

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