Don’t be afraid to use virtual currency – it’s nothing new!
It is important to understand that virtual currency is nothing new. Humans have been creating currency for as long as they have been trading. We all have played with virtual currencies when we play games such as poker or Monopoly/Matador.
Blog by Roslyn Layton, KLEAN, speaker at e-handelskonferencen 2011!
SE PROGRAM: E-handelskonferencen 2011
The use of digital currency
In Denmark, there has been a movement for some time to create the cashless society, getting people used to paying with a Dankort instead of cash. There are certain benefits of such a society, for example that stores are not robbed for cash. The downsides include the loss of anonymity, however. Naturally, a digital currency under the watchful eye of regulators ensures proper tax collection. The beauty of cash is that it is anonymous and very often, tax free.
In any case, the growth of digital platforms and e-commerce is coming together in interesting ways: The digital virtual currency.
New ways of selling products
What’s interesting for retailers is the possibility to find new ways to sell products. If a retailer has a critical mass and run a loyalty club, they may have the ability to create a currency or points, which can be redeemed for products. Alternatively a retailer may find a way to tap into existing virtual currencies network and offer their products. Already we see this with Facebook Credits primarily being used for games, being applied to purchase magazine subscription.
We can learn something from the airline industry where they have created an entire new economy with frequent flier miles, adding new sources of revenue to their bottom line with the selling of miles for hotel stays, rental cars, and a series of other products. The possibilities with virtual currency on digital platforms are more or less endless – in a good way.
LÆS MERE: Om Roslyn Layton
On the 29th of September, we will explore further how Danish retailers might use virtual currency for their business, when Roslyn Layton talks about the topic on e-handelskonferencen 2011.