The wearables market is diverse – ranging from eye wear to ear pieces and now smart watches. The recently released Apple Watch is leading the way in wrist wearables.
Starting with fitness activity trackers worn on the wrist, smart watches are the next step in the evolution of this form of wearable. This new type of wrist wearable can track your physical activity and also allow you to pay bills or open your hotel room door with one tap or swipe.
Now comes the time to figure out how different sectors can best use a smart watch, like Apple Watch to better connect and engage customers. So far, the banking industry has struggled to keep up, while the travel industry has found the perfect fit.
Growth of wearable has been slow in the banking industry because of compliance and regulation restrictions, and the need to ensure the security of customer and investor data. The early use cases for wearables in banking have been to bring security and transaction notifications to the wrist, as well as integration with digital wallets for balance and payments. This growth is expected to increase as more banks try to meet their customers’ needs.
This is an industry that is already comfortable with mobile technology to make reservations or check-in. By allowing customers to now access their hotel room with an Apple Watch app, only solidifies the future of smart watch wearables in the travel industry. A majority of travelers may choose to wear a smart watch instead of carrying a smart phone on vacation or to the pool.
Of course, the Apple Watch and other smart watches do have their limitations, including the small size of the screen and bulky appearance. Plus, they have a shorter battery life. All of this will need to be taken into consideration by marketers utilizing this technology to enhance customer engagement.
How will you leverage wearables in your marketing strategy? We can help.