World’s biggest merchant trader Walmart has bought Flipkart we all know the fact, now Flipkart’s e-commerce brands Myntra and Jabong wants the share in the Indian smart wearables market valued about $1.4 billion revenue this year.
With 61 million users (according to Stats) and currently dominated by brands such as Xiaomi, GOQii, Titan, Samsung, and Apple.
After launching its group of Blink Go fitness band last year, the two companies today announced another device, Blink Play. However, there is a problem.
Smart Wearables Market (Product Positioning)
The fashion or smart wearable market in India could not explode. Smart watches, smart glasses, smart tapes, etc., have failed to capture the attention of users, perhaps in large part due to their positioning, as a fashion accessory rather than necessity, such as smartphones.
So far, the category has been nice to have products instead of the need to have products. This is one of the challenges that Myntra and Jabong face at the market level.
It will be a challenge for them because it’s more of a fashion accessory.” In the market, there has not been a clear differentiation among these wearables, some people want to place it as a fashion accessory, as a medical device or simply as a portable tracker.
As a result, the growth has been very modest, since users do not need the change often until it is necessary, “said Tarun Pathak, Associate Director of Research at Couterpoint, Financial Express Online…
The positioning for the new fashion wearable Blink Play Myntra and Jabong is done in two extremes: smart hearing aids and a fitness monitor. However, it is a unique product that both companies describe as “intelligent and fun exercise equipment.
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The Indian customers are very sensitive when it comes to prices and it is a critical factor to take the decision by any company.
The device is priced at Rs. 2,250 by Myntra and Jabong, it is more competitive prices for the brands like GOQii, Xiaomi, and other Indian brands. Where Titan has priced Rs. 2000 to Rs. 3000.
Although Myntra and Jabong must also position themselves as a fitness brand instead of a fashion destination, it is the mindset that customers will browse both portals instead of navigating horizontal markets such as Flipkart and Amazon, which house several categories of products or respective portals of Fitness tracker.
“They must justify that they entered the category as a unique instead of becoming another option for customers,” Pathak said.