Phone-xiety struggles

According to the new Nielsen Mobile Shopping, Banking and Payment report, released today, 53 per cent of global consumers say they feel anxious when their mobile devices are not close at hand.

The research also found that two-thirds can’t imagine life without mobile devices, and 70 per cent say their mobile device makes their life better. Two-thirds of global respondents agree that face-to-face interactions are being replaced with electronic ones, but that might not be a problem, as almost half say they prefer texting to talking anyway.

While mobile has transformed the way we communicate and stay connected with each other, it has also revolutionised the world of retail and banking as it is providing financial inclusion to the estimated two billion ‘unbanked’ consumers around the world. Growth in access to cashless payments is estimated to lead to $10 trillion in additional consumer spending over the next decade, according to The Demand Institute, jointly operated by Nielsen and The Conference Board.

“Mobile commerce has enormous implications for the entire retail ecosystem,” Nielsen Europe Financial Services Leader Stuart Tagg said.

“Mobile devices are not only bringing new consumers into the modern, connected economy, but they are also enabling a more customised experience, as products and services can be more closely tailored to behaviours, needs and preferences. But driving higher adoption and usage starts with a deep understanding of how consumers are shopping and transacting in a digital world and then use that understanding to design strategies around their habits and preferences.”

The report found mobile devices are indispensable shopping buddies to compare prices (53 per cent), look up product information (52 per cent), look for coupons or deals (44 per cent), make better shopping decisions (42 per cent), make shopping trips quicker or more efficient (41 per cent) and purchase products (38 per cent).

Only 28 per cent of global respondents are highly likely to use mobile payments in bars, restaurants or retail stores, with rates highest in India (46 per cent) and China (45 per cent).

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