Cryptocurrency Payment Process in Retail - Transition to "A New Normal"

Dalibor Sović, Director of E-commerce, Konzum

Dalibor Sović, Director of E-commerce, Konzum

Retail is an industry that is subject to constant change sand in which trend monitoring is one of the most important segments for business to grow and develop. Konzum, which has been setting retail trends in Croatia for years, knows this very well. is subject to constant changes and We were the first retailer in Croatia to launch our webshop in 2002, the first to introduce tablets on shopping carts, self-paying cash registers in our stores, self-service departments, and recently, payment with cryptocurrencies.

Why cryptocurrencies?

Konzum has had experience with cryptocurrencies so far because in several facilities where we have our stores there were also crypto exchange offices. We noticed an increased interest in the use of cryptocurrencies in Croatia, so we decided to enable payment with cryptocurrencies at our webshop. With an expert team from the domestic company Electrocoin which created an innovative PayCek system, we researched the behavior and affinity of consumers in Croatia and we mostly targeted younger audience, which is increasingly interested in the field of blockchain technology.

What does the process look like?

Paying with cryptocurrencies is simple and similar to card payments. When completing the product selection, the customer is able to choose the cryptocurrency payment option and the system offers them a list of those available. After selecting the preferred option, the amount in its equivalent is displayed and a QR code and payment address is generated, after which the customer simply scans the QR code exclusively with their personal crypto wallet. By confirming the transaction, they make the payment and receive a confirmation of the transaction from the PayCek system by e-mail, while Konzum sends them a receipt for the paid service or product. Given the volatility of the cryptocurrency exchange rate, which can vary from minute to minute, the PayCek system guarantees the buyer a fixed exchange rate equivalent in time enough to successfully execute the transaction.

“I believe that customers will, as before, quickly adopt new technological and purchasing habits, and that cryptocurrency transactions will be carried out smoothly.”

I must point out the specific duration of processing crypto transactions, which can take up to 30 minutes, depending on the currency and type of wallet used for the payment. Instead of waiting for the transaction approval process, we return costumers to Konzum website and inform them about our benefits and products. The webshop periodically entrusts the status of the transaction depending on the status, completes the order or allows re-payment, then sends the user a notification of the order/payment status. Customers have the option to cancel the crypto transaction when canceling an order, or the possibility of additional payment in case of insufficient number of coins.

What is next?

We have proven countless times that we are the technological leader in the field of retail by following and adopting the latest technological trends. I believe that customers will, as before, quickly adopt new technological and purchasing habits, and that cryptocurrency transactions will be carried out smoothly.

The same goes for other new technologies that come with the fast process of digitalization, since new generations of customers and shoppers are more agile, curious, adaptive and demanding, looking for products and services that perfectly meet their needs and oblige to their specific lifestyles. Our main goal is to keep setting trends in Croatia and region and be recognized as an agile company constantly ready to change, adapt and improve.

Retail

Agile

Blockchain