Technology is everywhere in our lives. Whether in our hands to access information or working behind the scenes to customize a company’s services, technology is working constantly, influencing our decisions and behaviors. This article analyzes the latest technology trends that impact our lives.
Demographics and Devices
The vast majority of adult Americans now have smartphone. Demographically, 92 percent of millennials own them, compared to 85 percent of members of generation X, 67 percent of baby boomers (up from 25% in 2011) and 30 percent of the silent generation, reports Pew Research Center. Millennials also lead the way in social media usage with 85 percent saying they use the platform, compared to 75 percent of gen X, 57 percent of boomers and 23 percent of silents. These figures have increased across all demographics since 2012. Millennials, however, aren’t the lead users in tablet technology. Sixty-four percent of gen-Xers own tablets compared to 54 percent of millennials, 52 percent of boomers and 25 percent of silents.
Personal Privacy and Data
Now more than ever, personal data is exchanged between individuals and companies begging the issue of privacy. According to Deloitte, 66 percent of Americans have concerns about the amount of information companies have about them. Another 86 percent of internet users say they have taken steps to reduce their digital footprint and 61 percent say they would like to do more to protect their privacy, reports Pew Research Center. This skepticism can be costly as U.S. businesses lost $756 billion and 41 percent of clients due to a lack of consumer trust of businesses, a 2017 Salesforce survey found.
However, 40 percent of American consumers say they would provide personal data to companies to get more tailored experiences, reports the Salesforce survey. A majority of millennials (67%) and gen-Xers (56%), along with 42 percent of boomers say they would share their shopping preferences to improve service. Additionally, nearly half of Americans (48%) say they would use smart reordering services via in-home sensors, and 43 percent say they would be more likely to buy from companies that personalize their experiences.
Predictive Tech
While consumers have a healthy fear of data breaches involving their personal information, many markets have increased their efforts to customize products and services for customers based on this data—and with success. Sixty-five percent of businesses that implement a personalized program for their customers’ experience increased retention rates compared to those that do not, reports Digital Marketing Blog.
Companies collect data through multiple means, online profiles via social media, online forums and past experiences with a brand, among others, to customize customer experiences. At One & Only resorts, staff research guests’ social media accounts to enter data into management systems in order to deliver personalized services to travelers. These management systems can integrate with each other to deliver tailored experiences through tracking social media data, monitoring online brand reputation and collecting guest feedback.
Internet of Things (IoT)
Numerous devices, many featured in this article, are now connected to the internet, tracking and sharing data among consumers and companies. This complex network, called the Internet of Things (IoT), is playing a growing role in our lives. Here is a breakdown of the growing IoT industry.
2016
Personal Use: 4 billion devices
Business Use: 1.4 billion devices
Total: 6.4 billion devices
Total Spending on IoT Devices: $1.3 trillion
2017
Personal Use: 5.2 billion devices
Business Use: 3.1 billion devices
Total: 8.3 billion devices
Total Spending on IoT Devices: $1.6 trillion
2018
Expected Personal Use: 7 billion devices
Expected Business Use: 4.1 billion devices
Expected Total: 11.1 billion
Expected Total Spending on IoT Devices: $2 trillion
2020
Expected Personal Use: 12.9 billion devices
Expected Business Use: 7.4 billion
Expected Total: 20.3 billion
Expected Total Spending on IoT Devices: $3 trillion
Source: 2017 Gartner Study
Hotels Focus on the Guest Experience
Hotels are finding innovative ways to engage with travelers. Robot concierges and assistants are already popping up at front desks to check in lodgers and to deliver food, drinks and supplies to their rooms. Other technologies like facial recognition have begun to be introduced in large hotel chains as well. Marriott International announced that it will allow guests to check-in via facial recognition, similar to airport check-ins, reducing check-in times from three minutes to just 60 seconds. Keyless entry continues to grow since it was unveiled in 2014. Industry giant Hilton has increased its total number of properties using this system from 250 in 2016 to 2,500 today. The hotel giant found that travelers are more likely to rate their “efficiency of arrival” almost 10 percentage points higher than those who use traditional check-in. Leisure travelers who use the digital key also rate their overall hotel experience 5 percentage points higher than those who use traditional check-in.
Outdoors, hotels and resorts are innovating as well. Kettal, a furniture design company offers cabanas and pavilions that provide charging for both traditional and USB outlets as well as lighting and weather sensors that can open or close electronic roofs as needed. The payoff is evident when guests are able to stay outside or at the pool longer, enjoying food and beverage.
Fitness Technology Growth and Opportunities
Live streaming and on-demand training videos have made significant impacts in the fitness industry, says Jillian Bridgette Cohen, CEO and co-founder of Virtual Health Partners, a virtual wellness and weight-loss company. Eighty-two percent of health club clients also work out at home, and 63 percent of them do so using apps or other digital platforms, according to International Health, Racquet and Sportsclub Association (IHRSA) analysis of data from workout provider Les Mills. While this has been beneficial to fitness participants, gyms carry the burden to keep their clients connected to their facilities and/or app to get effective workouts from. Gym patrons now have access to hundreds of types of workouts from their mobile devices incentivizing the development of integrated workout apps that connect users to workouts, personal trainers and the company’s brand.
Cohen predicts the need for the fitness and medical communities to merge through training sessions that are connected with the trainee’s health care and fitness providers. This technology would sync fitness, lifestyle and nutrition support through customizable programing.
To keep clients engaged, fitness operators can leverage technology to offer on-demand training, wellness and nutrition videos, allowing the staff to have contact with members outside of the facility. Medical professionals can harness technology to track their patient’s fitness progression through referral programs.
Emerging Fitness Technology
Peloton Tread – This treadmill is equipped with a 32-inch screen, which runners can use to watch live or on-demand classes. Peloton also launched full-body classes. The company is known for its advanced indoor cycling equipment that allows riders to stream classes at home.
Spire Swim Tracker – This platform can be embedded into swimming gear to create the first smart swimsuit. The tracker, only $30, allows swimmers to track their performance once the suit is worn.
Soul Electronics Run Free Pro Bio Headphones – These sweatproof headphones for training and gait analysis during runs measures speeds, distance, cadence, step length and other factors, which can be tracked on a smartphone.
HOVR Record-Equipped Shoes – Sports apparel and equipment company Under Armor has debuted a shoe that offers runners improved support and absorption. For only $10 more, the shoe can be equipped with a chip that syncs to GPS to track running measurements.
Virtual Reality – Virtual reality workouts allow users to turn exercise into competition-based gaming experiences.
Advanced wristbands – The Suunto 3 Fitness wearable has tweaked traditional hi-tech wristbands that track basic measurements and creates a seven-day workout schedule for you. The Garmin Forerunner 645 Music carries the features of normal wearables with the added bonus of a 500-song music library, which takes the place of carrying a phone to listen to music while working out.
Restaurants
Restaurants are a fertile ground for technological innovation. A recent survey by Hospitality Technology revealed key findings about how restaurants allocate their technology resources.
About half of restaurant operators (47%) say they will increase technology budgets in 2018, while just 7 percent expect to decrease it. Interestingly, of restaurants that consider themselves to be data laggards, 63 percent plan to increase their technology budgets in 2018.
The following charts break down key results from the survey.
Versatile, Beneficial
Numerous industries are leveraging technology in innovative ways to offer better products and services to customers. Clubs, too, can utilize these advancements to give members a seamless, comfortable experience that keeps members coming back.
Club Trends Summer 2018