Recently, market research organization IDC announced the 2016 data report of the Indian wearable market. According to the report, India’s mobile wearables shipped 2.5 million units last year and the development momentum is good. Low-cost entry-level wearables are the mainstay in the field, while Indian brands Goqii and Xiaomi are the kings in the field. Xiaomi's smart ecological play is very familiar to us, not to mention, and Goqii's marketing strategy is enough to be innovative and worth analyzing. In addition, the development of the Indian wearable market is good, but some problems still need to be solved.
I believe that people who care about the Indian market should consider the fourth quarter holiday promotion season. Every year, the Indian Diwali promotion season plus the December discount season, including online and offline businesses will offer great discount promotions.
Although this will help boost sales, it also prepays the consumption potential for a period of time. Here you can compare China's double eleven. In the fourth quarter of 2016, the Indian market sold a total of 675,000 wearable devices, a decrease of 23.9% from the third quarter. The 675,000 shipments include smart wearables that support third-party mobile apps and regular wearables.
“This is mainly due to the peak shipments before and after the Diwali promotion season, and advances the consumption potential in the fourth quarter in advance.†IDC India senior researcher Navkendar Singh made this interpretation.
“What is special is that although the shipments of wearable devices have declined, the shipments of smart wearable wearable devices (wearable devices that support third-party apps) have risen by 23.6% in the fourth quarter of last year. This is because the fashion brand Fossil entered the smart wearable market in India last year, and the new version of smart watches launched by Apple and Samsung also stimulated market consumption."
In addition, IDC's other market analyst Karthik J also pointed out that 73% of the wearable devices in the Indian market are entry-level products with prices below $50. Goqii and Xiaomi have already taken the lead in this price range. Consumers who buy less than $50 wearables are mostly first-time consumers of wearables. The pricing of Xiaomi and Goqii's products is not stressful for them, people buy with a try mentality.
In order to attract these consumers, wearable products are trying to add value to their products. For example, adding more features to wearables turns the product from a past activity tracker to a smarter device that can display cell phone information and track heart rate.
Currently, online mode is very important for wearable devices. In the fourth quarter of last year, online sales of wearable devices accounted for 63.1% of total sales, but offline sales in the fourth quarter showed a slow upward trend. Karthik J believes: "Although most of the businesses still rely mainly on online sales, a small number of brands, especially high-end brands, have begun to turn their attention to offline, such as Fitbit, Garmin, Tomtom, etc. because offline mode is more helpful. Show high-end merchants to show consumers their product features and take the opportunity to promote their brand value."
Market share Goqii sales first, Xiaomi secondIn the fourth quarter of last year, Goqii had the highest market share (15.5%), Xiaomi ranked second with 13.2% market share, and FitBit ranked third (7.9%). Some analysts say that Xiaomi's low-cost model is very competitive in the Indian market and its future prospects are optimistic. Xiaomi mode is very familiar to everyone, not much ink here.
The local Indian wearable manufacturer Goqii deserves to be analyzed. Not so much Goqii is a wearable manufacturer, it is better to say that they are health service companies, and their smart bracelets are just an extension of their service.
Goqii is a cloud-based health advisory service that focuses on data tracking but is based on tracking health guidance. Goqii's bracelet is no different from a normal smart bracelet. Its main functions are pedometer, heat tracking, sleep tracking, etc. These data are recorded and synchronized to the mobile app.
The difference is that the data is sent to the health consultants on the Goqii platform, who provide professional health advice based on the user's data. Currently, there are thousands of consultants on the Goqii platform, each of which can serve multiple users.
Goqii's wearable products are completely free, and their profits depend on subscription services. Goqii's six-month consultancy package costs $99 and the bracelet is free. Even if users no longer subscribe to Goqii's services after six months, they can still keep their bracelets and use them like normal smart wearables.
According to a survey conducted by Endeavor Partners in January this year, more than half of consumers who bought wearable health technology products eventually gave up.
The information tracked by the wearable device does not make much sense to the user and does not help the user to solve the actual problem. Goqii offers more value-added services through one-on-one health consultant guidance and is very innovative.
In the fourth quarter of the market, Fit's shipments in the fourth quarter of 2016 increased by 21.2%, which is not unrelated to the price reduction discount for certain models and the offline channels.
Fitbit's online sales channel mainly relies on Amazon India. In the second half of last year, Fitbit began to launch offline channels. Currently, offline channels are close to half of total sales. This year, Fitbit plans to release more models and plans to enter the field of smart watches.
The Indian wearable market is also facing some challengesSome analysts pointed out that the current wearable market in India is actually the urban market, and the presence of wearable products in urban and rural areas in India is minimal.
Ruo Dao believes that this is related to the excessive quantity of functional machines in the rural market, and the lack of consumption capacity of rural residents, and the awareness of wearable products that are dispensable is not high. However, with the increase in rural residents' income and the popularity of smartphones, the rural market still has great potential.
In addition, although India's software is very strong, the manufacturing industry is not strong enough to produce in China. Indian manufacturers' design capabilities are also not mature enough. Karthik Reddy, managing partner of venture capital firm Blume, which focuses on early-stage project investment, points out that Indian manufacturers are hard to win by hardware alone.
What Indian start-ups have to do is make a hardware that is cheap enough and design a software for it. It is profitable to provide valuable services based on software and hardware.
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