U.S. Markets close in 3 hrs 53 mins

1-800-Flowers Uses Bitcoin as Payment Method

Zacks Equity Research

Leading floral retailer 1-800-Flowers.com Inc. (FLWS) recently announced that it will start accepting bitcoin as a mode of payment.

Bitcoin is a popular form of digital currency, used extensively across the world. 1-800-Flowers collaborated with Coinbase, a California-based bitcoin exchange company, to process this new form of payment.

Beginning with this fall season, bitcoins will be added as another mode of payment by 1800-Flowers, apart from the familiar options like PayPal, Visa, American Express and Mastercard. These payment options will be available for use on the various gifting websites of the company including FannieMay.com, 1-800-FLOWERS.COM, ThePopcornFactory.com, Cheryls.com, 1-800-Baskets.com, Stockyards.com and FruitBouquets.com.

The strategic move was intended to enhance customers’ convenience. The use of bitcoins will simplify the payment process for customers and reflect 1-800-Flowers’ commitment towards seamless, easy and hassle-free transactions.

Over the years, 1-800-Flowers has been dedicated towards e-commerce innovations. This retailer was the first floral company to initiate mobile gift center in the U.S. Also, it pioneered in performing transactions on America Online. Moreover, it was the first company to facilitate consumers to make purchases via Facebook, Inc. (FB).

Based in New York, 1-800-Flowers is a leading e-commerce provider of floral products and gifts, in terms of number of customers and revenue. With the development of the online business and the strategic acquisition of DesignPac Gifts LLC, the company has expanded its product offerings to include gourmet foods, home and garden merchandise.

Although most of the company’s revenues come from floral purchases, its gourmet section also contributes a decent chunk to the top line.

1-800-Flowers currently carries a Zacks Rank #3 (Hold). Other better-ranked retail stocks include Nautilus Inc. (NLS) and Citi Trends, Inc. (CTRN), each carrying a Zacks Rank #1 (Strong Buy).

 

Read the Full Research Report on CTRN
Read the Full Research Report on FB
Read the Full Research Report on NLS
Read the Full Research Report on FLWS


Zacks Investment Research