# From Lululemon to Birkenstock, duplicate styles lure holiday shoppers
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-04-28
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Holiday Shoppers Prefer Duplicate Styles Over Pricey Brands
Meta Description: Discover the must-have high-quality dupes of popular brands like Lululemon, Abercrombie & Fitch, Birkenstock & Tom Ford for budget-friendly holiday
URL: https://financedigest.com/from-lululemon-to-birkenstock-duplicate-styles-lure-holiday-shoppers-2html

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_By **Animesh Chowdhury,** Founder and CTO of Goodtill by SumUp_

The effects of COVID-19 have been wide-reaching and the past year in lockdown has had a greater impact than anyone could have foreseen. One of the major changes felt by those in the financial or retail sector has been the drastic change to how transactions are carried out, most notably the increased use of contactless payments. Of course, cashless transactions were a very real possibility prior to the events of 2020. However, they were used significantly less frequently and it was not uncommon to come across an establishment that did not offer a [contactless payment](https://www.financedigest.com/curating-a-fully-contactless-customer-experience-for-payments.html "Curating A Fully Contactless Customer Experience for Payments ") option.

Now in 2021, going cashless is not only a very real possibility but is actively encouraged by governments and retailers of all sizes. In the name of public safety, many establishments now refuse to take [cash and the contactless](https://www.financedigest.com/cash-me-if-you-can-the-future-of-contactless-commerce.html "Cash me if you can: The future of contactless commerce") payment limit has risen from £30 to £100. The culmination of this saw [Mastercard record a global increase in the use of cashless payments](https://www.financedigest.com/mastercard-2022-payment-predictions.html "Mastercard 2022 payment predictions") by 40 percent in the first quarter of 2020 alone. A separate study by YouGov also found that ATM withdrawals had decreased by 60% during lockdown.

These major changes came about as a direct result of the global pandemic, but what many businesses and customers have come to learn is that the [process of contactless payments](https://www.financedigest.com/are-your-payment-processes-in-cheque-for-the-new-legislation.html "ARE YOUR PAYMENT PROCESSES IN CHEQUE FOR THE NEW LEGISLATION?") is also incredibly quick, profitable, and convenient. Therefore, with the end of lockdown in sight, the question of whether we will continue to use cashless [payments as frequently in the future](https://www.financedigest.com/the-future-of-biometrics-in-payments.html "The Future of Biometrics in Payments") seems to already be answered.

As contactless transactions are here to stay, it’s [important to explore where businesses](https://www.financedigest.com/the-importance-of-property-care-looking-after-your-business.html "The Importance of Property Care: Looking After Your Business") can add value to their operations using these methods.

**Speed, Efficiency and Improved Revenue**

On average, contactless transactions take around 2 seconds, 3-5 seconds quicker than Chip & PIN, and 12 seconds [faster than lengthy cash payments](https://www.financedigest.com/how-to-bring-immediacy-back-to-the-supply-chain-with-faster-payments.html "How to Bring Immediacy Back to the Supply Chain With Faster Payments"). Over the course of the workday, this time adds up, most notably cutting queuing times and increasing customer satisfaction.

Additionally, although responsible retailers do not want to be seen to encourage spending without limit, cashless [payments are a simple way](https://www.financedigest.com/5-ways-banks-can-compete-in-payments.html "5 ways banks can compete in payments") to increase revenue. Drazen Prelec, a pioneer in the field of neuro-economics at MIT, discovered that people are more likely to [spend without limit with card](https://www.financedigest.com/should-we-be-more-cautious-about-contactless-1-in-4-young-adults-with-contactless-cards-say-theyve-increased-their-spending.html "Should we be more cautious about contactless? 1 in 4 young adults with contactless cards say they’ve increased their spending") payments compared with cash.

Cash payments not only mean slower transactions but also bring with them a host of other tasks such as refilling the register with change, reconciling cash at the [end of the day](https://www.financedigest.com/shanghai-finds-cases-after-five-days-of-zero-covid-but-end-of-lockdown-on-track.html "Shanghai finds cases after five days of ‘zero COVID’ but end of lockdown on track"), and making bank deposits. All of these take up valuable time and expose [businesses to the vulnerabilities](https://www.financedigest.com/why-your-business-is-vulnerable-to-supplier-fraud.html "Why Your Business is Vulnerable to Supplier Fraud") that come with human error. Going cashless eliminates these tasks and brings the added benefit of maintaining a more accurate and [timely watch over the business financials](https://www.financedigest.com/how-can-financial-services-companies-compete-more-effectively-in-times-of-uncertainty.html "How can Financial Services Companies compete more effectively in times of uncertainty?").

