How Home-Grown Brands Are Dominating The Smart Watches Market?
Archit Agarwal launched crossbeats along with his brother Abhinav Agarwal over five years ago.
He was an ex-banker turned entrepreneur with extensive experience in product development, operations, strategy and team building, Archit is driven by his penchant for innovation and lifestyle He holds B.Com and MBA (Washington University in St. Louis- Olin Business School
1. Share your views on how the smartwatch market is thriving with a sharp increase in adoption due to increasing awareness around health and fitness?
Going by the statistics furnished by different reports, including IDC and Counterpoint research, the smartwatch market in India has witnessed an unprecedented growth since the outbreak of the pandemic. Essential health monitoring trackers for blood oxygen level, heart rate and blood pressure etc allow people to keep a real-time tab on their health while fitness and lifestyle elements cater to their other needs. The spurt in demand has, however, led to the emergence of multiple options in the market that may not be at par when it comes to performance and quality. A few homegrown brands like us are trying to strike the perfect equilibrium between quality, performance and affordability, thereby making the growth more robust and fundamentally strong.
2.Why do consumers in India seem to be spending more than ever on home-grown smartwatches?
It is probably because the homegrown brands understand the pulse of the users in a better manner than those catering from outside. There are a lot of factors that might impact the buyer behavior, depending on multiple factors such as affordability, features, utility, accessibility etc, and it would naturally be relatively easier for Indian brands to relate to the diverse demands. Smart watches have shown the strongest increase in the recent past, growing by more than 360% YoY, and nearly two third of the market continues to be dominated by Indian brands. Crafting products on a need-based proposition in affordable price points is the key to consumers spending more than ever on homegrown smartwatches.
3. How do home-grown brands meet the consumers' changing needs through product design and pricing strategies?
Be it smartwatches, wearables or any other sector for that matter, a brand can survive the test of time only when it thrives on evolution and innovation. While it is true that the customers’ preferences are more dynamic than ever, it is also true that they are more informed than ever. Hence, they have a keen eye for innovation, quality and features. For instance, we initially introduced smartwatch with in-built GPS tracking mechanism, and later came with a Bluetooth watch with split screen and wallet like features. The idea is to innovate constantly in accordance with market demand while identifying and addressing users’ requirements.
4. What is the future of the home-grown smartwatch market in India?
If reports are to be believed, the focus is expected to be on health and sports related features. Sustenance of the massive growth rate is likely, driven by new innovations in various aspects such as calling, display, health trackers etc. Affordability is the other factor that would play a crucial role in setting the course of the market.
He was an ex-banker turned entrepreneur with extensive experience in product development, operations, strategy and team building, Archit is driven by his penchant for innovation and lifestyle He holds B.Com and MBA (Washington University in St. Louis- Olin Business School
1. Share your views on how the smartwatch market is thriving with a sharp increase in adoption due to increasing awareness around health and fitness?
Going by the statistics furnished by different reports, including IDC and Counterpoint research, the smartwatch market in India has witnessed an unprecedented growth since the outbreak of the pandemic. Essential health monitoring trackers for blood oxygen level, heart rate and blood pressure etc allow people to keep a real-time tab on their health while fitness and lifestyle elements cater to their other needs. The spurt in demand has, however, led to the emergence of multiple options in the market that may not be at par when it comes to performance and quality. A few homegrown brands like us are trying to strike the perfect equilibrium between quality, performance and affordability, thereby making the growth more robust and fundamentally strong.
2.Why do consumers in India seem to be spending more than ever on home-grown smartwatches?
It is probably because the homegrown brands understand the pulse of the users in a better manner than those catering from outside. There are a lot of factors that might impact the buyer behavior, depending on multiple factors such as affordability, features, utility, accessibility etc, and it would naturally be relatively easier for Indian brands to relate to the diverse demands. Smart watches have shown the strongest increase in the recent past, growing by more than 360% YoY, and nearly two third of the market continues to be dominated by Indian brands. Crafting products on a need-based proposition in affordable price points is the key to consumers spending more than ever on homegrown smartwatches.
3. How do home-grown brands meet the consumers' changing needs through product design and pricing strategies?
Be it smartwatches, wearables or any other sector for that matter, a brand can survive the test of time only when it thrives on evolution and innovation. While it is true that the customers’ preferences are more dynamic than ever, it is also true that they are more informed than ever. Hence, they have a keen eye for innovation, quality and features. For instance, we initially introduced smartwatch with in-built GPS tracking mechanism, and later came with a Bluetooth watch with split screen and wallet like features. The idea is to innovate constantly in accordance with market demand while identifying and addressing users’ requirements.
4. What is the future of the home-grown smartwatch market in India?
If reports are to be believed, the focus is expected to be on health and sports related features. Sustenance of the massive growth rate is likely, driven by new innovations in various aspects such as calling, display, health trackers etc. Affordability is the other factor that would play a crucial role in setting the course of the market.
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