With the pandemic disrupting all aspects of consumers’ lifestyles, Euromonitor International’s Analytics team created a megatrends quantification model to help assess the impact of these long-term trends. The model will be leveraged in this article to quantify the Digital Living megatrend. The Digital Living megatrend refers to the multi-year trend of consumers using a variety of internet-connected devices to experience and interact with digital content and access services. With penetration of both devices and infrastructure spreading, this megatrend will further alter the way consumers live, work, shop and play in the years to come.
The Coronavirus (COVID-19) pandemic has led to greater use of digital wallets, as consumers continue to shift away from cash for both online and in-store payments. With gaps in financial services, increased user functions on digital wallets are challenging banks to build their digital capabilities or partner with digital wallets to remain relevant. In addition to more partnerships with merchants and operators, trust in the security of digital wallets will remain an influential feature driving use in the future.
Quick commerce is gaining traction in Western Europe with Euromonitor International counting 30 companies currently competing on the market, most of which established in the past 10 months and is mainly focused on grocery deliveries. With consumers in the region getting accustomed to fast and ultra- fast deliveries, it is important for brands and retailers to understand the trends, operational models and prospects ahead.
The retail industry’s traditional wholesale model has been turned on its side due to the emergence of new business models and channels such as marketplaces, subscription services and direct-to-consumer brands. E-commerce is here to stay, and it is vital to stay current with all facets of the digital retail landscape.