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BizReport : Research : March 11, 2021

Studies: Consumers want simplicity, are mobile wallets it?

Several new reports out on the changing habits of consumers seem to agree on one thing: shoppers want shopping to be simpler. And they're willing to switch brands and even favored retailers if buying is made easier.

by Kristina Knight

First, new data out from Linnworks finds that shoppers in 2021 want their experiences to
be 'effortless' - that means they want to start an online shopping trip on one device and
have that information automatically transferred to another device, they also want simpler
checkouts, and they want pandemic-related changes to stores - like buy online/pickup
in store - to continue even post-pandemic.

"The pandemic has changed commerce as we know it," said Callum Campbell, CEO at
Linnworks. "Our data shows that 79 percent of
consumers agree that commerce is more integrated into their lives today than just one
year ago. Today, it's imperative that brands are visible wherever their customers spend
time online and provide a flexible, frictionless experience at every point in the customer

One more change? They want options when it comes to paying - from mobile wallets to
pay-later options.

Which is where data out from could help
brands thinking about a change in their payments strategy. According to their new
report mobile wallets will become an even stronger competitor in the payments sector
over the next two years, growing from an estimated $2.4 trillion industry in 2021 to more
than $3.5 trillion in 2023. That is a 24% YoY growth rate.

More than 1 billion consumers are expected to at least partially switch to mobile wallets
by the end of 2021, with China generating about half of all mobile payments by 2023.

"The argument for a cashless society has been around for a while, but the rapid rise of
the Coronavirus crisis has intensified the debate again amid concerns about banknotes
and coins transmitting the virus. In addition to this, the increasing decline of high street
bank branches and ATMs has made the possibility of a cashless society in the next few
years more likely than ever before," write the experts from MoneyTransfers.

Their new report analyzes data from YouGov and indicates that the countries most
ready for moving to a cashless society include India, Malaysia, and the UAE; in each of
these countries at least 60% of people say they favor going cashless. The least ready?
Several Western nations, including the US, UK, and France, of which fewer than one-
third of citizens say they favor going cashless.

Tags: ecommerce, ecommerce trends,, Linnworks, m:commerce, mobile commerce, mobile marketing, mobile wallet trends, MoneyTransfers

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