Are Retailers Finding New Marketing Opportunities with Wearables?
Martech Outlook | Tuesday, May 26, 2020
The adoption of wearables is opening up new and innovative ways for retailers to improve their marketing efforts among key consumer groups.
FREMONT, CA: Throughout the last few years, many companies have jumped on the wearable technology bandwagon ranging from watches to glasses. When tracking customer data was already easy through the use of smartphones, the rise of wearables has made it more convenient. In Street Fight’s analysis, businesses, including retail, can immensely benefit from the opportunity to collect more customer data than ever with wearables. But how will these developments transform retail marketing strategy? Here are three ways in which wearables impact retail marketing.
• Location-Based Targeting
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Data is not the only opportunity that wearable technology offers retailers. It is a solution for location-specific targeting as well. Methods like geo-fencing and geo-targeting are no more new concepts, but with wearables, they can be applied in more effective ways. If a customer walks by a store regularly, the store could begin sending ads for specific products. While this kind of location-based marketing can be done with mobile devices, wearables offer a more intimate experience. If crafted with the right creative content, the targeted ads can become recommendations rather than product pitches.
• Cross-Device Targeting
Cross-device targeting is a critical tool for marketers and a great way to help customers in their purchase journey. Wearables form a platform to glean useful data from determining customer intent, and according to this data, brands can tailor targeted ads. By utilizing data from their browsing history and the location beacons from wearables, marketers can send coupons and offers for a specific product as customers walk by the store.
• Improved Loyalty Programs
Wearables also stand to make existing loyalty programs of retailers more powerful. Using wearable data, brands can better understand what sorts of customers are visiting their stores and tailor the right loyalty program for each customer. Improved loyalty programs will trigger buying impulses and will solidify buying patterns.
The growing popularity of wearable technology correlates to an increasing opportunity for retail marketers and customers. Along with the vast amount of data that customers could share for a more personalized experience, retailers can use the platform to help build a stronger relationship with their customers.
See Also: Top Wearable Technology Startups
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