Wearables Are Reshaping Marketing Strategies

by CXOtoday News Desk    Nov 19, 2014

wearables

The wearables have been here for sometime, but it seems the world will see a greater impact in the next five years. Currently, wearable technology is focused on consumers, but gradually companies are considering business apps, thereby contributing to enterprise app market. Most of them aim at improving employee productivity and enhancing efficiencies.

With all these on the map, the job of marketers is going to be intense as analyzing data is expected to be much more complex. “Consumers will be able to integrate the data from most wearables into a single account where their data can be analyzed using cognizant computing to provide useful insights to wearers,” says  Angela McIntyre, research director at Gartner.

Gartner predicts that among the wearables, smartgarments would pick up pace over smartwatches/smartbands in 2015. Smart garment shipments are forecast to grow from 0.1 million units in 2014 to 26 million units in 2016.

From wearables to voice recognition, the new tech capabilities offer huge potential for consumers as well as marketers. Be it Apple Watch or Google Glass, wearable devices are redefining the technology experience. As an article in WIRED recently stated, “the newest wearable devices aim to reduce the time between intention and action, going so far as the day when the device knows what users want before they want it.”

Wearable shipments will generate a 78.4% CAGR between 2013 and 2018, eventually hitting 111.9 million worldwide shipments by the end of the aforesaid period, according to IDC.

While marketers are currently leveraging location based marketing, wearables are a step ahead and compel them to understand the mood of the person. Smartclothing, which is expected to be popular next year, reportedly captures very minute changes in the person’s body—perspiration level while shopping or the joy when a person gets precisely the brand of his choice.

That will offer new opportunities for marketers. For example, a person is stuck in traffic and running late to office. Apps will offer him advice on taking a cab depending on the distance or to complete his daily quota of walk. Here is when marketers can leverage by pushing their products. How about a cold drink? The person is expected to be anguish and desperate for some refreshment.

That is how life is made easier.

The increased buzz has prompted more vendors to announce their intentions to enter this market. Most importantly, end-users have warmed to their simplicity in terms of design and functionality, making their value easy to understand and use,” said Ramon Llamas, research manager of mobile phones at IDC.

“The smartwatches differ from smart wristbands in that smartwatches need to display the time and have a user interface oriented around communication. However, some smart wristbands have the ability to display and send text messages. The overlap in functionality between smart wristbands and smartwatches is expected to continue,” says McIntyre of Gartner.

In this, marketers can benefit by making one product across the portfolio of bands and watches. As of now, Google Now has the capability to intimate a person about the discounts when he passes by a particular shop. 

There is a need for marketers to experiment and explore the world of wearables and be prepared for the future, rather than ending up in shock.