American online electronics retailer giant Newegg, explains why it expanded its Bitcoin payment option to Canada.
On July 1, Newegg announced it was starting accepting Bitcoin payments on Newegg.com, its American shopping portal, stating it partnered up with Atlanta-based Bitcoin payment solutions provider BitPay.
Yesterday, the electronic retailer giant announced it has expanded its Bitcoin-acceptance to its Canadian portal, Newegg.ca. Chief Marketing Officer of Newegg North America Soren Mills, stated:
"Newegg is deeply committed to growing its business internationally – serving customers overseas, introducing new products from key Asian markets and evolving the way we transact with our global customer base."
The executive added that its decision in extending Bitcoin acceptance to Canada was an "important milestone" and strategic decision in building "the company's international presence."
Just like its American portal, Newegg.ca's Bitcoin payments will be handled by BitPay. Executive Chairman of BitPay, Tony Gallippi, noted that Newegg's expansion was a true demonstration of the company's "strong commitment to Bitcoin and recognition of cryptocurrency as a growing and important payment option for online retailers."
Newegg is holding a special Bitcoin promotion to mark the announcement. On August 26 and 27 in Canada, and from August 30 to September 1 in the U.S., customers paying with bitcoins will receive a special discount of US$75 off purchases over US$300 or US$150 off purchases over US$500.
In a blog post, Newegg exposed the reasons why it has decided to take Bitcoin payments to Canada and elaborated on three major causes:
Customers demand
The electronics-focused e-retailer stated that its customers, whom the firm qualified as:
"The most tech-savvy on the Internet," had started to inquire about Bitcoin payments. After several months of examination and research about the technology, Newegg concluded that Bitcoin was "the future for [the] company, and possibly the future of e-commerce."
Newegg noted the excitement of its customers when its American e-shop started accepting Bitcoin, noting that various media channels covered the announcement and that hundreds of Bitcoin-paid orders were processed within hours. Seeing the positive returns of its Bitcoin-acceptance, Newegg decided to expand the feature to other markets, explaining:
"After crunching the numbers and determining Bitcoin could indeed succeed in Canada, we made the leap across the border."
The right partner
Newegg suggested that its partnership with BitPay was a success, stating that "BitPay [was] one of the main reason Newegg [was accepting] Bitcoin in Canada," as they made it "extremely easy - and [were] very reliable".
The firm noted that BitPay has processed over US$100 million worth of Bitcoin transactions and has been considered as the "leading Bitcoin payment service provider in the world," adding that technology expects even called them "the Paypal of Bitcoin."
Newegg stressed their confidence in partnering up with the Atlanta-based Bitcoin startup in bringing the best Bitcoin payment solution to their customers.
International expansion
The electronics retailer noted that it has been expanding in three ways through implementing new payment options such as Visa Checkout, tackling the European and Asian markets, and testing same-day delivery service near its headquarters in L.A.
Newegg said it’s not scared "to take chances" and hopes to become a leader of the "technology movement." It also added that while they were expanding globally, Newegg wished to show its potential customers how committed it was in "being at the forefront of technology."
Newegg became the second prominent online electronics retailer to enable its Canadian customers to shop with bitcoins. In June, TigerDirect expanded its Bitcoin payment option to its Canadian shop, 6 months after the firm announced it was accepting Bitcoin in its American portal. In March, the high-tech retailer announced it had reached the million-dollar mark in Bitcoin sales, reporting that its sales volume grew by 50% after its Bitcoin-acceptance announcement.
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