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.
Almost two-thirds of consumers globally used a digital wallet to buy products in a physical store or online in 2020. As this form of contactless payment gains more momentum the number of cash transactions is rapidly decreasing. This report explores how the digital wallet landscape has evolved across Europe in particular since 2020 and examines the different ways in which consumers and brands are digitalising their transactions and operations.
Companies are always working to find that pricing sweet spot – the one that attracts (or better yet, converts!) their target shopper yet remains competitive with their peers on the shelf. And don’t forget the added layers of difficulty in adjusting this balance from country to country and retailer to retailer. This requires pricing and revenue management teams to create guidelines dictating pricing policy across different online retailers and monitor competitor prices, to make sure they are always appropriately priced against competing brands.