Capitalizing on the Wearable Turnover

While smartphones have traditionally led the way when it comes to connected devices, the rapid rise of hearables and wearables and their growing popularity amongst tech savvy consumers is widening the breadth of consumer connected devices. According to the International Data Corporation (IDC), in 2021 the wearables market grew 20 percent year over year with total shipments reaching 533 million units. 

With more hearable and wearable product options being introduced to the market at a variety of price points, retailers can offer customers more opportunities to upgrade to the next generation of smart watches, fitness trackers, earbuds, etc. It’s a great time to begin cultivating the secondary device ecosystem for these devices, using the thriving trade-in market for smartphones as the blueprint for capturing the latent value in pre-owned products while providing incentives for customers to upgrade to new devices.  



Factors Driving Market Growth  

The growth in the hearables and wearables markets over the last two years is, in part, an outcome of the COVID-19 pandemic, which precipitated a shift in consumer behavior and habits. The pivot to working from home, increased consumption of digital and audio media, and rise of tele-health and virtual fitness have led to more people exploring the possibilities and advantages these products offer.  

It’s also a result of technological advancements. While smartphones have been the epicenter of a connected lifestyle, the next era of interconnectedness will leverage 5G, AI and the internet of things (IoT) to create a more central role for wearable technology. The cumulative progress of R&D investments will also bring about products with longer battery life, more features and ease of use and better ergonomic designs. 

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IFA Berlin
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Connected Appliances
Smart Retailer

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