The wearable technology market is a hot topic of discussion among many marketers. But it still feels unclear for some brands how they can adapt their marketing strategy to this new trend. According to a report from Juniper Research, wearable advertising spend is estimated to reach $68.7 million by 2019. opening up new opportunities for marketers.
We have asked this question over the past few years and it's been really interesting to see what 'rocks your digital world' since there are some common themes amongst the top 3 and some activities surprisingly low. The question we asked was around the most important commercial trends. We had around 850 votes from marketers in different types of business from around the world. Only 2% of respondents answered that wearables will have the largest commercial impact on their business in 2018. Respondents preferred to focus on content marketing and big data - overlooking the potential that wearable technology can achieve.
As more money is spent on wearable devices and consumers start to adapt there will be an increase in the range of devices available to consumers. The range available will increase to different ranges, body parts and needs. According to i-scoop wearable technologies will shift to new markets and areas of the human body by 2026 (i-scoop, 2016). This year we have seen Fitbit, Alexa, Google home and Apple Watch 2 take off, people are increasingly using them more as part of their everyday lives.
Wearable technology is evolving to help solve some of the healthcare’s biggest problems. Healthcare providers can collect data from patients, as well as use wearable technology to keep doctors connected to co-workers and data without the hassle of a pager or phone system. There have been a number of advancements in the healthcare sector such as introducing hearables, or wireless computing earpieces, and brainwave-reading technology.
As we adapt to new technologies retailers will be able to collect ‘super data’ such as a user’s in-store shopping frequency, their basket size, value per item, length of stay etc – meaning that online advertising placements and scheduling can become more acutely defined. it will also allow retailers to access personality traits about the customer, such as what you listen to, what you “like”, and what you like to browse.
Once the industry has made advancements in the data wearables collect about their customers, retailers will be able to build a fully personalized experience of the entire browsing and buying journey.
The boom in wearable technology has been mainly fueled by fitness, such as wearable gadgets’ that monitor your heart rate or track your exercise. These gadgets have been successful because they are helpful to the user and easy to integrate into everyday life. According to IDC, the market’s growth will be fuelled almost exclusively by smartwatches and wrist-worn fitness trackers. Having tech on your wrist, the smartwatch allows for precise data to be collected about the user. This is likely to radically impact the retail experience as hyper-personalized offerings become commonplace.
Although wearables might not have fully taken off this doesn't mean that wearables are dead. Some business maybe seeing significant success - especially those in the health and fitness sector.
But if you have been unsure of the transition to wearables brand should be doing something with wearables maybe start thinking about whether or not you have the tools, tactics, and support in places to be successful in this industry.
You also need to ensure you use cross-platform marketing. As technology evolves, it would be foolish to focus all your marketing efforts one single technology. embrace the new and look to adapt and change in the future. TechCrunch reported 'Current low adoption by mainstream consumers shows that the market is still in its infancy, not that it lacks longer-term potential'.
If you are unsure how to prioritize marketing investments in innovative marketing technology use our marketing technology and media innovations guide to help you make informed decisions for 2018. It works through planning frameworks to will help your business think strategically and make the right decisions about how to invest. The guide also outlines the key technologies marketers need to consider when planning for the future.
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