Summary of Better Things with Contactless Economy

Better Things

with Contactless Economy

The Contactless Economy refers to an economic system that conducts transactions digitally using sensors or electronic devices to minimize physical contact. A Deloitte report states that in 2019, the contactless economy in the Asia-Pacific region was valued at $1.2 trillion and is expected to grow to $3 trillion by 2025.

The contactless economy has led to new business models and shopping experiences, including:

1. Touchless Store Experience: Services that minimize customer contact, such as having staff assist in product selection and vehicle parking. Customers prefer convenience without feeling rushed or pressured.

2. Drive-through: Customers can order and receive services from their vehicles without getting out, emphasizing speed and ease while minimizing interaction with staff, yet still requiring convenient product verification.

3. Shut-in Shoppers: Online shopping through applications with home delivery, where consumers expect fast delivery and low prices, especially in China, where essential online shopping has surged significantly.

4. Virtual Patrons: Virtual reality (VR/AR) product trials allow consumers to experience products from home, increasing their likelihood of purchasing and willingness to spend more. For example, Volvo developed a virtual test drive app.

For Additional Information: Office of Trade Policy and Strategy

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