Speculation around wearable technology, otherwise known as tech togs, has sparked debate within many industries in recent years. From Google’s prototype Glass to fitness tracker wristbands, wearable technology is here and with 70 million fitness trackers and health gadgets sold globally in 2014, it could well be here to stay.
Promoting connectivity
Let us consider the potential benefits and concerns associated with this high interest technology. Some believe these products encourage the consumer to become less reliant on themselves and more reliant on systems with the potential to fail. Duncan Stewart, Research Director at Deloitte, claims wearable technology will have the greatest effect on business in areas where it replaces something noticeably inferior, or nothing at all. He states that ‘the most impact is not when it is replacing a smartphone or PC, but when it gives connectivity to someone who doesn’t have access to a mobile or laptop’.
Reliance on systems: a risk?
If we place too much responsibility on these new technologies in our daily lives, what’s not to say we will regret doing so? Take the film ‘iRobot’ for example. Will Smith won’t be running around saving the world from a rogue wearable technology device, however, say you rely on a device to direct you to a job interview. The device fails, you don’t have a mobile and there’s no one to ask for directions. You’ve missed your interview because you relied too heavily on a gadget that ultimately let you down.
Online and in-store
It would seem that the retail sector might see the greatest benefits in the form of a more informed consumer. The Guardian’s Samuel Gibbs suggests that wearable technology could allow customers entering stores to compare and contrast items instantly in a similar way they can online, with special offers appearing before their very eyes. High-street brands may be horrified by this level of development, as they are now not only competing with brands visited by consumers online or in person, but with all other brands simultaneously. On the other hand, retailers may gain further insight into the buying patterns and preferred styles of their target market.
Are these devices affordable?
It has to be said that not all wearable technology devices fall into an affordable price range. The price of fitness trackers has dropped substantially to around £60 - the territory of impulse buying, whereas the retail price of the now unavailable Google Glass Explorer prototype is ever so slightly higher at £1,000. It is safe to say that not all consumers would have access to such a product.
Plug pulled on Google Glass Explorer
The Google Glass Explorer Edition has received many a criticism of late with members of the program stating that the device often failed to pick up the starter command of ‘OK Glass’. Others commented on the poor battery life and the fact that those wearing it look like a cyborg. Google have now closed the Explorer program and have moved development of the product from Google[x] labs to a standalone unit under the leadership of former Apple Executive and Nest founder, Tony Fadell.
Lengthy development vs. improved productivity
If we consider the level of development needed to fix bugs and glitches, not to mention the risk of hacking and compare this to the potential for these gadgets to save time and improve productivity, the question is, does the perceived value of these products outweigh the cost associated with the level of development required?
Is wearable tech here to stay?
The answer to this question depends on whether you are a consumer or a supplier. From a business perspective, the introduction of a high level wearable device such as the Google Glass could well drive down profit margins due to the influx of consumer information increasing competition. However, from a consumer’s point of view, finding the best deal will never have been easier.
What do you think? Comment below or tweet us @dbsdigital and join the discussion.
Img: Intel Free Press
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