Wearables are a significant part of the coming IoT landscape. Their rise is evidence of the coming proliferation of connected devices anticipated over the coming years.
One can imagine its tough competing in the wearable hardware space with the likes of Apple and their subscription eco-system. However, Fitbit just announced their jump across into the subscription space with Fitbit Premium at £7.99 per month in the UK and $9.99 in the US.
The service aims to take users tracking data on fitness, sleep, food and even stress and make it more useful.
This may be a junction in the ongoing fragmentation of the smartwatch market and has been welcomed as further signs of more innovation to overcome comitative challenges.
The market now hosts natives like Apple and Fitbit alongside traditional watch brands such as fossil who entered the wearables market in 2017.
At b-things we are very interested in how innovators in IoT make a success of their idea. We’re especially interested in IoT services applications that attempt to make positive changes to society. To be successful the right business case is essential to secure investment and allow an idea to scale. We know from our partners and clients that over 70% of IoT applications don’t turn a profit and often fail to gain critical mass in a marketplace. This is especially true for a highly competitive market like smartwatches.
Making Innovation Pay
Part of the nature of IoT applications and services is that providers must often spend time in life of the product learning what works and what doesn’t. What the user will tolerate, pay for or share. This process, multiplied over thousands of users across multiple technologies, regions, and networks can be costly, even prohibitive. If to change a charging point or tariffs requires extensive re-engineering of core legacy systems, competitive advantage can quickly be lost.
Our Platform is built specifically to tackle this and other key Issues in IoT to make innovation pay.
Find out more by booking a demo.