Hi-tech watches that perform more functions than simple time-telling
Implications - Today's on-the-go consumers are constantly looking for products that will help them multitask, and one area in which multi-functionality may influence purchasing decisions is watch design. Because watches can be worn, they provide a convenient method of storing data, connecting to friends, making payments and more. Saving people the time and trouble it takes to find similar functions and apps on their computers, phones or tablets, these built-in features appeal to time-starved consumers searching for convenience in their day-to-day lives.
Trend Themes
1. Multi-functional Watches - Consumers prefer watches that can perform multiple functions such as storing data, connecting with friends, making payments, etc causing a rise in demand of multi-functional watches.
2. Watches for Special Groups - The demand for watches designed for a specific audience has increased, such as a watch designed for guitarists or triathletes, opening up possibilities for other specialized watches.
3. Contactless Payment Watches - The rise in the popularity of contactless payments can be observed when a watch-credit-card hybrid system has been introduced, which enables you to make payments using watches.
Industry Implications
1. Watchmaking Industry - The watchmaking industry can invest in making multi-functional watches that cater to a particular group to increase their sales and their market presence even further.
2. Sports and Fitness Industry - Similar to the Garmin Forerunner 910XT, sports and fitness-related companies may invest in making wearable devices designed exclusively for triathletes or athletes of various specializations.
3. Fintech - The increasing demand for contactless payment technology has opened up new opportunities for fintech businesses to create payment systems that are more convenient and easy to use.
