While jewelries top-ranked the list in passing times, shoppers now crave for interactive wearable gadgets which encompasses smartwatches, hearing aid-like devices (hearables), contact lenses, smart glasses, VR headsets, fit bits, earphones, headphones, fitness trackers etc. Most of these devices are fired up by technology such as optical-sensing, Photonics, lasers, or LEDs with detectors. The growing demand by health and fitness conscious shoppers, ease of checkout at P.O.S and at online checkouts, the need for sleep-quality in homes, glucose levels while at work or home-office, and heart-rate monitor while exercising, all champion the current popularity of wearable among consumers and a key factor behind projected market growth.
Unignorable Values (Data collection and analysis):Why you should not miss the trend. The Apple watch launch of 2015 quickly became a best-selling wearable device, and today is a poster child for consumer wearable. The trend of wearable gadgets seems to be impervious to any external factors. Evidence of the same is found in a forecast that estimates 929 million connected wearable by 2021.
Business intelligence data and analytics of consumer behavior and location history collated by companies, assist them in determining trends that are associated with various products, and the customizing of personalized product experiences for tomorrow’s shopper.
Virtual Reality and Gaming. Alex Hern from The Guardian rightly predicts the future-proof-ness of VR, saying “Virtual reality has been the ‘next big thing’ for five years…” The industry data also aligns with this statement. VR is estimated to have an incremental growth. As newer applications and games start coming out, a widespread integration will eventually materialize.
Will Medical Professionals Embrace this Trend? The world's aging population and associated chronic diseases raises the need for an increase in use of wearable devices and may be gaining the attention of medical professionals for proactive monitoring than reactive response in managing the human body.
Shoppers are now seeing apps and certified health-monitoring devices approved by the FDA in the new wave of electrical heart sensors that generates electrocardiogram used in diagnosing heart problems. Some medical professionals are highly skeptical of the unregulated devices, suggesting they may confuse patients, impede care, and waste physicians' time. This raises the question, when is a wearable a regulated medical device?
B2B wearable. They are touted to have a 26.72% compound annual growth rate from 2019 to 2025. Some of its future implementations can be felt in cases like employee health tracker, body cams and VR headset for employee on-boarding process. Body cams are already been used by police forces but that would not limit its application in other fields as well. Have you thought of ways to apply gadgets at work?
Data Bridge and other Vulnerabilities:
Data is the center point of any wearable gadget. Data breaches seem to be unavoidable unless there are safety measures adopted by the product companies. Other vulnerabilities include safety hazards like health repercussions of VR headsets, when not moderated. These are among the various other growing pains of a new technology like wearable gadgets.
Are We Future Ready Yet?
The future trends of wearable gadgets will surely make newer headlines. The way technology is moving, it is likely that wearable gadgets will stay impervious to any external factors that might hinder its process. Shoppers are a major stakeholder in the equation. What do say, are we future ready yet? Please send in your comments.