Global cryptocurrency market is estimated to reach USD 1.40 billion by the end of 2024, at a CAGR of 6.18% for the period from 2019 to 2024. A cryptocurrency is a digital currency that uses cryptography for security. China is a huge market that cannot be ignored especially in the emerging cryptocurrency market. Despite the crackdown on trading due to new policy conducted by the China government, cryptocurrencies are still alive. Crypto traders show a positive attitude towards the prosperous development of the cryptocurrency market.
The analysis is based on customer reviews and conversations online in the segment. The analysis results presented are completely unbiased and not based on any subjective judgment. The source data used for the analysis are user conversations available publicly online like public forums and social media.
In China, the prime drivers of cryptocurrency include easy transactions, genuine security and, verification. The absence of the involvement of a third party like a bank, a financial institution, a payday loans direct lender, is the major reason for the rise of cryptocurrency.
Further, the growth of mobile phone users and their preference to perform maximum transactions over mobile phones is emerging as a huge growth driver for cryptocurrency.
Additionally, the huge surge in online transactions is one of the main growth drivers as it increases the demand for cryptocurrency and blockchain technology. A lot of verticals such as Banking, financial services and insurance (BFSI), and retail have begun to accept cryptocurrency as a payment option thereby encouraging the growth of cryptocurrency. The crypto-currencies acceptance and the retail market revenue are expected to reach $10,447.2 million by 2022.
In addition to the above, the birth of startups, entrepreneurs, and small/medium-size businesses are exploring cryptocurrencies as it helps them to counter transaction compliance. This has led to the rise in venture funds and partnerships with cryptocurrency vendors.
Adding to all the above there are more clear growth drivers in the cryptocurrency market:
Consumer insights is an in-depth understanding of customer behavior that is more qualitative than quantitative. It describes the role played by the brand in question in the life of its consumers. Consumer buying behavior refers to the study of customers and how they behave while deciding to buy a product that satisfies their needs. It is a study of the actions of the consumers that drive them to buy and use certain products. Consumer buying behavior studies about the various situations such as what do consumers buy, why do they buy, when do they buy, how often do consumers buy, for what reason do they buy, and much more.
For example, consumer insights gathered and studied by consumer researchers aims to know why women buy moisturizers (to reduce skin problems), the most preferred brand (Olay, L’Oréal), how often do they apply it (twice a day, thrice a day), where do the women prefer to buy it (supermarkets, online) and how many times do they buy it (weekly, monthly).
Understanding consumer behavior is essential for a company to find success for its current products as well as new product launches. Every consumer has a different thought process and attitude towards buying a particular product. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure.
Though China has tried hard to kill the domestic cryptocurrency market, it does not mean that China government disapproves of the cryptocurrency concept. China is working towards developing its own cryptocurrency. Given that the world is rapidly migrating towards digital systems, it is not wrong to think that an alternative such as cryptocurrency might take form of a digital asset quite fast in the near future.
We, at Clootrack capture every experience that customers have with their brands. We analyzed thousands of customer experiences to capture what people feel about a brand. Through a detailed analysis of 14,650 customer conversations, Clootrack has created a list of the top four customer perception drivers that customers associate with crypto currency in China.
Users look forward for stability in cryptocurrencies. There are discussions on understanding how these digital monies can be stabilized to harmonize the value of these cryptocurrencies. The concept of stable coins and their functionality should be explored. Users want to be more confident while transacting daily and to negate the worry of market volatility.
When the trading of cryptocurrency is made easy, then it attracts more users and the existing users are more comfortable trading on cryptocurrencies. Users should be offered digital currency trading platform sessions that explain the process. The ease of using encrypted digital currency and the availability of safe wallets will be major factors for cryptocurrency trading.
Trust and reputation are very important for trading in cryptocurrencies. Reputed cryptocurrencies in China should create a safe environment for network participants. In a world of ambiguity, it is natural for users to raise their bar on trusting cryptocurrencies. It is important to build trust by storing all confirmed transactions in a public ledger. The ledger should ensure accuracy of all transactions between digital wallets to gain trust of users.
There is a huge speculation whether cryptocurrency can become the future money and whether it can be a good long-term investment. Cryptocurrencies and tokens are brand new investment asset class. There is an inherently higher risk with cryptocurrencies, but the reward might be worth it. China is considering blockchain as a priority along with other technology innovations. Companies are coming up with ring-signature cryptography to overcome the quantum risk, and is confident it can protect cryptocurrencies in the long-term.
Volume is a crucial element in cryptocurrency technical analysis. Users of cryptocurrency use volume to great extent and they follow the rule that if the price falls along with volume then it usually signals that reversal will happen soon. Users do not want to be caught up in a scandal surrounding the volume which is displayed wrongly. A wrong display can push traders to enter into an unprofitable trade.
In this report, we have presented the relationship between different perception drivers in the form of a graph that can be used to sense the degree of importance that consumers attach to various factors.
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. In simple terms, brand Equity is the loyalty, perception, and awareness of a customer towards a brand. Brand equity can be created over a period of time by offering products that give a memorable experience, excellent quality, and highly reliable products to its customers.
For example, Starbucks’s customers have chosen the brand over other coffee brands due to its quality. According to Fortune magazine, Starbucks is rated as the fifth-most-desirable company in the world. It has more than 21,000 stores globally and remains a top roaster and retailer of Arabica coffee beans.
Similarly which brands of cryptocurrency is the consumer choosing? How are different brands ranked based on consumer analysis? Download the detailed report for free to get to know the brand names in the below chart. The detailed report also covers a list of features that delight users and several other interesting insights.
Brand must reflect customer beliefs. When it comes to convincing consumers, the secret is to understand the consumer beliefs and their 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.
Consumers of cryptocurrencies in China believe that a perfect environment to trade in cryptocurrencies should come with some basic features with ability to trade easily and securely. This report elaborates the beliefs that consumers have in the cryptocurrencies in China.
Cryptocurrency is still young concept, and with the market volatility, there is not much trust amongst consumers to invest in cryptocurrency. People have seen the Bitcoin swing up or down hugely on the same day, as well as they have seen the bubble burst in 2013 making them believe that it is not wise to invest in cryptocurrency.
Consumer believe that an online cryptocurrency wallet is more secure and safe and is a must have to deal with cryptocurrencies. Cryptocurrency wallets should come with security features such as face recognition or SMS confirmation when users operate to access the core files. Consumers believe that a strong and secure software installation package that cannot be decomposed should be available to store their cryptocurrencies.
Consumers of cryptocurrency believe that it is easy to get trapped in the phishing scams, virus attacks and malware attacks that try to extract passwords and steal their cryptocurrency.
Users look for wallets that offer high security features such as passphrase feature, PIN code feature, and two factor authentication features too.
Cryptocurrency users believe that it is much easier to trade the cryptocurrency through online platforms. People want online platforms due to ease of use and the features that makes it easy for them to trade. Users are finding it easy to use mobile apps for trading cryptocurrencies.
Most of people believe that cryptocurrency users are trading in cryptocurrency without acquiring enough technical knowledge about it. People should learn enough about the hardware wallets, ledger wallets, private key, passwords and pins, that can stop a dangerous hack that can lead to losing cryptocurrency.
With the consistent and rapid growth of cryptocurrencies in China, there is more opportunity than ever for investors to buy cryptocurrencies. Users are looking into various factors before investing in cryptocurrencies. For further information on delight derivers, indifferent factors, brand equity and consumer beliefs, you can download the pdf version of the complete report for free.
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