Have you hit reached your steps, today?
With Fitbit, Apple Watch, and now TomTom and Samsung getting in the game, wearable technology is the new craze with an exponentially growing market size. Now there are even pet trackers you can attach to your dog’s collar. Nuzzle keeps track of your furry friend with GPS monitoring and uses a companion app, Fetch, to store your dogs data.
Companies like Adidas and Under Armour are invested heavily in developing wearables for athletes to measure performance metrics and bio-mechanics. Adidas and Under Armour also plan on gathering customer data through the integration of wearable technology in athletic gear and clothing, leading retailers to believe it is a promising new market development. Soon, athletic wearables will be in every major sporting goods store.
How can Fitbit compete against all these variations of their product?
Although there are cheaper alternatives to Fitbit, like Xiaomi, as well as one’s more tailored to personal training, like Moov, Fitbit is working to stay ahead of it’s own wave. CEO, James Park, claims the company is developing more advance sensors for stress detection and blood pressure, as well as data mining their vast ocean of user generated data to look for better, more individualized fitness advice. The main thing that’s keeping them ahead of the pack is strategic partnerships with fashion brands; keeping Fitbit not only in the consumers mind as an exercise tool, but as a fashion accessory as well. Here’s a Fitbit line by Tory Burch.
What’s the next step for the market?
Maybe it looks something like this “tech tattoo.” A concept being developed by Chaotic Moon and New Deal Design. These “invisibles” are powered only by your movement and the electric current running across your skin.