E-commerce is no more limited to winning cashback prizes on purchases. The Latin American company Mercado Libre is set to take e-commerce purchases a notch higher by generating crypto cashback rewards for its customers.
As a part of its marketing strategy, Mercado Libre aims to retain its customers by offering an Ethereum-based token, MercadoCoin, to help customers purchase goods on the company's e-commerce page Mercado Pago.
Mercado's crypto coin launch is a fantastic strategy to take Latin America's digital assets' activities a step ahead. According to research reports, Latin America occupies 8-10% of the global crypto activities, with MercadoCoin helping the region achieve greater statistics.
The recent market statistics indicating greater currency devaluation owing to high inflation rates push locals to purchase crypto assets on P2P platforms to maximize savings. Though crypto investments and purchases face a stark decline owing to the market's slant towards a bearish trend, introducing MercadoCoins seems to receive considerable excitement.
While introducing MercadoCoin in e-commerce serves the company's purpose of retaining customers, it also offers new opportunities for the latter, helping them purchase Mercado products through the cashback coins.
Such a venture or business strategy proved to be a win-win situation for the company and its customers. The region's digital assets also experienced a significant spike with greater crypto purchases.
MercadoCoin is estimated to hold a value of $0.20 before being floated in the market at the disposal of 500,000 residents of Brazil. Financial experts also expect the coin to reach 80 million people by the end of the year. Evidently, the much-anticipated rise in crypto dealings with MercadoCoin holds true, at least in its nascent stage.
The company declared the crypto coin will only be available for Brazilian citizens until further intimation. Though the company did not provide any timeline for its expansion to other Latin American countries, the growing excitement over such cashback prizes indicates the former.
Furthermore, purchases using the MercadoCoin can only take place using the Mercado Pago platform. Though the company uses the ERC-20 token standard, the company refrains from opening up such opportunities across other e-commerce transaction platforms.