Wearables Beyond the Drawer
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Increasing retention and lifetime value with an open approach to the internet of things
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Wearables Beyond the Drawer
- 1. Beyond the Drawer Increasing Retention and Lifetime Value with an Open Approach Jeff Katz Senior Practice Lead IT / Engineering Telefónica Germany NEXT GmbH
- 2. »In an increasingly digital society, personal data has become a new form of currency.« Boston Consulting Group
- 3. Agenda – Relevant quote – Agenda – Speaker Info – The recent past and near future – The drawer – Kindergarten Lessons – Three big ideas! – What’s this Geeny stuff, anyway? ~15 minutes | english 3
- 4. Jeff Katz – American living in Germany for five years – Co-founded several companies in Finance, IT, Security – Founded hardware accelerator called HARDWARE.co – Background in Electrical Engineering and Embedded Development – Has designed and built consumer wearables – Currently working for Telefónica NEXT 4
- 6. … and the recent past … 6
- 7. … and the Drawer 7 Shih, P.C., Han, K., Poole, E.S., Rosson, M.B., Carroll, J.M. (2015). Use and Adoption Challenges of Wearable Activity Trackers. In iConference 2015 Proceedings.
- 8. What’s missing? 8 Ericsson ConsumerLab, Wearable Technology and the Internet of Things 2016
- 9. On owning a customer, their data, etc. 9 – Who owns the data coming from your fitness tracker? – Do I have to build my own hardware to create value? – How can I leverage the existing install base of devices? – What’s best for the consumer?
- 10. Things we learned in Kindergarten
- 11. The three big ideas: 11 Interoperability and Data Stewardship Working together to build compelling solutions Consumer Transparency and Choice
- 12. 12 This is Geeny
- 13. Join us: • If you believe what we believe, then we should join forces! • Today we release our development tools and documentation • Join our developers community and help us shape the future of wearables, of connected devices, of consumer IoT • We can help you develop your devices and applications, and support with our network of partners (including retail shops around the world) • Whole team in Berlin is excited to work with you! https://developers.geeny.io | code: Geeny-WT
- 14. Thank you. Jeff Katz Senior Practice Lead IT / Engineering Telefónica Germany NEXT GmbH jeff@geeny.io • jeff.katz@telefonica.com • @kraln https://developers.geeny.io | code: Geeny-WT register an account, enable DEVELOPER OPTIONS, join the developer community
Editor's Notes
- Hi everyone, thank you for coming. Today we're going to talk about how to create consumer value that transcends the drawer--what needs to be done to increase retention, decrease abandonment, and improve lifetime value with an open and collaborative approach.
- I'd like to start by putting you in the right frame of mind. "In an increasingly digital society, personal data has become a new form of currency". What does this mean? How can we take advantage of this? Let's find out.
- Just a quick bit about our Agenda--I have only fifteen minutes today so I'm going to go quickly.
- My name is Jeff, by the way. I'm American, but have been living in Germany for the past five years. I'd like to bring you a bit of the perspective from over there, and from Telefónica NEXT.
- We are on the verge. All the connected devices in the market today are less than 1% of what will be in the market in five years. Depending on which consulting firm you ask, consumers of the future will be toting around five or six wearables, in a market of hundreds of billions of dollars per year. All of this growth is ahead of us! Why, though, is this "in five years"? Why not now? Something is preventing the market from developing as quickly as it could. It's dangerous to look at anything in isolation—let’s look into the recent past for some context.
- We live in exponential and disruptive times--the time it takes for a company from inception to be worth ONE BILLION is lower than ever. Walmart sales have slowed even as Amazon's growth continues to increase. And after Apple launched the iTunes store in 2008, we entered the app economy and never looked back. The common thread here is a market which is ripe, and the right idea and execution at the right time. So what’s going on with wearables?
- It's very difficult to get good numbers on the abandonment rate of wearables, it's not a number anyone likes to publish or talk about. Most people agree that it's pretty high. When I talk about the drawer, I'm talking about people who take off their wearable, and never put it back on. It just sits there in the drawer, gathering dust. But why?
- The value consumers are getting from their wearables just isn’t keeping up with their expectations. Ericsson did a wonderful study on wearables, and their conclusions are very clear. The biggest cohort of users who are leaving their devices are doing so because the devices are too limited. Consumers don't perceive a pressing need for their devices, and they don't sync seamlessly with their services. They go on to say how these shortcomings could be addressed; gamification and rewards are a huge booster; information that the consumer would not be able to get any other way or ways to save money all dramatically increase retention rate. Why aren't these being put into practice?
- A quick aside: Part of this exponential world that we are living in is the linear world that is still clinging on. Companies who are trying to be one-stop-shops without being able to address all of their consumer needs. Companies who think they own the data generated by devices that they've sold to customers. Companies who think that they can out-innovate the hungry people all over the world by hiring 100 data scientists. Companies who want to lock their consumers into their walled gardens. These companies need to go back to school—way back.
- The most important thing we learned in Kindergarten was sharing. Working together lets you accomplish so much more than you can by working alone. No one likes the kid who hordes all the toys at recess. We need to work together--and share--to fully enable exponential growth. How do these things translate to the wearables market?
- If you separate the relationship between devices and applications, you enable companies to do what they’re best at. When you participate in an open ecosystem, everyone wins. When you give consumers the transparency to see what’s going on with their data, they will choose the applications and devices that give them the most value. What does this look like, in practice? We thought about this long and hard, and we came up with
- Geeny. Geeny works with device manufacturers to bring data to the Geeny platform on behalf of the consumers—it’s their data. The consumer can discover new data-driven apps/services in the Marketplace, or Laboratory. As a developer, well formed APIs allow access to the data when a consumer opts-in to an application or service and you can build data-driven applications, services, and deploy them to our marketplace. We charge the applications and services when a user subscribes, and we share a bit of that revenue with the devices creating the data. We think it’s the right model. So, Let’s work together!