According to a report by PricewaterhouseCoopers (PwC), just like smartphones, wearable devices are set to redefine our lives. Wearable devices are “the next big thing” and about 130 million devices are expected to emerge by 2018. It is also predicted that the wearable device industry is set to gross $6 billion by 2018. With these stats, there is enough indication that companies, especially the tech industry, must have a ‘game plan’ by now.
If you own a business in one of the following industries, you must look to capitalize on the wearable trend, says PwC.
The entertainment industry is most likely to benefit from the advancement of wearable technologies. A survey taken by the PwC with one thousand participants, including business executives, consumers and wearable device influencers, showed 73% of the participants believed that wearable technologies could enhance entertainment and media experiences and add more fun. The report also suggested that wearable solutions may not bring new genres of entertainment and communication but it will definitely improve the already existing ones.
Among those polled, millennials were the ones more interested in trying wearable branded devices offered by entertainment and media companies.
2. Gaming Industry
Studies show that 97% of American children aged between 12 to 17 play video games for an average of one hour per day. It is also estimated that games that wearable devices could offer, can be more engaging physically and visually. Among consumers aged between 18–24, polled by PwC, about 64% believed that games integrated to wearable devices would motivate them.
That also means the future of gaming may not be televised. Instead they may be worn.
3. Social Media
As per PwC, consumers want different functions on-the-go. Access to their preferred social platforms via wearable devices could be a sweet reward for them. Millennials who are always-on are three times more likely (than the general population) to get benefited. They believe real-time updates on social media platforms are the key benefits of wearable solutions.
The fast-growing wearable technology is already helping health-conscious individuals to monitor a variety of things like calorie intake and burned and the number of steps taken between places. Innovative companies in the US healthcare sector are exploring new ways to find engagement and derive profits with the upcoming wearables.
PwC makes a special mention about Walgreens as one of the first companies to funnel data sourced by wearable devices, taking advantage of the fact that one million customers are already using health applications like iHealth and Fitbit.
One can only expect a slew of health and wellness companies to follow up.
More wearable displays/screens obviously mean more space for advertising. Wearable devices being very much portable, also offer blank canvases for ads-targeted messages and can reach customers better than any other medium. No surprise at all, advertisers are already pouncing on these devices. They are devising new and clever methods to deliver highly personalized marketing content directly to customers, using a smartwatch or Google Glass. As long as you wear them and stare at them, an advertiser’s job is done.
It will not be too long before wearable devices play a crucial role in the everyday retail experiences of an individual. However, they may be haunted with data breach and privacy threats initially. The study conducted by PwC revealed that millennials were more interested in wearable-integrated retailing. Few busy parents also expressed their wish to use wearable tech for a convenient, pleasant and efficient purchasing experience.
Though they are still in their nascent stages, wearable market is well set to explode. Many analysts believe that wearable tech can change the way we do business and other factors in our personal lives.
To be ahead or compete with tomorrow’s business, your company/business may have to adopt wearable-device-integrated business strategies.