Challenges faced by the wearable industry, and Lyfe as a solution
The smart watch and fitness tracker market has been growing very quickly, safe to say they have entered mainstream recognition. People who haven’t worn a watch in years are starting look to smart watches and fitness trackers because of their utility. The amount of information these devices can track are incredible. However, these devices are not without flaws. There are still challenges that prevent this industry from reaching its full adoption potential, both from the buyer’s and manufacturer’s point of view. At Lyfe, we believe we can solve some of these challenges.
Lack of Incentive Leading to High Abandonment
Due to a lack of incentives, many wearable device owners are losing interest in their wearables. According to a survey done by Gartner¹, the abandonment rate for smart watches and fitness trackers are 29% and 30% respectively. That’s a very high dropout rate for something meant to be used every day. The current app ecosystem for wearables is just not as attractive as it could be, we need a higher percentage of wearable device owners to be active participants. This is the main problem that Lyfe is trying to solve.
Our solution to is the addition of incentivization and gamification. On the Lyfe platform, there will be a variety of health challenges that will take advantage of wearable device data to track the user’s progress and verify completion of the challenge. When you complete these challenges, you will earn Lyfe tokens. These tokens can be exchanged for other currencies and also redeemed for gifts or vouchers within our app.
Aside from being a rewards platform, Lyfe also includes gamification features. Users can increase in levels, unlock achievements, win collectible items, and compete with everyone around them. Lyfe will make getting healthy more fun and rewarding.
Price of Entry
Another hurdle for consumers is the high price of wearable devices given their perceived value. Based on the Gartner study, 29% of consumers choose not to purchase the fitness trackers in the market because they do not find enough value in the device compared to the smartphone they currently own.
When these smart watches and fitness trackers can be integrated into the Lyfe platform, their perceived value to the buyer will increase. Owning the device will now allow people to earn Lyfe tokens, so the price automatically becomes more attractive and more people are willing to purchase it.
Locked Into A Single Brand
While there are a few apps in the market that offer health and fitness rewards, all of them work in silo; meaning they are locked within the brand’s ecosystem. The users have to use a specific brand of wearable device that is compatible with the app, and that app closes access to their data and technology.
Lyfe will be a pioneer of decentralized rewards in the field of health and wellness. We will offer our open API and SDK to any fitness app or wearable device developer wanting to collaborate. Users will be free to use any brand of smart watch or fitness tracker they prefer and earn Lyfe tokens. Other applications doing health and fitness rewards can also partner with Lyfe to use our token as a pairing for their own loyalty points.
Summary
Lyfe will make wearable devices more attractive through:
- Rewards in the form of Lyfe Tokens
- Gamification on our mobile application
- Increasing the value the wearable device you already own
- Integrating many different brands of wearable devices into one platform
Lyfe token pre-sale is live! Visit our tokenomy launchpad page to participate!
