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Widespread Popularity of Wearable Devices are Prompting the Global Retail Industry Growth
[December 07, 2018]

Widespread Popularity of Wearable Devices are Prompting the Global Retail Industry Growth

NEW YORK, December 7, 2018 /PRNewswire/ --

According to data compiled by Mordor Intelligence, the global retail industry was valued at USD 23.46 Trillion in 2018 and is expected to reach USD 31.88 Trillion by 2023. Additionally, it is expected to grow at a CAGR of 5.3% during the forecast period. The market is also being driven by e-commerce sales as more consumers are looking to use the internet to do their shopping online. The e-commerce sector alone has tripled in size over the past three years, driven by a growing number of mobile devices and emerging payment platforms. The market will continue to grow as long as there is a demand from consumers for products sold within retail locations. According to Best Buy's recent financial results, the Company stated that it generated a significant comparable sales growth, primarily through tech devices such as phones, games, appliances, smart homes and wearables. Nxt-ID, Inc. (NASDAQ: NXTD), Best Buy Co., Inc. (NYSE: BBY), Walmart Inc. (NYSE: WMT), Target Corporation (NYSE: TGT), Walgreens Boots Alliance, Inc. (NASDAQ: WBA)

There are many tech-based products sold by retailers, but specifically, wearables devices are highly popular. Wearable devices are growing in adoption due to their real time data monitoring and ability to track fitness, which is consequently driving the wearable medical device segment. According to research by Markets and Markets, the wearable medical device market is projected to reach USD 14.41 Billion by 2022, while growing at a CAGR of 18.3%. The market is expanding due to the increasing number of smartphones and number of healthcare-based smartphone apps compatible with wearable devices. "Health care and health-focused applications in general will be a major driver for the next phase of growth in wearables," says Tractica Research Director Aditya Kaul in the Company's 2017 Wearable Device Market Forecasts report. "Wearable device companies that pivot beyond fitness and activity tracking, toward preventing and managing chronic health conditions like diabetes and heart problems will succeed in the long run."

Nxt-ID, Inc. (NASDAQ: NXTD) yesterday announced, "the commercial launch of Notifi911, a Personal Emergency Response (PERS) device, to be sold direct to consumers through big box retail stores and other sales channels. Notifi911, LogicMark's newest Mobile Emergency Response pendant, will connect users to 911 at the touch of a button on the wearable pendant allowing them to speak directly to a 911 operator anytime and anywhere there is cellular service.

'The retail launch of Notifi911 represents a significant expansion of our product offerings and distribution channels, which will allow us to offer security and safety products to entirely new markets and customers,' said Kevin O'Connor, President of Logicmark. 'Partnering with the nation's leading retailers offers an important new channel for our PERS products and will provide us with strong consumer distribution in the fast growing global PERS retail market.'

Notifi911 will be available at Best Buy, and other national retailers. It is currently undergoing the product onboarding process through Best Buy and will be available to purchase in the coming months. The launch of Notifi911, a self-contained unit that does not require a base station, landline or cellular plan, follows extensive in-store trials. There are no monthly charges, no monitoring fees, and no contract to use the device, which offers a distinct value proposition over other devices currently on the market. The Notifi911 pendant is fully rechargeable with a standby time of 3 months when fully charged. The robust design of the Notifi911 allows the pendant to get wet so it can be carried and used during outdoor activities and during heavy rain. LogicMark offers a one-year limited warranty on Notifi911.

'Our PERS device provides users with the comfort of knowing that with the touch of a button they can immediately reach emergency operators,' said Stanley Washington, Chief revenue officer and president healthcare for NXT-ID, Inc. 'We have seen strong demand from consumers who want that level of security and safety without a monthly fee. Launching our retail distribution strategy is a major step in making our devices available to a wider marketplace.'

LogicMark is currently a major provider of PERS to the Veterans Administration. The Company's non-monitored product offering has disrupted the market for PERS by providing its end-users a product at less than 10 percent of the cost to customers over lifetime use of monitored devices offered by its competitors. LogicMark operates in the $6.3 billion global PERS market, which is projected to grow to $8.4 billion in 2020 (Source: IndustryARC Market Research). There are three major trends driving the market growth in PERS:

  • Greater Desire for Connectivity and Independence: There is an increased desire for safety devices by people over 60 years of age who now represent the fastest growing demographic in social media, outdoor activities and vacation travel. One third of Americans aged 65+ fall at least once per year resulting in more than 2 million injuries annually (Source: Home & Community Preferences of the 45+ Population, AARP).
  • Increase in Violent Crimes: The estimated number of violent crimes increased for the second straight year in the U.S. (4.1 percent). In 2017 there were an estimated 1,248,185 violent crimes and an estimated 7,919,035 property crimes. Rape and aggravated assault increased 6.3 percent and 4.6 percent. 88 percent of on campus college crimes are sexual assault and 61 percent are Aggravated Assault (Source: Statista).
  • Raising Cost of Workplace Injuries: More than 4.1 million people in the U.S. suffer a workplace injury resulting in more than 1.1 million days of work lost by employees every year. Additionally, the number of assaults against real estate agents, hospitality staff and other business professionals is on the rise. Industries with the highest rate of injury include construction, fishermen, roofers, transportation workers and agricultural workers (Source: United States Department of Labor/ OSHA).

For seniors, falls result in more than 2 million injuries treated in emergency departments, including over 550,000 hospitalizations and more than 18,000 deaths per year. Falls are the leading cause of fatal injury and the most common cause of nonfatal trauma-related hospital admissions among older adults. (Source: NCOA). The financial toll for older adult falls is expected to increase as the population ages and may reach $54.9 billion by 2020.

