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    Dentsu Report Highlights the Rise of the Contactless Economy

    The report was released under the unit’s specialist research wing – DMC Insights. 

    By Robert Cameron - May 14, 2021
    Dentsu Report Highlights the Rise of the Contactless Economy

    The Data Sciences Division of Dentsu India, has unveiled its latest Insights report, ‘The Next Normal: The Rise of the Contactless Economy.’

    The COVID-19 global pandemic has impacted the world and shaped human behavior with lasting impact. With businesses and individuals scrambling over the past year to adjust to extraordinary circumstances, increased vaccination presents somewhat of a light at the end of the tunnel.

    The report surmises that 2021 will be a year of transition as the world battles its way through the devastation caused by the pandemic and look toward a future. A zero-touch and more consumer conscious world has promoted the rise of a ‘contactless economy’ shaped by a virtually connected ecosystem.

     
     

    Key Findings:

    • Willingness to try lesser-known brands: 70% expressed a willingness to purchase products from a lesser-known brand.
    • The Growing Virtual Wallet: Close to 60% of transactions of our surveyed audience claim to be fulfilled via virtual wallets. 23% via credit and debit cards and the remaining through cash.
    • Google Pay enjoys a lion’s share with PayTM being second.
    • Online Certifications: 59% claim to have done an online certification. A trend likely to continue post lockdown.

    “While the world grapples with the impact of the covid-19 pandemic, there is widespread uncertainty. However, in an ‘at home’ economy, the only assurance is that a next normal is being created, promoted by a hyper-connected world,” Gautam Mehra, Chief Data Officer (Asia Pacific) & CEO dentsu Programmatic.

    “Pegged to globally reach a $3trillion size by 2025, the ‘at home’ consumption economy has been fueled by the need for consumers to look at digital channels to maintain normalcy in their lives – be it to connect with friends and family virtually, purchase necessities, subscribe to content or discover and learn new skills. Millennials and Gen Z consumers, being digital natives, have been better equipped in adapting to a virtual world with demonstrating a greater adoption of cashless payments and an openness to discover and try new brands.”

    The report was released under the unit’s specialist research wing – DMC Insights.

     
     

    “The Next Normal has given rise to a hyper-connected virtual world fueled by better internet connectivity promoting an increase in online consumption and fulfillment of the needs within a contactless world. Being tech-natives, Gen Z and millennials will form a cornerstone of new age marketing and brand engagement given their growing spending power and digital literacy,” added Abhinay Bhasin, Vice President (Asia Pacific) and Head of DMC Insights, dentsu International.

    “A virtual world has given rise to human experience platforms. With the virus hitting home, there has been a hyper awareness of health and safety amongst Millennials and Gen Z audiences. This report builds on the commitment of DMC Insights to deliver industry leading insights on this demographic covering their impact on various aspects of consumption and growth.”

    The full report can be viewed here.

     

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