First Insight this week released the findings of its research into the future of smart glasses, fitness bands and smartwatches... and the results are pretty damning.
The company crowdsourced opinions from consumers on 15 different wearable devices and, using predictive analytics, came up with overall scores out of 10 for all devices examined.
On the chart, a score of one would represent a complete flop, while 10 would reflect a perfect device. According to the company, any product with a sub-six ranking would be "a sub-performing" one in the market.
The research has confirmed what most of us already suspected: wearables are far too expensive.
"Value is more important than design alone," reads the report. "If the price is right (or wrong), it is the biggest variable that will influence a consumer's buy or no-buy decision."
The stats claim that, on average, retail prices for wearables are an incredible 41% higher than what consumers are actually willing to pay for them.
This backs up ITProPortal's opinion of Google Glass, which we feel doesn't come close to justifying its £1,000 price tag.
Of all the devices analysed, fitness-focused wearables received the most favourable feedback.
According to the research firm, this is because they tend to represent better value for money than similar products on the market.
"It's a bit counterintuitive that value is a more critical factor than design, and price is a major component of the value of a product," said First Insight CMO Jim Shea.
"Designers tend to think more about making something people will love instead of thinking about the price, but the value quotient - the combination of price and features - is a better predictor of whether or not a product will sell."
Interestingly, one of the devices under the microscope – Dash Headphones – gained the highest positive response from consumers but received an overall score of four out of 10, purely because the retail price was almost twice as much as people said they were willing to pay.
The sub-£100 Razer Nabu Smartband, a smartwatch/fitness band hybrid, gained the best overall score: nine out of 10.
Author: Aatif Sulleyman