In the past month alone, a number of retailers have jumped aboard the cryptocurrency and blockchain bandwagon, considering the related technologies for everything from supply chain transparency, to shipping, and even retailer rewards programs. Both Walmart and JD are implementing blockchain solutions, while Amazon’s Eastern counterpart Rakuten are launching their own reward-based virtual currency. Many are watching and waiting to see how the current leader in the online retail space implement these emerging technologies - most notably, is Amazon.
Amazon, known as the world’s largest online retailer has yet to announce any plans related to blockchain and cryptocurrency - but most agree it is simply a matter of when. Rather than watching and waiting for Amazon, customer education and financial resource website LendEDU took it upon themselves to survey Amazon’s customers to gauge their interest and openness to use an Amazon-created cryptocurrency. The survey was conducted to understand Amazon customer’s interests in a variety of sectors, including lending, banking, insurance, and more.
The response from consumers was a resounding “Yes” to cryptocurrencies. According to LendEDU’s survey, over 51% of Amazon customers say "yes" they would be open to the idea of using an Amazon-created cryptocurrency for future purchases on amazon.com, while only 21% said "no." 26% remained unsure if they would be open to it, likely due to how new cryptocurrency is to the masses. Amazon Prime users made up the bulk of the users who answered yes - a whopping 58% of those who said yes are Amazon Prime subscribers. Amazon Prime subscribers are those most invested into Amazon’s ecosystem and are the most likely to use such a virtual currency.
Hopefully, Amazon themselves see the results of the survey and take notice that their users are open and willing. Amazon already may be working on their own cryptocurrency, according to website domain names registered by the company. In January, Amazon registered the domain names amazoncryptocurrency.com, amazoncryptocurrencies.com, along with amazonethereum.com. Amazon previously registered the domain amazonbitcoin.com as well.
When major players such as Amazon get involved with blockchain and cryptocurrency, it will be further legitimized in the public eye, as well as from the rest of the retail landscape.