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Are Smart Rings Slowly Replacing Smart Watches

This is an interesting overview of the next stage in technology adoption where digital watch users may or may not consider switching over to even smaller devices that conceal usage, especially in the form of a finger ring, but is digital.

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joel
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54 views10 pages

Are Smart Rings Slowly Replacing Smart Watches

This is an interesting overview of the next stage in technology adoption where digital watch users may or may not consider switching over to even smaller devices that conceal usage, especially in the form of a finger ring, but is digital.

Uploaded by

joel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
Are smart rings | slowly replacing smart watches © Swipe to know Look at India’s wearables market data from the last quarter. India Smart Wearable Device Shipments by Product Category and Year-over-Year Growth Sa nee MMU e OLA} Product Catergory | 1Q23 Shipments | 1Q24Shipments | 1Q3 vs 1Q24 growth Pens [oes foes | ee os See Nas eon eT While smartwatches and other wearable categories are experiencing a decline or slow growth, smart rings are growing at an astounding rate. Y ea Kamath From chunky phones and huge monitors to increasingly smaller devices, the gadget market has always gravitated towards sleeker designs. Smart watches are no different as no one wants a clammy screen strapped to their wrist all the time. They have lost their charm, as fashion critics are returning to beautifully crafted, traditional analogue watches. ’ 7] mT Tid oS Peaee Cui) When smart watches were initially launched, their creators assumed that such a gadget would have multiple use [rT But so far, smart watches have only found one major product market fit in activity tracking, aside from the obvious use for notification nudges. What Smartwatches Are Actually Used For (eee ea nee ee uc Notifications/texts DC) Den ced ere ed cir) Money Cay eee ates 8 7 [Boa Zn oa) Pacer a) etd ee ena ry) aT Dame eNTICAUL) In 2023, while their market share in wearables jumped to 39.8% from 30.7% in 2022, the share of advanced smart watches in the Indian market shrank from 4.5% to 2.1% _— eneniure that the adoption of cutting-edge Tura acl am Crean) already fll tlate Dy Co[VI-) to gadget fatigue. On the contrary, the smart ring category is growing with more than 100,000 units shipped in 2023 at an average selling price of ~%14,500! El Cesar rome lale-. | Smartwatches in India’s MVC Telia ‘Source: IDC India Monthly Wearable co eho eau meee CUCL What's interesting is that people are increasingly trusting devices like WHOOP that don’t have a screen altogether. It does one job — tracking fitness and health — and does it well. This proves that even though the most popular use case of smart watches is activity tracking, people can do that without a screen. Also, WHOOP offers an interesting revenue model that can be replicated in the rings category as well. y ea Dee Af yp The device in this case is free, and all you have to pay for is the annual subscription. ; Not only does this make recurring revenue from the company a surety, but also offers free device ee lols to the subscribers. So, why not prefer a form factor as small and light as a ring instead oi F) smart band? ; y ea Dee See, the limited form factor of a ring requires massive advancements in nanotechnology. Another challenge is that smart rings offer comparatively fewer features for their price than smart watches. This "bundled feature" phenomenon suggests that consumers would always prefer having more features, even if they ’ are not very relevant. Y ea SPM Smart ring companies entered the market with the aim to solve for one simple issue: It is inconvenient for people to wear a bulky watch to sleep. The obvious alternative to this gadget fatigue was aring. Not only did smart ring companies create exactly that, but even outdid even some of the most sophisticated smart watch tech. c« Na Dm ENUIETU rN As this wearables market becomes very saturated, the opportunity lies in simplifying the data collected so that anyone can understand it. ; For example, a smart ring with a voice interface could allow users to ask about | their health metrics using natural language, such as “What's my heart rate right now?” — and receive immediate, understandable responses, making the technology more user-friendly. What do you think: Will smart rings replace smart watches or not? ree NaI Dee

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