Technology has redefined our lives in the shortest period known. While it took years for the radio to be embraced by the humans, it took just a short span of time for us to embrace the smart world. A decade ago when iPhone was launched, it was the first step towards a smarter and technology-driven world. We have definitely come a long way since then. Newer technologies have been introduced in this time, and each technology has proven to be useful and in line with the generation.
Today, years after the first step was initiated, we are embracing yet another new and uninitiated technology trend known as the wearable technology. This is a step towards connected gadgets. This technology will reach $6 Bn in 2018, which is a huge figure, and close to 130 Mn devices will be shipped across by 2018. Wearable technology will transform the different industries, and bring scalability the businesses. There are seven industries that will be impacted by the arrival of wearable technology. Here we will discuss these seven industries and understand how they will be impacted.
Wearable technology will redefine everyday retail experiences for the end consumer. Despite the privacy and data breach concerns over the use of wearable technology, the consumers have been getting enriched experience. Around 76% of the people surveyed by PwC in the millennial generation claimed that they received a pleasant and interactive shopping experience as a result of wearable technology. It is said that by 2020 most retailers would interact with consumers over IoT based beacon devices, while the purchaser would be carrying their wearable gadgets connected to the smartphones. This will help retailers known their purchasing mindsets, the locations they shop at, and what can lure them. Smartphone connected accessories; smart labels, smart jewelry etc. are all forms of wearable favored by the retailers. The retailers can use this data to offer discounts and deals to the end consumers.
This is yet another industry that will be impacted with the wearable technology. It will be a winner in the long time, and would mark the highest revenue in the coming times. Embedded connected and flexible waterproof sensors in shoes, bags, clothing and other accessories can help get insights on what the person wearing it is thinking, and what is their purchase behavior. With a fusion of tech and creativity, the futuristic garments have the ability to send reminders on when it’s time to clean or recycle them. Theft and counterfeits can be avoided, as you can trace the garment in real-time and know who is the original maker of this fabric. These insights can help designers and fashion retailers alike
Social media is one of the hottest industries at this moment, and it will continue to grow in the same way, especially in the advertising, retail and fashion industries. With wearable technology, social media no longer resides in your pocket. It has moved to the wrist in the form of your smart watch. The millennial will further the social media, as they believe in being forever connected. This will take the wearable tech for social media to another level.
Tied to the social, retail and fashion industry, the entertainment industry will also be affected by the wearable technology. In fact, 73% of the people surveyed by PwC believe that entertainment industry will be able to enhance user experience by embracing this new technology. With newer ways of communication coming up, they will augment the way people view entertainment, and improve the tools that exist. AR and VR will enhance the visual entertainment experience, thus redefining how you watch sports, movies etc. Are you ready for an experiential moment?
The traditional marketers are still trying to adjust to the digitization, while there are the new-age marketers who are trying to achieve their ROI by incorporating the smartwatches, smartphones and AR and VR into their advertising models. A lot of advertisers have started implementing the wearable tech in an innovative manner integrating the different applications for better engagement, and finally conversions. An apt example of this model is Pokemon Go. The idea is to create campaigns that are better targeted and can be relevant to the target audience.
Fitness trackers and health monitoring devices will help take care of your health, and make you conscious of every minute detail of your health. You will find wearable technology marking the calories burned to measuring your heart rate and VO2 max. This technology will indeed make things incredible and real-time for the healthcare. Collaboration of patient with the doctors would be made easy with this new technology
Gaming will become more engaging and experiential with the arrival of wearable technology. Wearable integrated gaming would be seen redefining the whole gaming experience both visually and physically.
In a few years, this technology would redefine the way we work, shop, play or conduct our life. It will soon be an integral part of our lives, and the different businesses should find ways to invest in this technology to get a strategic edge.