Profitable Trade in the World of Wearables
"Wearable technology is clothing and accessories that incorporate computer and advanced electronic technologies. The designs often incorporate practical functions and features, but may also have a purely critical or aesthetic agenda."
Wearables are wrapped in an intoxicating “coolness” factor that millions of consumers are drawn to. But for you, as a business owner, you get to command huge revenue potential now and for the foreseeable future.
In order to survive in your business, you first, have to recognize that you have to transform your relationship with your customers. You have to increasingly recognize the need to create value for your customers beyond the standard product. The Joseph Pine framework on economic value (below) explains it in a simple way. Companies that seek to differentiate themselves, tap into consumer needs and through that realize premium pricing, will need to create meaningful services and authentic experiences.
Image Source: Deloitte
How to Extend the Value of your Product with Wearables?
Does not matter what you sell or manufacture, your goal is to digitize it.
What does that mean. It means that you layer your product with technology.
See the chart below:
Once you digitize the use of your product, you can derive data from it. And with the data, you can offer different kinds of experience to your curious customers.
Fan the Feeling of Being in Control, Being Safe and Being in Power
Examples for your inspiration
Dumb watch becomes smarter with renaissance look. With a whopping €3,534,663 raised
through Kickstarter last November, Filippo Loreti, the recently turned smart and offered the crowdfunding community a Renaissance model, a hybrid which tracks sleep and activity while also giving you notifications and music control.
Solos is all about bringing Augmented Reality to cyclists. With a price tag of $500 wearable doesn't come cheap it does promise a wealth of features to make it the ultimate cycling companion. It works with Android and iOS smartphones and even Wear OS smartwatches, serving up rich fitness metrics that can be displayed in front of you and audio prompts to give you turn-by-turn directions. There's even voice control for that true hands-free experience.
Controlling virtual reality with your mind — Neurable's brain-computer interface add-on for VR headsets. It reads four emotions: valance (pleasure, displeasure), arousal (excitement), liking and dominance (how in control of the situation you feel).
Evoke the 'care factor' with Smart Clothing — Nanowear is going above and beyond what wrist-based gadgets can track. The startup has developed a medical-grade textile, SimpleSense, capable of capturing millions of signals on the skin and giving it the potential to unlock biometric insights to help wide-ranging medical conditions — monitoring patients through the likes of ECG, heart rate variability, respiratory rate, actigraphy, impedance cardiography, thoracic impedance and cardio-phonography to help keep them out of hospital.
Smart Costume Jewellery with built in emergency response system. Leaf Wearables' smart necklace, which looks like regular costume jewellery (and can also be worn as a ring) but connects to the user's smartphone via Bluetooth to trigger alerts to friends and family when needed. Cleverly, it will send a text message when your phone isn't connected to the internet.
Sophisticated Finance in the form of Wearables — The Swedish startup Konabay, partnered with Barclays' bPay to bring contactless payments to its hybrid watch band — now, that is a clever idea of upgrading the band that goes with the watch.
Revolutionary way of picking our footwear that is best suited to our body — that is the vision of Dorsavi — using wearable sensors, software and algorithms that objectively measure and analyze the way we move to help identify which running shoes you should actually be wearing.
Save heating and cooling bill for your house, and save the planet —
Embr Wave is the thermostat for your body.
Warm up or cool down when you need it most.
Founded at MIT,
backed by Bose Ventures & Intel Capital.
Embr is also exploring the application of its patented technology in a number of other areas, such as virtual reality, entertainment and non-verbal communication.
Women's Health and the Holy Grail of Wearable in Healthcare — This Ava wearable bracelet falls under many categories including fertility tech and pregnancy tech but it's also helpful for women who want to closely follow their hormonal cycles.
And LifePlus has cracked the code. The startup made waves last year when it emerged to announce it had successfully built the first continuous non-invasive wearable for glucose tracking. LifePlus isn't using new sensor technology, but rethinking the use of existing sensors to isolate glucose in the blood.
New Platform that lets you build your own wearables — zOrigin, a wearable reference design platform for DIY wearables and can either be used as-is or turned into other products. It's mostly ideal for panic buttons, smart jewelry, shoe insoles, and fitness/health bands - the sleekest and smallest wearables you can get.
Technology that small business owners and marketers should integrate in their processes.
Mobile World Congress Barcelona | February 25 - 28, 2019 , Barcelona, ES
Embedded World Exhibition and Conference | February 26 - 28, 2019, Nuremberg, DE
IoT Build USA | April 9 - 10, Santa Clara, CA
HIMMS: February 11-15, Orlando, Florida
Photonics West: February 2-7, San Francisco, California
RSA: February 2-7, San Francisco, California
Medical Wearables: May 15-16, San Jose California
Wearable Technologies Conference: July 9 -10, San Francisco
Robotics Summit and Showcase | June 4-6, 2019, Boston, MA
International Conference on Cloud Computing: June 25 - June 30, 2019, San Diego, USA
IEEE Cloud 2019: July 8 - July 13, 2019, Milan Italy