In a report from PricewaterhouseCoopers (PwC)it has been revealed that one third or 33% of the consumers, who bought a wearable item in the past either don’t use it entirely or use it at a few occasions only. When asked about the reason behind this consumer behavior, it was found that consumers are putting down their smartwatches because these devices failed to meet expectations although, they have not given up the idea of using a wearable in future.
The Report in Brief
In the PwC’s report titled as “The Wearable Future,” it was revealed that more than of millennial as well as early adopters have been pretty excited about how the future of these devices will shape up later. But to fulfill the expectations of consumers the manufacturers need to take into consideration many things that may relate to consumer complaints, price, privacy and security. Despite all these grievances and adverse looking circumstances it is believed by PwC that there will be more than 130 million units of these devices will be sold by 2018. Moreover, some other agencies estimate that the sale could reach up to 180 million units in future.
Moreover, it is anticipated by PwC that this trend may earn huge returns for brands dealing in this market segment. In particular, media companies were seen in a better position where they have bigger opportunities for business. In a statement PwC said, “[Wearable technologies are] blank canvases for highly targeted message placements, especially in the form of content with greater relevancy and context to the user.” “But wearable devices won’t just create more ad inventory and unleash more publishing subscription revenue—they’ll provide a meaningful opportunity to drive product sales and e-commerce.”
Challenges Before Future Media Companies
According to Deborah Bothun, PwC’s U.S. advisory entertainment, media and communications leader, the future media companies must combine insights with refined and intense experiences to explore new means of monetization. He also suggested to bring into practice both conventional advertising as well as paid content offerings.
The essence of this report suggests that there might be huge business opportunities for media companies in future. Businesses may start flowing in once consumers will start using wearables without any or with fewer grievances.