Tech and fashion must unite as wearable market matures

Currently one in five adults wear a smart watch or fitness strap and by 2020 the market will be worth Euro 30 billion euros globally, with fashion brands being key players, according to Mastercard.

Payment-enabled wearables are currently available in 21 EU countries and over 30 different devices. To date, most devices have competed solely on battery life and capabilities. But from smart fabrics, models wearing Google Glass on the runway, to fashion designer Adam Selman sporting the next generation of payment-enabled dresses on the catwalk, wearable tech is increasingly claiming its place in fashion.

“With fashion shows taking place in New York, London and Milan this month and Mobile World Congress Barcelona about to get underway, there’s no better time to talk about the future of wearables. In the fashion world, trends such as athleisure remain steadfast. Meanwhile, technology is getting faster and smaller, speaking to those same consumers seeking minimalist and seamless, but well-designed options. Now technology and fashion brands need to work together to end consumer confusion over whether devices are fashion accessories, tech hardware or fitness tools,” says Jorn Lambert, Executive Vice President, Digital Solutions Mastercard.

For technology providers, the challenge is making processes as smooth and unobtrusive as possible to empower fashion brands to design wearables that first and foremost look like high-end accessories. One of the first companies to enter this area was Sony with its smart watch strap – Wena. The “Wear Electronics Naturally” strap is designed to make everyday activities easier to do by incorporating contactless payment, advanced fitness tracking and direct link-ups for phone notifications – all into a luxury timepiece design.