Camping World Integrates Crypto in its Payment Systems
Cryptocurrencies have long been in use in various sectors worldwide, starting from e-commerce, finance, healthcare, insurance, etc. Integrating cryptocurrencies in the payment processes brings a plethora of benefits for both businesses and customers. To reap this benefit, the leading RV (recreational vehicles) dealer Camping World has decided to enter into a strategic partnership with the leading crypto payment service provider BitPay.
Camping World is the largest RV retailer in America trying to build a long-term legacy business of RVs easily and conveniently. The Illinois-based owner of RV products having over 170 retail stores in 38 states, plans to make the initial launch in 2 of its markets- Chicago and Kenosha, Wisconsin. However, the company has plans to explore markets in other locations and increase the sale of RVs through various eCommerce platforms. Implementing crypto will contribute to the success of the company’s eCommerce business for selling paperless online RVs. The brand has been serving RV consumers since 1966.
According to the contours of the partnership, customers will be able to buy RV products and/or services using crypto coins like bitcoin and Ethereum. Following the announcement of the crypto integration in all its upcoming projects, there was a sharp rise in the Camping World’s share value. With this move, the company aims at maximizing customer conveniences by allowing them to access RV products and make payments via cryptocurrencies without actually holding the crypto assets. Such rapid transitioning to a paperless business environment will help Camping World enter the digital world seamlessly.
With the global pandemic spelling change everywhere, the demand for RVs has been on the surge as people are looking for safe ways to combat the boredom of staying indoors. Thus, taking this as an opportunity to expand the business, the RV business owners made a total revenue of $5B during the financial year 2020, with over $1.7B profits accumulation during the period.
With this, the company made another revelation about its acquisition of a campground-booking engine called Nomad Reservations. However, the terms of the acquisition are still not disclosed, but it will help the company target ads to prospective RV buyers.