**Data Storage**

Not only do new [payment systems bring with them convenience for both businesses and customers](https://www.financedigest.com/2019-year-customers-take-control-payments.html "2019: The year customers take control of payments"), but for many retailers they have become the core system for managing data and workflows relating to inventory, by helping to ensure businesses source the right products, stock them in the right quantities, price them correctly, and as applicable, ship them on time in the fulfilment methods the customer desires. Synchronising inventory data with POS [sales reports will ultimately](https://www.financedigest.com/the-ultimate-excel-sales-tracking-templates-for-businesses.html "The Ultimate Excel Sales Tracking Templates For Businesses") lead to smarter, better-informed purchasing decisions. Not only will this help a business to [decide what to keep](https://www.financedigest.com/belgian-court-decides-to-keep-eu-corruption-case-suspect-in-detention.html "Belgian court decides to keep EU corruption case suspect in detention") or discard from the merchandise list, but it will also assist with decisions about minimum stock levels and re-stocking schedules.

**Prioritising Health and Safety**

Another [key benefit to going cashless is the increased security it brings businesses](https://www.financedigest.com/could-ai-hold-the-key-to-business-recovery.html "Could AI hold the key to business recovery?"). With fewer trips to the bank and less cash on the premises, [retailers are a less attractive option](https://www.financedigest.com/analysis-u-s-retail-traders-pile-back-into-options-as-meme-stock-mania-flares.html "Analysis-U.S. retail traders pile back into options as meme-stock mania flares") to thieves. Remote cash handling also eliminates the [risk of fraud](https://www.financedigest.com/how-can-you-reduce-the-risk-of-fraud-in-b2b-payments.html "How can you reduce the risk of fraud in B2B payments?") and money laundering, making online financial transactions, when used alongside the appropriate precautions, a much safer option.

**Improved Customer Loyalty**

Moving to cashless payments also provides the ability to gain better access to invaluable data, such as customer buying patterns and preferences. This means that organisations can create tailored offers that better suit customers, which is a vital tool to cultivate loyal and long-term customers in an age where shoppers have more choice than ever before.

The move to cashless [payments increases the businesses’ opportunity to offer a personalised experience to the customer including communications](https://www.financedigest.com/payment-community-engagement-in-the-development-of-the-emv-specifications-increases.html "Payment Community Engagement in the Development of the EMV Specifications Increases"), discounts, offers or unique rewards based on their profile or previous purchases. Retailers can use these improved offers or perhaps a points-based loyalty programme to promote more customer loyalty, which in [turn increases repeat transactions and supports business](https://www.financedigest.com/6-expert-tips-to-turn-your-photography-passion-into-a-business.html "6 Expert Tips to Turn Your Photography Passion into a Business") growth.

**The Road Ahead**

Therefore, with all the benefits that can be brought about by [contactless payments](https://www.financedigest.com/the-future-of-contactless-payments.html "The future of contactless payments"), it seems increasingly likely that they will play a large role in the future of sales transactions. Just before the events of 2020, UK Finance released a report that [predicted that 9% of all payments](https://www.financedigest.com/2021-predictions-realising-the-value-of-payments-transformation.html "2021 Predictions: Realising the Value of Payments Transformation") by 2028 would still be using cash. However, in light of the recent changes, it seems more than likely that the [face of POS systems and monetary transactions have changed](https://www.financedigest.com/the-changing-face-of-peer-to-peer.html "THE CHANGING FACE OF PEER-TO-PEER") far more than anyone could have foreseen.

There’s no doubt the UK’s transition to contactless payments would have been considerably slower had the pandemic never happened. However, as the industry [continues to adapt](https://www.financedigest.com/scholz-if-germany-continues-to-adapt-we-will-make-it-through-winter.html "Scholz: if Germany continues to adapt, we will make it through winter") to the changing circumstances, it has become clear that we are now entering an age of revolutionised sales transactions. Although this was originally done in the name of public safety, the convenience, added security, and easy personalisation that comes with these new systems has set contactless payments up as a permanent fixture in the [future of finance](https://www.financedigest.com/enterprise-automation-is-the-future-of-finance.html "Enterprise automation is the future of finance").


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