What is the impact of Big Bazaar promoting bitcoin on the textile industry in India?

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What is the impact of Big Bazaar promoting bitcoin on the textile industry in India?

There is a significant impact of cryptocurrency like Bitcoin on the textile industry in India. Cryptocurrency like Bitcoin has completely revolutionized the way people do transactions across the world. Indian textile industry, which was worth Rs 8.60 trillion (US$126 billion) in 2014-15, contributes to almost 1/3rd of the total value of the country’s exports. 

It has been gaining popularity worldwide to perform peer-to-peer transactions without any regulatory authority.

Why should Big Bazaar promote Bitcoin?

Big Bazaar and other e-commerce companies in India need to promote Bitcoins as it has now become a virtual currency that can be used to buy anything, including a T-shirt from their stores. It is the virtual currency that is available online and payment gateways that will facilitate transactions at shallow charges compared to international platforms like PayPal and American Express.

The purchasing power of Indians has grown tremendously after the note ban by the Modi government against Black money in India. Indian people like to save more and invest in gold and property. However, due to a lack of options, an ordinary man can’t save money easily; they end up purchasing some other tangible asset. Now bitcoin is the new alternative where Indians can invest their money and get high returns with low risk.

Sales promotion on these virtual coins will help the Indian government monitor the country’s money flowmetry. Also, the Indian Government and Reserve Bank need to promote bitcoins as the Indian textile industry is suffering from a massive cash crunch. There is a long waiting period for getting a withdrawal from the bank, so purchasing these coins should be encouraged.

What are the steps taken by Big Bazaar?

Big Bazaar has started educating people about bitcoins and their benefits. They will be promoting it as a payment method for our international customers in the coming days. They believe this will help them send money from their country through bitcoins and shop from India, which they couldn’t do so far due to the non-acceptance of this virtual currency in other countries. Check out more at bitql

VP (Sales & Marketing) of Ahmedabad-based Big Bazaar is behind this initiative. Vikram Aditya Sheth owns NSG Fashion International, which runs Big Bazaar. He firmly believes in the future of Bitcoins and claims that they will become an alternative to traditional currency in India in the future. This step has already received a good response from the public.

What are the potential challenges?

There will be initial slow sales as people of India have not been using bitcoins so far. Therefore, there is a need to educate them about its benefits and a better option than traditional currency. 

There will be some challenges as you don’t know about the future of bitcoins and their rates. In addition, since it is a virtual currency, there might be some changes in its sales, and it needs to be monitored daily.

What was the response of the public?

It has been excellent. Big Bazaar is a well-known brand, and a good response has been received from people for this initiative which will be helping them to shop using bitcoins.

What will be the plan of Big Bazaar?

The aim is to educate the Indian masses about bitcoins to start using them for their daily transactions. For this, Big Bazaar is approaching schools and colleges to educate the young generation about this virtual currency. Moreover, they expect more e-commerce companies to start accepting this coin in the coming days.

This is a good initiative by Big Bazaar, but you must wait and watch how people take to it and what the future lies for bitcoins.

Conclusion

According to newspaper sources, Big Bazaar has started exploring ways for accepting Bitcoins as a payment mode. The company’s VP sales and marketing Vikram Sheth said that bitcoins would help customers send money from their country through bitcoins and shop in India, which they couldn’t do so far due to the non-acceptance of this virtual currency in other countries. ​​Bitcoin allows people to send money without commission or processing fees.