As technological development rapidly expands, the gap between the physical and the digital world continues to narrow, providing a relentless stream of exciting new products to the consumer electronics market at a pace that shows no sign of slowing down.
Wearables – Fashion or functionality?
Staying up to date with technological developments is now essential for consumers to maintain a fast-paced lifestyle. The CES (Consumer Electronics Summit) of 2019 has given us a look into this year’s major trends explaining the future of the TV market and wearable technology to name but a few. The Starcount lens, as usual, has some insight to offer on the audiences of these burgeoning trends, helping consumer electronics retailers understand the needs of their customers.
“Style plays a very important role for many consumers, who seek beauty, status and peer approval from their gadgets.”
Initially dismissed as a novelty following a number of high profile missteps, wearable products have since seen a resurgence with experts forecasting the market to be worth £39 billion by 2022. At Starcount we have analysed the passions and influences of 4.7 million Millennial tech fans in the UK, united in their passion for technology and the results revealed that the most closely associated passion to wearable technology was fashion (14.7%) as well as art & design (11.6%). Strangely this was ahead of fitness & nutrition (4.7%) a passion which saw an increase of 0.6% in the past few months. Wearables may be tech-centred but style plays a very important role for many consumers, who seek beauty, status and peer approval from their gadgets.
One of the main challenges for the marketers of wearable technology is to differentiate these devices. A smartwatch by a luxury fashion brand like TAG Heuer or Mont Blanc has a different design and market position than health-focused brands such as Fitbit.
Knowing how consumers categorise each product is particularly important for brands to adapt their retail settings and promotional activities to emphasise the needs of their shoppers.
TVs – A new era is around the corner
The TV market has somewhat stagnated for a while, but the latest innovations like 8K, AI, and Micro LEDs are about to introduce a new generation of TVs to monopolize the consumers’ attention. Tracking and understanding how these innovations are perceived by their target markets will be of pivotal importance for the biggest consumer electronic brands to build their strategies.
“The Samsung audience is unusually brand loyal and less affected by media channels and influencers.”
This has prompted us to use our social clustering methods (for more information on our methods and the differences between social listening vs social clustering please read our guide here) and look into Samsung, one of the biggest players in this market to identify the top passions of its audience. The results include fashion, shopping and finance & insurance showing the diversity of the audience. Additionally, we have found that the Samsung audience is unusually brand loyal and less affected by media channels and influencers. Analysing this valuable data help companies to realise what they can bring to the table in the future.
Leveraging social data
Consumers today expect brands to know them and recognise their individual needs. We can see that within the trends set out by the CES 2019, the audiences have a diverse set of passions and motivations ranging from fashion to business to computing & software and lifestyle convenience. Consumer electronics companies will need to accommodate all these groups if they are to stay ahead – they need to target their customers, using what matters: people’s, motivations and mindsets. Leveraging social data (which is dynamic compared to demographic data) presents a picture that is updated in real time and reveals what people love in order to predict what they will buy. Being relevant to their customers and providing them with the right message, through the right channel, in the right place, at the right time they can engage their customers, encourage brand loyalty and grow their market share.