2014 was supposed to be “the year of wearable tech,” but four months in, it seems clear that it’s going to take some time for wearables to go mainstream. The majority of attention is being paid to smartbands and smartwatches, and new entries to the market keep coming. Google has announced their expansion outside of Glass with smartwatch Android Wear, Nissan has unveiled a watch concept that would pair wearable tech with the car industry, Disney has made headlines with their new smartbands for guests, even Will.i.am is developing a smartwatch. The competition to be the star of tech that lives on our wrists is intense, but so far it is unclear whether consumers—even tech-hungry Millennials— are going to embrace these innovations. Research suggests that one-third of those who have purchased wearable tech abandoned their devices after just six months of use, causing some to wonder if the “next big thing” in tech is a harder sell than brands previously suspected. One of the big issues of wristband and Glass technology is that currently it is very noticeable and not necessarily stylish. We wrote that wearable tech would have to be either beautiful or undetectable to be embraced by a broader audience than the techie crowd, and the makers of these devices are heeding the warning, with Google partnering with glasses-maker Luxxotica for more fashionable Glass frames, and Intel working with Opening Ceremony and Barneys New York to create a wristband that actually looks cool.
So what will the future of wearable tech actually look like? The answer may lie in the items that we already wear everyday. Smart clothes have the advantage of being less detectable and potentially more fashion-forward than current wearable tech items. The category also has the potential to be more naturally integrated into…
Are Smart Clothes the Real Future Of Wearable Tech?
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Instagram has reached 700 million active users, and its growth has been speeding up. The app hit the new user mark just four months after reaching 600 million, and the introduction of Instagram stories in August may be a major contributor to its accelerated growth. The feature has a reported 200 million daily active users compared to Snapchat’s 161 million. Overall, Instagram now has twice the user base of Twitter and is quickly approaching the coveted 1 billion user mark that Facebook, WhatsApp, and Messenger have reached. (TechCrunch)
Millennials are using social media and YouTube to decide what to buy. A U.K. study found 32% of 18-24-year-olds are using social media to research their purchase decisions before checking out, and 25% are using video platforms like YouTube. There are also signs they’d like to search for products on social media: 25% of U.K. 18-24-year-olds reported the desire to search media based on their lifestyle and 23% would like search to understand their current mood. These findings, paired with the detailed targeting available to advertisers, are changing the consumer journey from search query to cart. (AdvertisingWeek)
Millennials are keeping 70% of their money in cash, reluctant to invest in anything, from stocks to their own retirement plans—according to new BlackRock research. Clearly impacted by the Great Recession, Millennials are most likely to agree, "What you might earn investing isn't worth the risk of losing your money," and a third say “they learned what not to do with their money” from watching their parents. They also tend to undervalue the potential returns of investments by millions of dollars, which is not good news for their futures—at their current rate, most Millennials will have less than $1 million saved for retirement. (TheStreet)
Influencer marketing is proving its worth. Though marketers have worried about determining ROI with the approach, one report is claiming it’s more effective than advertising alone, showing a direct lift in results rates of up to 30%. Across 450 influencers and 11 campaigns, the expansive research compared results from consumers exposed to ads featuring influencers versus control groups, overwhelmingly showing increased action when an influencer was involved. Good news for marketers, who spent $570 million on influencer marketing on Instagram alone last year. (Adweek)
The Amazon Echo can now help pick your outfit—and tell you when you don’t look good. LED lights and a depth-sensing camera will let the new Echo Look take pictures of any look, and “Style Check” software “combines machine learning algorithms with advice from fashion specialists” to evaluate which outfit is best, and lets you compare pictures of multiple outfits, from multiple angles. Amazon’s already extensive product recommendations could feasibly be a part of this product’s future—and, if all goes well, a drone will ship the recommended new clothes to your door. (Quartz)
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