It’s a finding of its report on the rise of the contactless economy.
dentsu India’s Data Sciences Division has unveiled its latest Insights report, ‘The Next Normal: The Rise of the Contactless Economy. It was released under its specialist consumer insights wing dentsu Marketing Cloud (DMC) Insights. The report covers deep findings of the impact of a contactless world on consumer behaviour and sentiment of the Gen Z & Millennial audiences from Urban India.
The COVID-19 global pandemic has impacted the world and shaped human behaviour 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.
In many ways, the year 2021 will be a year of transition as we battle our 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 highlights of the report:
Willingness to try lesser-known brands: 70 per cent expressed a willingness to purchase products from a lesser-known brand.
The Growing Virtual Wallet: Close to 60 per cent of transactions of our surveyed audience claim to be fulfilled via virtual wallets. 23 per cent via credit and debit cards and the remaining through cash. Google Pay enjoys a lion’s share with PayTM being second.
Online Certifications: 59 per cent claim to have done an online certification. A trend likely to continue post lockdown.
Ayurveda: 49 per cent of the surveyed pool have a reliance on Ayurveda to meet their immunity needs.
Commenting on the launch, Gautam Mehra, Chief Data Officer (Asia Pacific) & CEO dentsu Programmatic said, “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.”
“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.”
Abhinay Bhasin, Vice President (Asia Pacific) and Head of DMC Insights, dentsu International added: “The Next Normal has given rise to a hyper-connected virtual world fueled by better internet connectivity promoting an increase in online consumption and fulfilment 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. 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.”
You can read the report here: