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Research

From preprint to publication: Cryptorefills Labs research accepted in the Serbian Journal of Management

By Massimiliano Silenzi

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Introduction

We are pleased to announce that our paper, “Towards deciphering the crypto-shopper: An analysis on knowledge and preferences of consumers using cryptocurrencies for purchases” by Massimiliano Silenzi, Umut Can Çabuk, Ömer Aydin and Enis Karaarslan, originally released as a Cryptorefills Labs preprint, has now been fully refined, peer-reviewed and accepted for publication in the Serbian Journal of Management (SJM).

Between the preprint and the final published version, the study underwent significant upgrades to meet academic journal standards: improved data cleaning, refined statistical modelling, additional robustness checks, expanded theoretical framing and clearer managerial implications. These revisions followed extensive referee comments and adherence to SJM’s submission, formatting and ethics guidelines.

About the SJM review process

The Serbian Journal of Management is an open-access, peer-reviewed journal published by the Technical Faculty in Bor, University of Belgrade. It is indexed in major scholarly databases including SCOPUS and EBSCO. Manuscripts submitted to SJM first undergo an initial editorial assessment, followed by a double-blind peer review process involving at least two independent reviewers who evaluate the work’s originality, methodological soundness, significance and clarity [1].

The journal applies plagiarism screening and requires authors to address all reviewer feedback satisfactorily before acceptance [2]. The full process ensures that each published paper meets rigorous academic, methodological and ethical standards.

Introduction to the article

As cryptocurrencies evolve beyond speculative assets and become increasingly used for real-world purchases, understanding the behaviour of crypto-shoppers becomes essential. This study examines consumers who actively use cryptocurrencies for purchases, rather than merely holding them as investments. Using data from 516 verified users who completed at least one purchase on Cryptorefills between June and September 2023, the article explores three main dimensions:

  • Consumer knowledge and self-perceived expertise in crypto and blockchain topics.
  • Frequency and patterns of cryptocurrency purchases.
  • Consumer segmentation based on knowledge and purchase behaviour.

A key finding is that domain knowledge does not strongly predict purchasing frequency. The regression model shows that knowledge levels explain only about 11.6% of the variance in purchase activity [3]. This runs counter to the common assumption that more experienced crypto users are the ones most likely to transact frequently.

Cluster analysis reveals three distinct consumer groups:

  1. A Low-Knowledge group (≈28%) that surprisingly shows relatively high purchasing activity.
  2. A Moderate-Knowledge group (≈37%).
  3. An Expert group (≈35%) that purchases more frequently, though not dramatically more than the low-knowledge segment [3].

These results show that crypto-commerce adoption is not driven only by expertise or technical understanding. Instead, payment convenience, incentives, stability of preferred coins (especially stablecoins), and ease of use appear to play a significant role.

For businesses adopting crypto-payments, the implications are straightforward: crypto-shoppers are not a homogeneous, tech-expert audience. Many regular spenders possess limited technical knowledge, suggesting that user-friendly onboarding, clear communication, and targeted incentives may be more important than deep educational content. The article also highlights how merchants, payment processors and wallet providers can segment their user base and optimize UX for each knowledge tier.

Methodology

The study followed a quantitative research design based on survey data collected from verified cryptocurrency shoppers. Respondents were recruited from Cryptorefills, the world’s largest crypto-commerce platform by product availability and global catalog breadth, which enables customers to purchase gift cards, mobile top-ups, eSIMs, flights and hotels using a wide range of cryptocurrencies. From this user base, individuals who had completed at least one crypto-purchase between June and September 2023 were invited to participate. After data cleaning procedures, 516 valid responses were retained for analysis.

The questionnaire measured several dimensions, including crypto-domain knowledge, self-assessed expertise, spending frequency and demographic variables. Reliability and validity were assessed using internal consistency tests and exploratory factor analysis. A regression model was applied to evaluate the extent to which knowledge levels predict purchase frequency. Finally, k-means cluster analysis was used to segment consumers into groups based on knowledge profiles and behavioral patterns, enabling cross-group comparisons and robustness checks.

References

[1] Serbian Journal of Management. (n.d.). Review process. Technical Faculty in Bor, University of Belgrade. https://www.sjm06.com/review.html

[2] Serbian Journal of Management. (n.d.). Instructions for authors. Technical Faculty in Bor, University of Belgrade. https://www.sjm06.com/instr_auth.html

[3] Silenzi, M., Çabuk, U. C., Aydin, Ö., & Karaarslan, E. (2025). Towards deciphering the crypto-shopper: An analysis on knowledge and preferences of consumers using cryptocurrencies for purchases. Serbian Journal of Management, 20(2), 429–453.