Malaysia to put former Goldman Sachs banker on trial extradition to US

US-China trade talks weigh down European stocks

CapitaLand states that Singapore property not set for ‘big bump’

South Korean Capital to invest over $1 billion in fintech and blockchain

Singapore condo resale prices down 0.3% in January

 
BRANDS TOP STORIES

Nike unveils new $350 ‘smart-sneaker’

Nike-unveils-GBO

Called Nike ‘Adapt’, these are a new pair of sneakers that self-tighten to the user’s preferences and are adjustable via an app

At an event called the “Future of Footwear”, Nike unveiled a new shoe concept, called Nike Adapt, which tracks performance in real time, allowing the company to give weekend warriors athletic tips and sell them products.

“It’s the start of a new day,” stated Michael Donaghu, Nike’s director of global footwear innovation. “It’s like we’re moving from footwear to firmwear.”

The shoes, with their data-tracking capability, present customers with a choice about privacy — if they opt not to share their data, they’ll miss out on a lot of the product’s capabilities. The company is starting with basketball shoes, which will sell for $350.

The shoe self-tightens to an athlete’s preference — there are no laces — and is adjustable via an app. The products carry sensors, accelerometers and gyroscopes that can give Nike a full, personalized snapshot of its owner’s performance. They’ll need recharging every two weeks.

“It’s like having two smartphones strapped to your two feet,” stated Michael Martin, Nike’s global head of digital products.

In December, CEO Mark Parker discussed the new shoes, calling it a “major step” in taking Nike’s new digital emphasis and embedding it into actual product.

Meanwhile, Nike stores are also going digital. The company calls new flagship locations unveiled two months ago in New York and Shanghai “Houses of Innovation.” They blend online shopping with the in-person experience. To get the full experience, you essentially have to download the Nike app.

Nike is in the midst of a digital transformation. A large part of that is trying to get more of its customers to become members of the NikePlus loyalty program. The company has found members spend three times more than nonmembers when they shop at Nike.com. Though Nike has seen rapid growth in apparel sales, shoes still accounted for 61% of the company’s $36.4bn in revenue last fiscal year.

Nike auto-lacing shoes have been around since 2017, when the company sold a limited number of low-top sneakers for $720, the most expensive shoes it ever released. These shoes will be available through Nike’s direct channels, and through retailers, and will debut in the NBA on the feet of Boston Celtics forward Jayson Tatum later this week.

The shoe’s technology can be updated through the app, meaning its capabilities can change after it’s purchased. The Beaverton, Oregon-based company plans to release more products with the Adapt technology, including running shoes, sportswear and lifestyle items.

“The advantages we’re looking to provide the athlete are so substantial that you’ll see a mass of people wanting to make use of those benefits,” Martin said.

Leave a Comment