What is contactless economy?

The contactless economy has been driven by both supply-side (e.g. rise of the digital technologies such as 5G, cloud platforms, AI & Data analytics) and demand-side factors (e.g. need for convenience, heightened awareness for health and safety).

What is a low touch business model?

A low-touch (or no-touch) sales model is when there is minimal sales-to-customer interaction between first contact to conversion. A low-touch sales model is most effective for products with a lower price point or tiered pricing where customers can browse different service options and purchase one to suit their needs.

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What is the Low Touch Economy?

Low Touch Economy refers to the way businesses across the globe have been forced to operate in order to succeed as a result of Covid-19.

Summary: Forced isolation and social distancing restrictions, put into place during the Covid-19 health crisis, are expected to have a lasting effect on the world as we know it. In just a few weeks time, society has already undergone a major overhaul in the way companies and citizens live and work. During this period of influx, some businesses will thrive in this change and reach accelerated success, while others will struggle to find their footing in all of the chaos.

Touching the Economic Wonders: How Our Senses Influence Our Spending Habits Have you ever walked into a store with no intention of buying anything, only to find yourself leaving with multiple bags? It's not just because the store had great deals or a flashy display. It's because our sense of touch plays a major role in our economic decisions. According to a study by the Journal of Consumer Research, people are more likely to purchase an item if they can physically touch it. Touch gives us a sense of ownership and connection to the product, making us more willing to spend money on it. This is why brick-and-mortar stores still have an advantage over online retailers – customers can touch and feel products before purchasing them. But touch doesn't just affect our spending habits in stores. It also plays a role in how we perceive value. The same study found that people perceive items as higher quality when they are heavier or have a certain texture. A heavy watch may be perceived as more valuable than a lightweight one, even if they both function the same. This concept is known as haptic perception, which refers to how our sense of touch influences our perception and decision-making processes. And savvy marketers have been taking advantage of this for years. Think about luxury car commercials that show close-up shots of leather seats and shiny metal trimmings. Or food commercials that zoom in on steaming dishes and dripping sauces. These ads are designed to tap into our senses – especially touch – to create desire for the product. But it's not just about physical touch. Emotional touch also plays a role in our economic decisions. Think about charities that use images of suffering children or animals to elicit emotional responses from donors. By touching on our emotions, these organizations are able to persuade people to donate money or support their cause. So next time you're shopping or making economic decisions, take a moment to consider how your sense of touch may be influencing your choices. And marketers, take note – incorporating haptic perception into your campaigns can make all the difference in attracting and retaining customers. Now go forth and touch those economic wonders!

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Low Touch Economy refers to the way businesses across the globe have been forced to operate in order to succeed as a result of Covid-19.
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#Economy

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What is contactless economy? - The contactless economy has been driven by both supply-side (e.g. rise of the digital technologies such as 5G, cloud platforms, AI & Data analytics) and demand-side factors (e.g. need for convenience, heightened awareness for health and safety).
What is a low touch business model? - A low-touch (or no-touch) sales model is when there is minimal sales-to-customer interaction between first contact to conversion. A low-touch sales model is most effective for products with a lower price point or tiered pricing where customers can browse different service options and purchase one to suit their needs.
What is the low touch economy board of innovation? - Definition of the Low Touch Economy The term Low Touch Economy refers to the way businesses across the globe have been forced to operate in order to succeed as a result of Covid-19.

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What is the Low Touch Economy?