Wearable devices are helping retailers improve their marketing strategies.
FREMONT, CA: A recent study says that the global wearable electronics market will grow by 35.67 billion dollars during 2019-2023. Realizing this growing importance of wearables, retailers have been taking advantage of the opportunities that it offers. The increasing dominance of digital in life is driving these wearable trends to new levels. The wearable market is creating an opportunity for more retail marketing activations to keep up with consumer demands.
• Location-Specific Targeting
Data is not the sole opportunity that wearable technology offers retailers, but it is a tool for location-specific targeting too. Approaches like geo-fencing and geo-targeting are not new concepts for retailers, but with wearables, they can be applied effectively in more improved ways. If a customer walks by a retail store regularly, the store could start sending ads of specific products and services for that person. While this location-based marketing can be done with mobile devices, wearables provide a more intimate experience. If designed with the right creative content, the targeted ads can become recommendations rather than mere product pitches.
• Sending Coupons and Offers
Cross-device targeting is a vital tool for retail marketers and a great way to help customers in their purchase journey. Wearables form a platform to collect useful data from customer intent, and according to this data, the retailer can design and send targeted ads. By leveraging data from customers’ browsing history and the location beacons from wearables, retailers can also send coupons and offers for the product as customers walk by the store.
• Better Loyalty Programs
Wearables can also make existing loyalty programs of retailers more yielding. Using wearable data, retail brands can better understand store-visiting customers and tailor the right loyalty program for each customer. Better loyalty programs will trigger buying impulses and will solidify the buying patterns of customers.The rising popularity of wearable devices paves the way to better opportunities for retail marketers and customers. Along with the massive data that customers could share for a more personalized experience, retailers can use a wearable to build a stronger relationship with their customers.