Executive Summary – Key Takeaways

 Overview

• 2 million new users have been registered during April 2019. 
• Worldwide blockchain wallet users have jumped from 6.7 million in Q1 2016 to 42 million by Q3 019.

Growth Drivers

One of the important reasons for the growth of cryptocurrency wallets is the acceptance of cryptocurrency and blockchain technology in many countries all over the world. Many countries are coming up with legislation around it. There is also growth in custody solutions. This slow and steady growth of recognition of cryptocurrency is leading to the rise in cryptocurrency wallets. 

There is also a rise in greater security features in cryptocurrency wallets. Improved security includes improved security, such as Trerzor and Ledger. There are also various software applications that have improved everyday usabilities such as Electrum, Exodus, and Jaxx.

The availability of features that allow cryptocurrency users to purchase and exchange cryptocurrency from the app is yet another growth driver. Most of the wallets are supporting bitcoin cash (BCH) and bitcoin core (BTC). 

Social Listening For Positive Customer Perception

Brand managers and marketers should look through the eyes of the customers to see how they experience brands in the real world. Marketers are no more limited to just nice words and advertising – it has evolved into knowing customer perceptions. It is important to know how customers really feel about their brands and what are the drivers of brand loyalty. Customer perception plays a major role in buying behavior. Hence companies are going the extra mile to create a pleasant and happy customer experience. Companies are ready to spend money and effort to influence customer perception and drive profitable consumer behavior.

We, at Clootrack capture every experience that customers have with their brands. We analyze thousands of customer experiences to capture what people feel about a brand, and in turn derive priceless insights into products and competition.

Clootrack went beyond just social platforms to track discussions – online forums, social media groups, internal data such as customer care tickets, chatbot extracts, emails, and any other internal maintained forums. And all this is to understand customer perception – what your customers and prospects think of your brand – to analyze the perception drivers for cryptocurrency wallets.

Here we explore the evolving landscape of cryptocurrency wallets and the top customer perception drivers, delight drivers, and brand equity.

Top 5 Customer Perception Drivers 

Perception is an awareness or an understanding of a particular thing. Customeperception plays a vital role in consumer behavior thereby affecting the demand for a product. Hence it becomes key for a manufacturer to understand the attitude that influences consumer behavior. A manufacturer must understand the likes and dislikes of his customers to be successful in developing a brand strategy. 

Through a detailed analysis of 6,891 online consumer conversations, Clootrack has listed down the top 5 perception drivers that buyers consider while buying a cryptocurrency wallet.

Below are the top 5 factors that consumers consider while buying a cryptocurrency. 

1. Secure wallet

The need of a secure cryptocurrency wallet is on top of the must haves for the consumers of cryptocurrency wallets. It should be designed to avoid the possibility of stolen private keys. The makers of cryptocurrency wallets should for example set the function of face recognition or SMS confirmation when users operate to access the core files.

Makers should ensure that the software installation package is secure and cannot be decomposed and cracked into illegal operation.

Consumers should be provided with cold wallets to store private keys in fully offline devices, which is a safer method than hot wallets. The makers should also offer decentralized wallets where users can store their private keys locally making it difficult for the wallet to be attacked.

2. Usability

A perfect wallet should be easy to operate with user-friendly features that contribute to the ease of using a wallet.  It should have the ability to store multiple coins making it easy to use a cryptocurrency wallet. A wallet that has clear and easy features such as clearly labeled ‘buy’ and ‘sell’ tabs are making it easy for users and is in higher demand. 

A wallet should offer non-fungible tokens, which are unique in nature and can be distinguished from each other. This feature of the non-fungible items can make the wallet desirable.

3. Enforceable Smart Contract

A smart contract in a wallet is computer protocol with an intention to digitally facilitate, verify and enforce the negotiation of a contract. Having smart contracts for cryptocurrency wallets will allow the execution of credible transactions without third parties.

Smart contracts not just define the rules and penalties but also automatically enforce those obligations. Users are aware that smart contracts are useful for multilateral agreements which are automatically enforced through smart contract technology. Smart contracts allow users to use any tokens as a base currency and settle an agreement with another market participant.

4. Security

Cryptocurrency wallet users give high significance for the security feature of the wallet. They look forward for a highly secure private key that grants a cryptocurrency user ownership of the funds. The wallet automatically generates and store private keys. 

Since crypto space is a very lucrative market for scams, users of wallets look for high security. In the cryptocurrency world, phishing scams, virus attacks and malware try to extract cryptocurrency passwords, digital wallets, private keys, etc. Hence users always look for wallets that offer high security features such as passphrase feature, PIN code feature, and two factor authentication features too.

5. Private sale

A private sale is a direct contract between the company and the investor. Investors want to have easy process to purchase the tokens directly with US dollars or the currency that both parties agree on. With the wallets, investors no longer want to buy bitcoin and ethereum to be able to invest in blockchain projects through a token sale.

Top 5 Perception Drivers

Brand Equity

Consumer perception, which is a combination of knowledge and experience, towards a brand and its products, builds brand equity. The perception that a consumer segment holds towards a brand directly results in either positive or negative effects.
Brand equity is an indicator of the company’s strength and performance, specifically in the public markets.

Download the detailed report for free to get to know the brand names in the below chart. The detailed report also covers list of features that delight users and several other interesting insights.

Consumer Beliefs

The brand must reflect customer beliefs. When it comes to convincing consumers, the secret is to understand the consumer's beliefs and behavior.  This will eventually lead you to know what a buyer wants from your business. A customer has a deep understanding of what they want from a product.

When it comes to cryptocurrency wallets, customers believe in having a wallet that prevents the cryptocurrency from being stolen. 

1. Hardware wallet prevents the cryptocurrency from being stolen by hackers

Everyone is aware of the $1 Billion that was stolen from the cryptocurrency Exchanges In 2018. So, it has become evident that cryptocurrencies are not safe. Thus, emerged cryptocurrency wallets. Consumers believe that secure hardware wallets will prevent the currency from being stolen by hackers. It is like a USB drive that is optimized for storing cryptocurrency. It is never connected to the internet and thereby very difficult to hack.

Detailed Report

There are 6 billion people with more than 4 billion Internet users in this world. But the proportion of cryptocurrency wallet users is still comparatively small. This means there is a huge potential for this market. Clootrack analyzed user conversations of cryptocurrency wallets and has put together a detailed report. The report offers insights into the features such as security, ease of use, and functionality. Learn more about the delight drivers, indifferent factors, positive and negative keywords, emerging trends, brand equity and consumer beliefs.

You can download the pdf version of the complete report for free. Enter your email at the end of this report and we’ll send it to you for FREE.