Member Article

Sales of crypto-related goods soar as currency continues to grow in popularity

Sales of crypto-related products on Cumbria-based global ecommerce marketplace Fruugo increased by over 1,800% in the last four years, whilst sales of products related to traditional money slows.

The rise in popularity for cryptocurrency over the last few years has seen mass interest by a new generation of investors, with markets such as Bitcoin, Etherum and Tether all continuing to grow. However, it appears it is not just investment that the new generation are invested in, as global marketplace Fruugo reveals sales of crypto-related products increased by over 1,800% over four years, with a 478% increase over the past year since 2020 alone.

Educational products around popular cryptocurrencies including ‘how-to’ guides and history books have experienced a major sales growth over the last few years, whilst a Bitcoin Mining Rack that helps reduce power consumption is currently one of Switzerland’s top two best selling products.

Education is not the only motive of the new generation, as quirky crypto-themed products have also seen a huge jump in demand. Sales of Bitcoin themed t-shirts are proving to be popular, whilst even unusual products such as a Bitcoin Ice Tray has enjoyed growing sales.

In comparison, the growth of products related to printed money, such as wallets, purses, and money clips still experienced growth but at a much slower pace, only 188% growth over the same period.

It comes as no surprise that the rise of cryptocurrency that began with Bitcoin in 2009 coincides with the rise of ecommerce. Since 2014 e-commerce sales worldwide has grown 220% in the retail sector, whilst it is projected to rise a further 48% by 2024. With the new generation having an easier access to online world, their exposure to crypto-markets and crypto-products has massively increased, especially with the rise of social media and the impact of influential celebrities such as Elon Musk. This influencehas come into action through the purchasing of these crypto-related products.

Fruugo’s Chief Revenue Officer Håkan Thyr believes the growth in sales of crypto-related goods is only a sign of things to come – “E-commerce has made it easier than ever for sellers to bring to market trendy, novelty goods to sell to consumers all over the globe. The next generation of shoppers will have easy-access to online platforms and will become more invested in the goods that grow in popularity. As our recent sales highlight, cryptocurrency is the current popularity, and it will be interesting to see how consumers react to as the crypto market continues change on a daily basis.”

This was posted in Bdaily's Members' News section by Håkan .