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Business analytics firm First Insight released a report on wearable technologies in which 15 new and soon-to-be-released gadgets were picked apart and put back together in an advanced gamification mechanism to find out what it takes to have the edge in the increasingly competitive industry.Now that the novelty has worn off market-wide, consumers are refusing to pay more for sleek innovative
design, and price is of greater consideration than previously thought.
One such casualty in the pricing game is Dash, whose wireless headphones were much appreciated by testers for their innovative design, although they found the 299 dollar price tag off-putting.
While the Dash headphones topped the list with their consumer sentiment score of 53 percent, their score was only four on First Insight's 10 point scale.
"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," says 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."
On that note, fitness wearables scored highest in terms of consumer appreciation and in value due in part to their low price range of between $75 and $125.
Women were more willing to pay for wearables than men, although the report reflects a market that has grown weary of paying over $200 for a new product.
Overall, they preferred the coin-sized Goccia, the tiniest wearable to hit the market, giving it a score of nine while the gadget only received an average score of six with men.
Smart sunglasses marketed to athletes scored the lowest of the 15 items, further indicating the market's unwillingness to spring for the innovative technology after a certain price point.
Once products and participants were selected, analysis data was programmed into First Insight's algorithms that quantify the final scores for each product once opinions on design, value and practicality were taken into account.
First Insight invites consumers to participate in their online game, used to help them select products and study participants.