According to "Future of Wearables Requires Combination of Fashion and Function: Report", an article featured on Luxury Daily, consumers of luxury items are more likely to select devices that are visually pleasing that combine fashion and function. From a brands prospective, this means that the opportunity to widen your target market will be opened to both fashion and tech supporters. Style is a key element in designing wearables,the collaborative efforts between Tag Heuer, Google and Intel signifies competitive results
Challenges managers and chief marketing marketers need to be aware of
- The main challenge in such a dimension includes finding the cohesive relationship of creatives in fashion to work together with technologists toward producing smart fashion and wearables that customers will regard as aesthetically interesting and useful.
- Oftentimes the tech side of the equation need fashion designers to put the "wear" back in wearable. Tech experts are not keen to the latest aesthetic trends.
- There are many skeptics in the fashion world.
"The problem with technology is it's a bit cold. It's a bit sharp," said Carine Roitfeld, editor in chief of CR Fashion Book and global fashion director at Harper's Bazaar.
In 2016, tech savvy customers are also highly invested in fashion while countless of tech savvy individuals are extremely invested in their field. Being an early adopter in pioneering this technological merge will have such an impact not only on fashion but the future at large. The power of your brand will be heightened to momentous levels that will never be forgotten and will be respected until the end of time.
Retailers can benefit from carrying exclusive tech devices in department stores, which could bolster foot traffic. If easily tangible retailers such as Macy’s, Bloomingdales, or even Abercrombie and Fitch for instance started carrying more smart technology, the devices would gain plausible popularity.
A majority of items that are featured in high fashion are extremely expensive. If the retailer were to offer incentives to purchasing the wearable technology, consumers will be more inclined to make the purchase. Intel for instance is creating a smart bracelet designed by the Council of Fashion Designers of America, that will be available at Barneys. Although the details of the bracelet have not been released yet, if Intel were to offer a discounted rate on any other Intel product to those who purchase the bracelet, more tech savvy individuals would be inclined to purchase.