As the internet becomes the common language for all things, ethereal and physical, markets continue to concatenate.
Concatenate: “To link together in a series or a chain”. Amazon’s business model thrives on a concatenating market, a ubiquitous “store” carrying everything. Diapers, as an example can be found at half the cost, from Amazon, over retail outlets. The retail outlet must also be travelled to, an added cost. Though my children are well past diaper age, I have vivid memories of the LAST trip I took down the diaper aisle at my local big box/warehouse store. Having scoured the Orlando area for the lowest possible cost, I still had to travel to the location. Diapers, when you need them, are vital. Having them delivered, on a known schedule, would have been a bonus.
As a consultant my business takes me into almost every market segment. All of my clients, regardless of horizontal or vertical market, are struggling with the same challenge. “How do I stay connected to my clients and partners?” Usually this question is wrapped around an increased internal cost, or a dropping top line sales number. In the end it boils down to operating margins and fixed costs. The goal, to increase margins and lower costs, is consistent.
We are steaming through through the summer of 2014. A year marked with "the death of the PC" and explosive mobile adoption. The second half of the year will bring a tsunami of wearable technology. Many will see the location awareness benefit of wearable tech as a boon. In store (retail) mapping will show some limited adoption by the all important 2014 Christmas Shopping season. Ensuring your business is also “location aware” and “mobile friendly” should be on the top of every business owners shopping list.
Android Wear, as an example, professes to: “organize your information, suggests what you need, and shows it to you before you even ask. Get messages from your friends, appointment notifications, and weather updates at a glance”. I believe the consumer, not Apple or GOOGLE, will “Win” the wearables adoption race. In the new economy all products must bring value to the marketplace, a truism that heavily applies to wearable technology. Wearables are intimate, and must fulfill needs beyond raw tech, they must also fit with the personality of the users.
The IOT (Internet Of Things) has been the next “big thing”, according to tech pundits, for a number of years. Though mainstream users are just hearing about the IOT the tech behind location aware technology has been leeching into our daily lives for quite some time. Wearable technology should provide the last link, allowing our digital selves to integrate and interface with our stuff. We are all becoming familiar with voice activated technology thanks to Siri. The IOT and Wearables provide the last technical link needed to enable Siri to direct you to the cheapest peanut butter .. inside your favorite store .. within inches. A short leap from driving directions and digital sticky notes/reminders.
The combination of wearable tech, voice activation, IOT and a growing and spending economy - is defining a concatenating retail space. YOUR business, regardless of market segment, MUST consider adoption of this new wave of technology.
Every product has a point of use with a person or thing.
How will your products mold to this new market component?
Wearable technology will storm the market, as the year moves towards our biggest shopping season - the Holiday season. In recent years barcode scanning, as a comparison pricing tactic, has seen adoption by price conscious shoppers. The 2014 season will see a new form of marketing, largely based on the most reliable contact point, our mobile devices - all of them. HERE is a great PDF outlining common Barcode strategies, for mobile friendly retail adoption.
Markets are truly shrinking - into the palm of our hands.
