Mother, bark and spit are just three of 23 words that were first spoken by humans some 15,000 years ago. These three words were the beginning of verbal communication. In a flash, communication evolved and changed from sending smoke signals, to letters on pigeons and trunk calls. Fast forward to 2022, people are considering the need and impact of technologies such as the Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), 5G and Metaverse.
The consumer technology industry is undergoing a historic transformation. According to a survey conducted by Deloitte in 2021, the pandemic has intensified the use of consumer electronics products, including smartphones, portable devices, TVs, laptops, game consoles, etc. It drives consumers to a digital lifestyle and seamless demand for personalized products and services.
In addition, households have become more technologically savvy with higher penetration rates of internet, knowledge and affordable devices. It has also led to the adoption of smart wearable clothing that has helped make the everyday life of people easier. From answering calls while driving to keeping abreast of work / college notices, smart wearables have become the latest fashion and functionality statement.
These palm-sized devices have taken the world by storm of health freaks using smartwatches to optimize their workouts, gamers using neckband headphones / TWS to enhance mobile gaming experience, and fashionistas pairing earbuds and smartwatches with their outfit. A study by Cognizant Solutions stated that these devices are generally considered not only “technology”, but also “fashion” and thus give rise to the concept of “fashionology.”
Considering the change in which consumers have started dealing with smart wearable items, it has become necessary for brands to be inspired by the current movements in fashion, art and music, the products should be extremely design centric. Followed by a focus on aesthetics, user-friendly features and great attention to detail.
An important point to note here is the pricing of products. The market for smart portable products is a growing industry with new brands entering and creating a niche for themselves. To ensure customer retention, brands need to ensure dynamic pricing that is affordable as well as competitive.
Today, the millennials and GenZ have changed the ways the market functions. They are looking for the latest and premium features at a price point that does not burn a hole in their pockets, especially for those who buy a smartwatch or earbuds from their monthly pocket money. What is critical though is that brands understand that they can not just lower the price of the products by reducing quality. The price of the product should be a balance between power-hungry features and specifications and product innovation.
What is now even more interesting to note is that ordinary wristwatch carriers are slowly moving towards smartwatches. This applies not only to customers but also brands. The ever-thriving wristwatch brands have realized the opportunity that the smartwatch market holds and now understand the concept of evolving technology to satisfy their customers.
Well, it’s just fair that we dig into the audible segment. Did you see anyone today without a pair of TWS or earplugs plugged in? As for me, today I see everyone who is plugged in either vibrating to their favorite music or attending calls while frantically typing on their laptops to take points.
The audio portable industry has seen unbridled growth over the past two years, with consumers recognizing the need to attend calls hands-free and without getting entangled in wires. This was accompanied by the need to block background noise, reduce interference, and adjustable sound settings.
Whether it’s a TWS or earbuds, a key questions for customers are the great battery life, fast charging capabilities and ANC. Therefore, it becomes necessary for brands to meet this demand and work towards differentiated solutions.
This brings me to another important discussion point, customer awareness. With the market for smart wearable products gradually growing and attracting customers across age groups, the young people of the country are most involved. The millennials and Gen Z make up the bulk of India’s population, making them the most conscious and difficult set of clients to please. The products and services of the brand must be recognizable, effortless, usable as well as aesthetically pleasing.
The changing trends show that a significant driver of the smart wearable clothing category is the younger population, not because they are the largest market today, but because they are a true source of knowledge, feedback and suggestions for any brand. In this incredibly dynamic market, the brands have to explore the universe of the young people and offer irresistible solutions that are also easy on the pockets.
So next time you are on the lookout for a gadget, make sure you consult a youngster as you will be amazed at the industry and product knowledge they possess to make the right purchasing decision at the right time. In doing so, developers even make up their minds to offer new and innovative products.
While smartwatches and TWS / earbuds are the latest trends, the future holds something even more interesting – normalizing the use of smart devices such as smart glass, clothing or jewelery. Imagine a day when your Invisalign can indicate your body’s need for water, or a ring that reminds you to type too long and rest your fingers and arms. This is the future of smart wearables; it is not near, but also not far. Although the segment is still in its infancy, the move to these smart devices will be seamless.
Finally, the market for portable products is growing at a faster pace than expected, resulting in innovative products and services every day. It is only fair to say that the future of technology is here, and the next step would be to merge portable items with IoT to promote efficiency and take smart portable devices to the next level. We have seen the demand for smartwatches and TWS skyrocket to create a work-life balance and monitor their day. Brands will eventually see an increase in demand for devices such as the same clothing, glasses, helmets, etc. see, to make their daily routine more harmonious.
The author is the CEO at Dizo India.
Disclaimer: The opinions expressed in this article are the personal opinions of the author. Gadgets 360 is not responsible for the accuracy, completeness, suitability or validity of any information about this article. All information is provided as is. The information, facts or opinions contained in the article do not reflect the views of Gadgets 360 and Gadgets 360 accepts no responsibility or liability for it.
Gadgets 360 Insights articles are written by industry leaders, analysts, researchers, and experts in various fields related to personal technology, exclusively for our readers.