By Amit Khatri
Gone are the days when basic functionality alone could satisfy consumers. The modern buyer has an appetite that cannot be quelled by minimum offerings. They crave products that deliver value on multiple fronts – features, convenience, and experiences that transcend the ordinary. In their minds, the possibilities enabled by innovation are limitless. This shift in the consumer psyche is embodied by the smartwatch revolution. What was once a timekeeping device has transformed into wearable technology that enriches lives through diverse functionality, design, and a holistic approach to well-being. The smartwatch captures the aspirations of today’s consumers who seek more than just utility – they desire products that elevate their lives.
Underscoring this mindset, a Nielsen report reveals 73% of consumers willingly pay premium prices for products tailored to their specific needs and expectations. This statistic reinforces the importance of putting the customer at the centre of innovation endeavours across all industries. The message is clear – create innovation that delivers experiences and adds value to the evolved consumer, combating risk of obsolescence.
While traditional analogue watches still hold value as luxury or style statements, consumers have now started to believe that technology can unlock possibilities in terms of added functionality and lifestyle. From advanced health tracking metrics to powerful processors, interactive UI/UX to a design, consumer-centric innovation is taking centre stage in this industry and beyond. To achieve this, we must put the consumers’ needs and aspirations at the centre of our product development strategies.
So, how do you put the consumer at the centre? Actively listening and understanding consumer patterns is crucial. This can take many forms: surveys gauging interest in smartwatch functionalities, social media analysis to understand user dissatisfaction and expectations from new devices, industry reports, user interviews to delve deeper into specific needs, and focus group discussions with consumers to explore potential solutions. According to a Qualaroo study, companies that implement Voice of Customer programmes achieve a 10x higher year-over-year increase in annual revenue. These insights translate into actionable data that inspires product development decisions, enabling brands to constantly improve and innovate to solve for the consumer, leading to higher satisfaction and loyalty.
For instance, the rise of smartwatches from a health tracker to a health and lifestyle companion has unwrapped its role as consumers found what they sought in the device. And this improved when brands started to understand these evolving needs. But, innovation doesn’t stop at the first product. Continuous improvement, reinvention and revamping based on customer needs is key. Take the evolution of processors and user interfaces or even design and functionalities that it packs today – the way we interact with our smart wearables has completely changed. Smartwatches today have become a lifestyle companion, doing much more to simplify lives, be it adding smoother navigation through advancements like refreshed UI/UX, enhanced health tracking metrics, faster processing through new processors or be it superior design to complement lifestyle, the rising preference for these pieces of innovation are a direct result of prioritising the customer experience.
The smartwatch market has evolved from a homogeneous offering to a diversified and personalised landscape, with devices tailored to various consumer cohorts. For instance, smartwatches designed for working professionals integrate stress management, BT calling, while watches crafted for kids are different; incorporate parental control features ensuring children’s well-being. Sports enthusiasts have options to select from rugged portfolios. These have various sports modes and advanced fitness tracking metrics, powered by sensors and algorithms. While there are sleek colourful smartwatches getting popular among women. This technological elevation across various product lines demonstrates the awareness of consumer needs and commitment to delivering personalised experiences that add value to users’ journeys.
Consumer-centric innovation means constantly reinventing at every step to integrate functionalities and technologies which cater to underlying needs or the aspirational lifestyle of the users. The benefits of consumer-centric innovation are far-reaching. By deeply understanding customer needs, we can push the boundaries and set new benchmarks of innovation that solve real problems. Constant innovation is needed in the tech industry to prosper and keep adding value to the users. This helps them resonate more with the consumer and help them integrate technology for good in their lives. This also fosters brand equity, establishing brand loyalists and unlocking new avenues of democratising technology to add value to users’ lives.
Wearable technology is an example of an industry born from consumer centricity. This consumer-centric approach has fuelled growth in the wearables market, with India becoming the largest market for smartwatches with a 34% increase in 2023, reaching a record 134.2 million units sold. The success and growth of the category is a witness in itself that consumers are adopting smartwatches because they see value addition to their lives. This shows the industry’s ability to cater to the ever-changing demands of consumers. With innovation taking the lead, the wearables industry in India is poised to achieve even greater heights, revolutionising the way we blend technology into our daily lives.
The author is the co-founder of Noise