Deciphering the Crypto-shopper: Knowledge and Preferences of Consumers Using Cryptocurrencies for Purchases

The swiftly maturing sector of cryptocurrencies proffers an array of challenges and prospects for both enterprises and consumers. This study explores the knowledge, expertise, and purchasing behaviors of individuals engaged in shopping using cryptocurrencies to furnish an exhaustive understanding of this distinctive consumer cohort. By analyzing data from our survey of 516 participants, our findings illuminate a range of knowledge levels, encompassing neophytes to connoisseurs, with a significant segment exhibiting high procurement frequency amidst constrained expertise. Regression analyses unveil that, although knowledge significantly influences purchase behaviors, its explanatory capacity remains restricted. Additionally, a K-means cluster analysis discloses three disparate crypto-shopper profiles, each possessing unique knowledge and expertise levels. These insights contravene conventional wisdom regarding the nexus between domain knowledge and adoption, insinuating that the appeal of cryptocurrencies transcends technical knowledge. The revelations of this research are instrumental for enterprises aspiring to address the diverse needs of the crypto-shopper demographic, accentuating the imperative of personalized strategies and user experiences. This exploration furthermore lays the groundwork for ensuing research focused on unraveling the extensive implications of crypto acceptance and its confluence with consumer conduct.