With the world going virtual, easier to use devices are being created. The smartphone is the leading prodigy of such devices, as they potentially replace the need for a computer or laptop. All while being more efficient to use and highly mobile, the smartphone industry has managed to achieve virtually every aspect of our lives. However, the need for more highly accessible and compact devices has increased significantly and now comes the era of smart watches. The technological trend focuses on getting the most out of something compact and incredibly mobile and smartwatches are nothing more than a byproduct of such a need.
Additionally, the concept of smartwatches also shifts its focus to if not fully, partially, eliminating the need for antediluvian wrist watches. Wristwatches have gone outdated and are worn as nothing more than a fashion statement, they provide nothing more than accentuating your outfit and letting you know of the time. In recent practice, the use of cellular devices has greatly compromised the sales of wristwatches, when asking someone of the time they are more likely to take out their smartphone and tell you rather than pondering over the need of a wristwatch. Furthermore, the newest era of technology hopes in accomplishing a middle ground between the two devices. A combination of all the functioning of a smartphone, fully equipped within a wristwatch.
The Revolutionary Idea
Smartwatches in their basic terminology are digital watches that can do a lot more than their non-modified analog time tracking counterparts. The area of functioning of these smart watches has increased drastically, with time keeping just being an additional luxury out of the many features the smartwatch has to offer. These digitally driven and technologically modified wrist watches can perform a variety of tasks. Running applications of different genre and playing media of different kind i.e. audio, video etc. from radio streaming to wireless Bluetooth connectivity, these smart watches have all the features a tech enthusiast can possibly think of!
It is fair to say that smart watches are like compact cell phone devices that you can wear on your wrist. Some of these smart watches provide a touch screen to increase accessibility and to use applications such as calculator, compass, thermometer and much more. Smartwatches are full fledge digital tools on your wrist. Smartwatches are targeting a different niche; they are being used as a digital tool as well as being a fashion statement. Targeting two different segments simultaneously can be quite a conundrum if not done correctly. Truth be told, smartwatches have been lurking in the gadget industry for quite some time, as they were looking to take advantage of the two segments and establish some sort of a middle ground. With the two segments being so incredibly different from one other; one being fashion oriented and the other being technology oriented, not much progress in the field was observed.
Survival of The Fittest – Fashion Tech Industry
Until recently, a middle ground has been established with Smartwatches affiliating themselves with famous brand entities. Hence creating an opening to target the two niches, simultaneously. The advantage of affiliating with a brand entity works in the favor for both the parties, as without the link the brand itself held a significant market share for the consumers who preferred fashion over everything else. Similarly, the smartwatch industry had their own fair share of the market, filled with consumers who wanted to get their hands on the most technologically advanced gizmos the market had to offer! Combining the two industries together created a product that best suited for both the segments and potentially doubled the market shares of both the industries.
However, the fashion industry had the upper hand with it being more experienced on the matter of designing, creating and merchandising wrist watches. The affiliation between the two industries came as a dream come true for tech enthusiast as well as fashionistas. A wide range of fashion designing brands was made available for the general public to take their pick of a designer approved, technologically advanced, a smartwatch. Some of the world famous designers being:
- Louis Vuitton
- Michael Kors
- Emporio Armani
These designer based smart watches gained instant popularity when they reached the consumer market. Although some smart devices manufacturers decided to stay solo and shun the affiliation such as Huawei and LG. But as the hype about designer smart watches grew, were quickly outnumbered. Android wear designed by fashion designers quickly took control of the market, offering their devices in a wide variety of styles and prices. This was a huge step forward for the smartwatch industry as it enjoyed a position its competitors didn’t.
What’s more, is that due to affiliation with world famous designers, versatility was added in the product offerings. David Singleton, head of Android Wear, proclaimed that wrist watches were too personal of an item to be sold as one product fits all, and designers couldn’t agree more! The duo made products that were customizable to the need of consumers and did not lose their “unique” factor. Hence the affiliation between the two industries ensured survival for the smartwatch industry. Google took one step further in ensuring its survival in the smartwatch industry by partnering with numerous fashion and tech brands, providing its consumers with multiple options to select from. The link between the two industries is potentially fruitful for the smartwatch companies, as many of their product offerings failed to gain certain traction due to their simple design and banal appearance. When it comes to fashion industry they have a natural fit for the department as they have the knowledge needed for premium designs and aesthetically pleasing styles. The fashion industry was nothing less than a boon for the smart watches and the coordination between the two was a Trump card, that won the game!
By attracting a millennial-based consumer market, the smartwatch industry had taken advantage of age-based segmentation. An additional benefit aside from its need-based segmentation. This revolutionizing step does not end with the product tapping different market segments but the smartwatch industry is hard at work to develop more attractive features that will gain certain traction and be the subject of discussion for years to come.