Executives of Wilmington-based jewelry store, Reeds Jewellers, claim Bitcoin has become their competitive edge within an industry that makes product differentiation difficult. In June, the company became the first jeweler in the US to accept Bitcoin. Since then, executives Bradley Zimmer and Mitch Kahn maintain that Reeds was able to find a technological edge that other jewelers have no.
The executives report they initially chose to accept Bitcoin as payment in response from requests from customers to improve the speed and security of their transactions. Using merchant processors such as BitPay and Coinbase, the company was able to figure out the best way of achieving these demands using the crypto currency, as well as the best ways to ensure their risk was limited. According to an interview with ExitEvent, the results of the choice was beyond what the executives hoped. Responding to a question regarding whether or not the results met the company’s revenue goals, Zimmer and Kahn responded,
Exceeded goals. The average ticket is significantly higher than a non-Bitcoin purchase.”
The comparative advantage given to businesses who choose to accept Bitcoin is apparent. Not only are larger retailers, such as Ebay, catching on, but it is likely these positive reports will attract even more businesses in the future.
Read more here- “REEDS Jewelers: Bitcoin is Our Competitive Advantage,” (Bill Bing, ExitEvent)