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In the past decade, the wearable technology category has grown significantly. With close to 19 million units shipping this year and forecast to increase to over 100 million by 2018, wearable technology is making the shift to the mainstream. And now, after Apple’s recent Apple Watch announcement, that shift may be happening sooner than expected. So what does this mean for you and your company?

A New Set of Data – As it progresses, wearable technology will give us access to a brand new information. Location, climate, behavior, and even health status are all factors that wearable devices can measure and communicate. As a marketer, this new information can be used to further parse out consumer groups and develop targeted campaigns or products.

A New Advertising Venue – Wearable technology opens the door to localized advertising. As location information is collected and shared, marketers can choose to send advertisements or promotions directly to a device that appears in a certain area. Users have to opt into this sort of data tracking. In return for their private data, users receive high value promotions.

There’s An App For That – Apple’s iOS and Google’s Android now include developer tools for apps to be displayed on wearable devices. Apps built to these new specifications are scarce at the moment. If you have the resources, think about developing your own wearable app now to avoid increasing competition. The $700 million industry is poised to double by next year.

What wearable technology are you waiting for? A hat that makes a barber appointment when it senses you need a haircut? A baseball glove that records your stats on the field? Share your ideas on our Facebook or Twitter.