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Combine the third persons singular and plural. Instead of "he / she / it / they", just have the language use "they". Of course, SE probably has something to say on the matter of pronouns...
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The answer is in your question.
The need to differentiate between you singular and plural shows that English only has 5 conjugations. The issue is the mentality behind whether or not there is a difference. In spoken language we usually add additional words to clarify or use tone of voice or even hand gestures to do so.
That said, if a society does not ...
1
Yes, and there is/are.
Take eg. Spanish as spoken in Latin America: the "you plural" is folded into the "they" conjugation, leaving five forms.
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