Other market opportunities for the Notifi911 retail offering include:

  • Hospitality, hotel and resort industry employees
  • College students and teachers
  • Joggers, hikers, bikers and clmbers
  • Fishermen and hunters
  • Real estate agents and bank tellers
  • Oil workers and construction
  • Extreme athletes and surfers
  • Singles living alone

LogicMark's has a long history of providing PERS devices to those aging in place and with medical conditions the ability to call 911 or to alert family and friends to an emergency with the simple touch of a button. The Company is a leading provider of medical alert systems that offer this emergency service without a monthly fee or contract. LogicMark offers both monitored and non-monitored PERS devices. Prior to this retail launch of Notifi911, the Company's devices were primarily sold through dealers and medical devices distributors as well as through the United States Department of Veterans Affairs.

About NXT-ID, Inc: NXT-ID, Inc. provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures."

Best Buy Co., Inc. (NYSE: BBY) recently announced its results for the third quarter ended November 3nd, 2018, as compared to the third quarter ended October 28th, 2017. Domestic revenue of USD 8.76 Billion increased 3.1% versus last year, driven by comparable sales growth of 4.3%, partially offset by the loss of revenue from 287 Best Buy Mobile and 19 large-format store closures over the past year. The comparable sales growth of 4.3% included an approximate 70-basis point negative impact from a calendar shift resulting from the extra week in FY18. From a merchandising perspective, the Company generated comparable sales growth across multiple categories, with the largest drivers being mobile phones, gaming, appliances, wearables, headphones and smart home. These positive drivers were partially offset by a decline in the tablet category. "Our team just delivered another strong quarter with 4.3% comparable sales growth and better-than-expected earnings growth," said Hubert Joly, Best Buy chairman and Chief Executive Officer. "Similar to the first half of the year, our topline performance was helped by a favorable environment and driven by how customers are responding to the unique and elevated experience we are building. We have continued to make significant progress against our Best Buy 2020: Building the New Blue strategy, including expanding our In-Home Advisor program, growing our Total Tech Support members and completing the acquisition of GreatCall, a leading connected health services provider for aging consumers. We are energized by our continued momentum and overall performance and see significant value-generation opportunity ahead of us by successfully enriching lives with technology and providing services and solutions that solve real customer needs."

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Recently, Walmart Inc. announced that it is establishing a strategic partnership with Microsoft Corp. to further accelerate Walmart's digital transformation in retail, empower its associates worldwide and make shopping faster and easier for millions of customers around the world. Through this partnership, Walmart has chosen Microsoft as its preferred and strategic cloud provider tapping into the full range of Microsoft's cloud solutions. The investment in Microsoft Azure is a continuation of Walmart's cloud journey and extends across Walmart's family of brands and international businesses - allowing them to leverage Microsoft's public cloud. "Walmart's commitment to technology is centered around creating incredibly convenient ways for customers to shop and empowering associates to do their best work," said Doug McMillon, Walmart Chief Executive Officer. "Walmart is a people led, tech empowered company, and we're excited about what this technology partnership will bring for our customers and associates. Whether it's combined with our agile cloud platform or leveraging machine learning and artificial intelligence to work smarter, we believe Microsoft will be a strong partner in driving our ability to innovate even further and faster."

Target Corporation (NYSE: TGT) serves guests at more than 1,800 stores and at Target Corporation recently announced its third quarter 2018 financial performance, including comparable sales growth of 5.1% and comparable traffic growth of 5.3%. The Company reported GAAP earnings per share (EPS) from continuing operations of USD 1.16 in third quarter 2018, up 33.6% from USD 0.87 in third quarter 2017. Third quarter Adjusted EPS were USD 1.09, up 20.2% from USD 0.90 in third quarter 2017. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS. "Our team delivered another outstanding quarter, driving comparable traffic and sales growth of more than 5 percent and earnings per share growth of more than 20 percent," said Brian Cornell, Chairman and Chief Executive Officer of Target Corporation. "We've made significant investments in our team heading into the holidays and they are ready to serve our guests with a comprehensive suite of convenient delivery and pickup options, a wide range of new products and unique gift ideas and a strong emphasis on low prices and great value. We plan to leverage our current momentum into 2019, when we'll achieve greater scale across the full slate of our initiatives - creating efficiencies and cost-savings, further strengthening our guest experience and positioning Target for profitable growth in the years ahead."

Walgreens Boots Alliance (NASDAQ: WBA) is the first global pharmacy-led, health and wellbeing enterprise. Walgreens, one of the nation's largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, and LabCorp®, recently announced their mutual commitment to a significant expansion of their LabCorp at Walgreens collaboration. The two companies have agreed to open at least 600 LabCorp patient service centers at Walgreens stores across the U.S. over the next four years, inclusive of the 17 locations that have opened since they first announced their consumer-focused initiative in June 2017. The companies are pursuing other collaboration opportunities, to take advantage of LabCorp's unique combination of diagnostics and drug development expertise, and Walgreens leading experience in pharmacy, retail health and consumer engagement. The parties are exploring novel approaches to clinical research, helping consumers take a greater role in their own health and well-being, enabling the ongoing transition to value-based care, and expanding the health-related services available at LabCorp at Walgreens. "LabCorp's strong partnership on this joint initiative, coupled with the enthusiastic consumer feedback we've received, allows us to undertake an exciting expansion of our collaboration together," said Stefano Pessina, executive vice chairman and Chief Executive Officer of Walgreens Boots Alliance, Inc. "This reflects our commitment to transform our stores into neighborhood health destinations that provide a differentiated, consumer-focused experience, while providing access to a broad range of affordable health care services at a trusted and convenient setting."

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