Expanding Ledger in The US While Navigating the Fluid Crypto Market
Over the last few years, cryptocurrency has gained significant popularity and consumers have rapidly adopted this new digital asset. Ledger, the leading provider of crypto wallet technology based in France, needed help expanding into the US market. Powerplay was able to leverage their long-standing relationship with Best Buy to launch Ledger in the US within a span of 5 months.
Key Issues Faced
Ledger had huge initial success selling direct to consumer online but had never sold to US retail before. They had difficulty finding a partner that could serve as not only their retail rep but also their US distributor.
Powerplay was able to edge out the competing rep firms by offering to facilitate distribution in addition to rep services, and an agreement was signed in August of 2021.
The crypto market as a whole is very elastic, which can make it difficult to forecast products accordingly in this space. Ledger initially launched just one SKU on Bestbuy.com to test and learn how the product would perform. After seeing success online, Ledger secured in-store placement along with in-store pickup for 1 SKU in 200 Best Buy stores.
From there, the assortment was expanded to include the Nano X, Nano S and Nano S+ to all stores, and 250 stores implemented a 4-foot temporary display. The in-store displays became permanent, and Ledger accessories were also added to the fixtures.
- Late May 2021: Ledger and Powerplay Retail have their initial call
- Early August 2021: Ledger signs with Powerplay Retail
- October 2021: Ledger launches all models on Bestbuy.com
- November 2021: In-store placement and in-store pickup for 1 SKU is secured in 200 Best Buy stores
- March 2022: Ledger launches all models on Walmart.com
- July 2022: Additional in-store placement is secured and 250 stores implement a 4-foot temporary display
- August 2022: Ledger Nano X and Nano S Plus are rolled out to all 900+ Best Buy stores with same-day pickup
- September 2022: Ledger launches all models on Target.com
- October 2022: The temporary in-store displays become permanent and Ledger accessories are added to the fixtures
Today, the Ledger Nano X and the Nano S Plus have in-store placement in all 900+ Best Buy stores. Both models are carried in multiple colors and are available for same day pickup. Ledger is currently the only Crypto hard wallet that Best Buy offers. In addition to Powerplay supporting the brand with distribution and rep service, the team also provides brand protection services for Ledger by monitoring ecommerce marketplaces and removing unauthorized sellers.