As wearable technologies grow in popularity, they will reshape how work is done and decisions are made. Soon, users will enjoy the same integrated digital experience from wearables that they expect from their desktop, laptop, smartphone or tablet, but with the ease and convenience afforded by watches or glasses.
Wearables are on the cusp of mass adoption, among both individuals and enterprises. The worldwide wearables market is expected to reach $8 billion in 2018, increasing at a healthy compound annual growth rate (CAGR) of 17.7% between 2013 to 2018. According to the same study, the penetration rate of wearable technology will accelerate over the next five years, reaching roughly 46% of the total addressable market by 2018.
CRM vendors are collaborating with vendors of wearable devices to explore a variety of business-use cases, such as generating effective leads and campaigns, and reducing lead-to-order cycles. Microsoft Dynamics CRM supports the customization of a mobile platform compatible with Google Glass, and Salesforce.com has released a developer platform that enables wearable apps to connect to its CRM system. Wearables are further supported by Wi-Fi Internet connectivity, telecom networks and APIs provided by standard operating platforms, such as Android and iOS.
Wearable Tech Meets CRM
Unlike recent technology trends that were driven by either consumers or businesses, wearable technology is being simultaneously adopted by both individuals and organizations. This provides a compelling scenario for businesses to synchronize their CRM systems with wearables worn by employees, prospects and customers.
Wearables offer round-the-clock, real-time access to product or services information, from anywhere (through interactive maps), at any time (online/offline mode). Furthermore, these devices can collect customer data on everything from purchase behavior and location, to activities, health indicators and hobbies, providing companies with insights to enrich the customer experience at every touchpoint.