Mother, bark and spit are just three of 23 words that were first spoken by human beings around 15,000 years ago. These three words marked the beginning of verbal communication. In no time, communication evolved and morphed from sending smoke signals to letters on pigeons and trunk calls. Fast forward to 2022, humans consider the need and impact of technologies such as the Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), 5G and the Metaverse .
The consumer technology industry is undergoing a historic transformation. According to a survey conducted by Deloitte in 2021, the pandemic has boosted the use of consumer electronics products, including smartphones, wearables, televisions, laptops, game consoles, and more. This is pushing consumers towards a digital lifestyle and a continued demand for personalized products and services.
Additionally, households have become more tech-savvy with higher internet penetration rates, knowledge, and affordable gadgets. It has also led to the adoption of smart wearable devices that have made people’s daily lives easier. From answering calls while driving to keeping up with notifications from work or college, smart wearables have become the hottest statement of fashion and functionality.
These palm-sized gadgets have taken the world by storm with health freaks using smartwatches to optimize their workouts, gamers using neckband/TWS headphones to enhance the phone gaming experience mobile and fashionistas pairing headphones and smartwatches with their outfit. A study by Cognizant Solutions said that these devices are generally not only perceived as “technology” but also as “fashion” and thus give rise to the concept of “fashionology”.
Considering the change in which consumers have started to interact with smart clothes, it has become necessary for brands to take inspiration from current movements in fashion, art and music, products must be extremely centered on design. Followed by a focus on aesthetics, user-friendly features and great attention to detail.
A crucial point to note here is product pricing. The smart clothing market is a growing industry with new brands entering and creating a niche for themselves. To ensure customer loyalty, brands must guarantee dynamic, affordable and competitive pricing.
Today, Millennials and GenZ have changed the way the market works. They’re looking for the latest, premium features at a price that won’t burn a hole in their pockets, especially for those buying a smartwatch or headphones with their monthly pocket money. However, what is essential is that brands understand that they cannot simply lower the price of products by reducing quality. Product pricing should strike a balance between powerful features and specifications and product innovation.
Now, what’s even more interesting to note is that regular wristwatch wearers are slowly shifting to smartwatches. This is not only true for customers, but also for brands. The ever-thriving wristwatch brands have realized the opportunity presented by the smartwatch market and are now grasping the concept of evolving technology to cater to their customers.
Well, it’s only fair that we look at the hearing aid segment. Have you seen anyone today without a pair of TWS or headphones plugged in? For me, today I see everyone hooked up either listening to their favorite music or attending calls while typing furiously on their laptops to jot down points.
The portable audio device industry has grown out of control over the past couple of years as consumers recognize the need to answer calls hands-free and without getting tangled in cables. With that came the need to block out background noise, minimize disturbance, and adjust audio settings.
Whether it’s a TWS or headphones, a key customer request is great battery life, fast charging capabilities, and ANC. Therefore, it becomes necessary for brands to move towards this demand and to work towards differentiated solutions.
This brings me to another important talking point, customer awareness. With the smart clothing market growing steadily and attracting customers of all ages, the most involved are the country’s young people. Millennials and Generation Z make up the bulk of India’s population, making them the most conscious and hard-to-please customer group. The brand’s products and services must be relevant, simple, useful and aesthetic.
Changing trends show that an important driver of the smart wearables category is the younger demographic, not because they represent the biggest market today, but because they are a real source of knowledge. , comments and suggestions for any brand. In this incredibly dynamic market, brands need to explore the universe of young people and offer irresistible solutions that are easy on the pocket.
So the next time you are looking for a gadget, be sure to consult a youngster because you will be amazed at the industry and product knowledge they have to make the right buying decision at good time. Because of this, even developers put on their thinking hats to come up with new and innovative products.
While smartwatches and TWS/headphones are the latest trends, the future holds something even more interesting: the normalization of the use of smart gadgets like smart glass, clothing, or jewelry. Imagine a day when your Invisalign could indicate your body’s need for water, or a ring reminding you that you’ve tapped too long and need to rest your fingers and arms. This is the future of smart wearables; it’s not near but not far either. Although the segment is still in its infancy, the transition to these smart gadgets will be seamless.
In conclusion, the wearables market is growing at a faster rate than expected, resulting in innovative products and services every day. It’s fair to say that the future of technologies is here, and the next step would be the fusion of wearables with IoT to increase efficiency and take smart wearables to the next level. We have seen the demand for smartwatches and TWS increase to create work-life balance and monitor their day. Brands would eventually see an increase in demand for gadgets like the same clothes, glasses, helmets, etc., to make their daily routine smoother.
The author is the CEO of Dizo India.
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