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Are Wearables Providing a Competitive Advantage to Early Adopters?

According to eMarketer.com, businesses are taking advantage of the opportunity of wearable technology and more specifically the opportunity to track and improve workplace productivity.

As more and more innovative tech products emerge into the market place and have the potential to change the competitive landscape, businesses are left trying to decide when to adopt and when to ignore. In early 2015 a study by Salesforce.com published that close to 8 out of 10 US businesses believe that wearables will remodel the future success of their businesses.

employee wearableMore than three-quarters of adopters have already seen improvement in workplace performance due to the usage of wearables. Additionally, 86% of users intended to increase spending on wearables over the next 12 months. And the opportunities do not end with productivity; the customer experience has also been pegged as an area that could be improved upon by the use of wearable technology.

The real-time access to customer data, business analytics and alerts, and customer instruction and coaching are all highly attractive and advantageous to business owners and could make a huge difference to a company’s level of customer service.

It almost sounds too good to true? Than the old saying pops up and reminds me- “there is no such thing as a free lunch.”

Wearables can easily collect data, but unfortunately customers are not as excited about sharing their information as companies are about taking it. Around twenty five percent of companies using or intending to use wearables find that data collection and aggregation is one of the hardest roadblocks to combat.

In a poll conducted by TRUSTe in late 2014, it was found that 87% of US internet users were worried about smart devices (wearables are included in this category) collecting and using their information for unknown purposes.

I am strangely feeling a sense of deja vue…? No hold on, I have heard this before. Dealers AND consumers have been complaining and putting up resistance toward companies gathering personal data for years. This is not a new problem. Consumers have made it clear that they do not feel safe with their information being collected and for good reason. In the past, consumers have been subject to dubious behavior from companies misusing their personal information. And, we’re all too familiar what it’s like as dealers to have our data breached.

However, the resistance from consumers should not deter from using wearables as part of an overall business strategy. The thing is – I can’t help but wonder…

Do consumers enjoy tech devices more than they enjoy their privacy? 

It is going to be up to the dealership to offer more value and benefits to their customers in exchange.

Comment below or jump over here, in the forums where most of the comments are taking place.