Published on : Dec 22, 2015
Smart jewelry and smart watches have witnessed an array of product introductions in between 2013 and 2014. Owing to a high response rate from customers, manufacturers are introducing luxury smart watches for luring the high-income customers. This introduction of cutting-edge products is predicted to impact the interest of consumers in smart wearable in forthcoming years.
The prime products leading the market and their predicted impact on the present personal accessories market is elaborated as under:
- Smart Watches to not Impede the Demand for Traditional Watches: Smart watches vary from most of the traditional watches in a number of ways. Smart watches can sometimes affect some of the price segments talking in terms of short term, but in the long run, smart watches may end up augmenting the total revenue generated from the sales of these watches.
- Top Competitors: Top fitness trackers including Pebble smartwatch and Fitbit were the foremost market entrants. But, the big companies such as that of Apple and Samsung are predicted to lead the market by 2015 and they may also collaborate with watch conglomerates including Timex as well as Fossil, etc.
- Skeptical Consumers: The adoption of smart jewelry and smart watches is still relatively low as they still somewhat lack in the desired features and design combination. In addition, the high cost of these smart wearable decreases their demand further owing to middle-class consumers still being skeptical on these smart wearable being value for money.
- Promoting Smart Accessories’ Adoption: Although, smart accessories are still far behind from being called as value for money products, still they are capable of reducing the daily reliance of consumers on their smartphones. For this to manifest, manufacturers require addressing the concerns of people over features, designs, and privacy for attracting more customers.
Thus, the smart accessories market is still in its nascent stage and is gaining traction only in developed regions of Europe and North America. For increasing their foothold, the prime players operating in the market for smart accessories are targeting on providing technologically advanced products which are economically priced and comprise the required features and privacy. By filling this gap, the market may rise in forthcoming years and may gain traction in emerging economies as well.