The fashion industry is always looking ahead for the next big thing. Now, many brands are finding it in crypto. Learn why crypto is being used inside boutiques and online, and why it's here to stay.
Three fashion icons that accept crypto payments
These forward-thinking fashion brands and retailers are laying the foundation for a world where digital payments are not only normal, but the standard.
Gucci began accepting crypto in May 2022 and was the first major brand to accept ApeCoin (APE). The fashion house currently accepts crypto in 70% of its US boutiques, with plans to roll out to more stores in the future.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
- Marco Bizzarri, president and CEO, Gucci (via PYMNTS.com)
As one of the internet’s go-to sites for the newest trends, it's not surprising that Jomashop was an early pioneer to bring crypto to eCommerce fashion. Jomashop gives its customers the freedom to shop its diverse collection of watches and high fashion accessories 24 hours a day from anywhere in the world.
“We are now able to offer our luxury goods to affluent users who prefer to pay using cryptocurrency and serve our international customers where it's easier and faster to pay using bitcoin and other cryptocurrencies.”
- Alex Sternberg, Vice President of Jomashop (via Business Wire)
PacSun introduced surf and skate culture to middle-America. Now blockchain enthusiasts can pay for all of their waffle grip shoes, flowy Hawaiian shirts and cool shades straight from their crypto wallets.
“The Gen Z audience, our primary consumer, is very tech oriented, and we dedicate a lot of our efforts toward social media and eCommerce to align with their lifestyles and resonate with them on a more personal level. Seeing their increasing desire toward cryptocurrency, it was clear that we needed to adjust and offer BitPay as another payment option, to further instill their confidence in us as one of their go-to retailers that truly listens.”
- Michael Relich, Co-CEO of PacSun (via PR News Wire)
Why the fashion industry is embracing crypto
While blockchain technology can seem complex, the reasons fashion brands are jumping into crypto are straightforward.
New, young and savvy customers
Accepting crypto payments opens up a whole new set of digitally savvy customers for fashion brands. In the latest PYMNTS.com study of crypto U.S. crypto consumers, it was found that 23% of consumers (almost 60 million people) have owned cryptocurrency in the past year. These consumers are most likely to be millennials and high income earners. Previous BitPay studies have shown that 40% of people paying with crypto are new customers. Moreover, customers that pay with crypto typically spend 2x more than traditional customers per transaction.
BitPay gives the fashion industry the opportunity to accept crypto payments without ever holding or handling crypto. This shields businesses from the price volatility of cryptocurrency. Instead of holding crypto on their balance sheets, fashion retailers and brands are settled in their preferred currency the very next business day.
Low effort, low cost
Accepting crypto as a business doesn’t require technical know-how or costly consultants. Setting up crypto payment processing is easy. Get up and running with simple online integrations and intuitive point-of-sale systems. It even costs less to accept crypto than traditional payment processing.
How do fashion brands and retailers accept crypto?
BitPay gives fashion boutiques multiple options for accepting crypto, making it ideal for online crypto payments and in-person businesses. No wallet setups or separate bank accounts necessary.
Accept crypto payments in-store
BitPay’s Verifone integration is used inside all of our top fashion stores, including Gucci and PacSun. Crypto payments can be made at the same terminal used for credit card purchases, resulting in a seamless checkout process for customers and employees.
Accept crypto payments online via eCommerce checkout
Payment gateways like BitPay makes accepting crypto payments online simple and convenient for customers on any device. CMS plugins, code libraries and APIs make integrating any eCommerce system easy. Crypto payments are accepted in the same checkout flow as all other payment methods.
What’s next for crypto in fashion?
Crypto continues to make waves in the fashion world season after season. Whether its digital avatar accessories in the metaverse or crypto point-of-sale systems, it is clear that cryptocurrency has made a home in fashion. Companies like Gucci, PacSun and Jomashop are embracing a web3 future where digital payments are made online, in-person and within virtual experiences.
Are you ready to accept digital payments for your fashion business? Create a BitPay merchant account or contact the BitPay team to get started.