Sephora shops would soon allow customers to earn Bitcoin for buying items online or through an application called Lolli. In this way, Sephora will be allowing shoppers to receive cash back in Bitcoin (BTC). The information was recently released by Sephora during a conversation with CoinDesk.
Sephora Gives Cash Back in Bitcoin
It might not be so complicated to enter the crypto market after all. Sephora customers will be able to receive cash back in the most popular virtual currency. Lolli CEO Alex Adelman mentioned that some retailers were not interested in virtual currencies but now they are entering the market. About it, he mentioned:
“We’ve gone back to a lot of these retailers that previously were not interested but now are coming on-board. One of the biggest ones that just joined us is Sephora, which adds an entire suite of retailers in the beauty category.”
Some of the company’s partners are Ulta and Everlane. This shows that this virtual currency company is receiving attention from different firms. Although the bear market has affected many businesses, others are creating products that in the future could grow even faster.
The main intention behind facilitating this Bitcoin cash back is to allow new individuals to enter the market. Thien-Kim Ngo, a San Francisco-based marketing consultant, mentioned that she earned her first Bitcoin from Everlane and Sephora using the Lolli app.
She explained that before knowing Lolli and this possibility, buying bitcoin could be something ‘complicated’ and difficult to understand. Additionally, she mentioned that she does not know a lot about crypto and that Lolli felt super intuitive to use.
Lolli users need to download an application in Chrome and buy the products they are interested in as usual. Moreover, Adelman mentioned that 60% of Lolli users bought again in the shop. Furthermore, he said that the average Bitcoin paid per purchase was 0.0029. Nevertheless, a user can earn $132 worth of Bitcoin if the person makes a purchase of around $4,400.
As holiday shopping started, these companies are adding selling much more than usual. This might be just the start of Bitcoin cash back. In the future, other companies could start to offer the same services to their customers.