Fitbit India will launch a smartwatch for the holiday season
The health wristband company has reigned in its losses and aims to launch a smartwatch in time for the festival season through its partnerships with Amazon India and Reliance Digital.
On Wednesday, Fitbit Inc. reported a revenue drop that was smaller than predicted for the last fiscal quarter. Moreover, share prices had increased by 4.7 percent. Although the second quarter’s results showed a 40 percent drop in revenue, this was less than expected, increasing its revenue forecast for the end of the year. Fitbit’s Chief Executive James Park called 2017 “a transition year” and stated that he is confident that the brand will drastically improve its finances through reducing its operating costs.
One reason for Fitbit’s drop in sales is that, after smartwatches became available on the market with many more features than their health tracking wristbands, customers opted for a smartwatch to cover all functions instead of having a separate band for health. In order to combat this, Fitbit is launching its own smartwatch this holiday season in the hopes of regaining the ground it lost to companies such as Apple and Xiaomi. The Apple Watch reported 50 percent sales growth in the last quarter as Fitbit saw losses and so the business is aiming divert some of the increased smart watch sales to its own model.
Along with the launch of a new product, Fitbit is also trying to increase sales in India through social media marketing and has created a Fitbit Challenge Group India where users can share motivation and tips on how to use their products.
Fitbit was founded in 2007 and its headquarters reside in San Francisco. The business opened a base in New Delhi along with commencing retailing in India in 2016. Fitbit does not currently have its own e-commerce portal and sells through its own shop on the Amazon India platform as well as having partnerships with Reliance Digital, Croma Retail, and Helios.
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