Let’s flashback for a moment to earlier this year – January to be exact – when the annual Consumer Electronics Show (CES) took place in Las Vegas. Never mind the fact that it was attended by more than 160,000 people, instead let's focus on what many of the 3,800-plus exhibitors were showcasing on the show floor – wearables.
Yes, wearables. While wearables might be best associated with the popular Fitbit fitness tracking device, they’re also being increasingly used for security, fashion and more. And while Fitbit might be the most popular when it comes to fitness tracking today, the market is quickly becoming saturated with other products. In fact, companies like Polar, Garmin, Under Armour, and Fossil have gotten into the fitness tracking wearable game recently, a sign that the market could be on its way to becoming much more competitive.
Another trend to watch out for when it comes to wearables is acquisitions and consolidation. Fitbit, for instance, has publicly stated that it has several acquisitions planned for later this year as a means of improving its market share and ensuring that it stays competitive in an increasingly crowded market.
Not to be outdone when it comes to wearables and fitness is Nike. In mid-March, the sportswear maker announced its HyperAdapt 1.0 self-lacing sneaker. Similar to those that Marty McFly donned in Back to the Future Part II, these slip-on sneakers are powered by a rechargeable battery that, upon activation, automatically tightens the laces. A separate button loosens the laces so that the shoes can be removed.
Paired with the shoe is a new Nike+ app that will double as a workout database (it will even include access to personalized training programs) and shopping venue upon release this June. The company has stated that the HyperAdapt shoes will debut on the new app when they’re first available, which will likely be right in time for the holiday shopping season. Whatever your take on Nike’s latest announcement, the app is a unique way to blend the company’s available products and fitness, an interesting development when it comes to the ongoing effort to allow everyday objects to send and receive data, a phenomenon better known as “the Internet of Things.”
Nike has been planning this for quite a while. The company says that the shoes have been in development for about 10 years. It’s worth noting that its Nike+ app is the first major launch by the company in terms of fitness tracking since the company axed its FuelBand fitness tracker back in 2014. Nike touts the app as a “relationship” between its consumers and the brand itself.
What’s more is that there’s a misconception that because the wearable fitness and health tracking devices market is becoming more crowded and competitive, that it’s an unwise time to invest. That couldn’t be further from the truth, mainly because the market as a whole is still largely untapped. Despite the great growth that wearables and fitness tracking have seen over the past few years, it’s still a very young industry – so there’s so much innovation that’s yet to take place.
We’ll be able to see some of that innovation first-hand when the Nike+ app launches this summer.
