Wednesday January 22, 2020
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Reasons why Indian Millennials Love Smartwatches

Indian millennials fall in love with true smartwatches

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Smartwatches
India saw the arrival of 1.87 lakh smartwatches in the third quarter. Pixabay

BY NISHANT ARORA

Smartwatches do tell the time — like smartphones that still make and receive calls — but this particular wearable segment has come of age with real-life use cases in areas like health and fitness along with a connected app ecosystem that has made them a preferred choice for the Indian millennials.

According to the International Data Corporation’s (IDC) “Worldwide Quarterly Wearable Device Tracker Q3 2019”, 3.07 lakh watches were shipped during the third quarter into India — registering 47 per cent growth quarter-on-quarter and 127 per cent growth year-on-year.

Smartwatches
Apple, Huawei, Fitbit and Fossil are true smartwatches while the rest of the crowd comes under the basic watch (with smart features) category. Pixabay

Among the watches, the country saw the arrival of 1.87 lakh smartwatches in the third quarter, registering 28 per cent QoQ growth and 93 per cent YoY growth.

With a strong millennial base with rising disposable income, India now offers immense growth potential for the smartwatch players, currently being dominated by the Apple Watch Series.

Here, one has to understand the difference between a true smartwatch and a basic one.

Apple, Fitbit and Fossil are true smartwatches while the rest of the crowd comes under the basic watch (with smart features) category.

To make it simpler, a basic watch is like an entry-level smartphone — brands like Huami’s Amazfit, Huawei etc. — while smartwatches — that can run third-party applications on the device itself — is considered truly ‘smart’.

“Basic watch includes devices resembling traditional wrist-worn watches and/or devices where timekeeping is a primary function. Timekeeping and a default watch screen, or watch face are a requirement for a device to be considered as a basic ‘watch’,” Jaipal Singh, Associate Research Manager, Client Devices, IDC India, told IANS.

In a price-conscious market like India, several brands have entered the basic watch category with smart features, especially related to health and fitness.

Smartwatches india
Smartwatches saw a healthy 99.6 per cent (YoY) and 42.9 per cent (QoQ) growth in the second quarter in the country. Pixabay

“The mid-range segment or entry-level watch (basic watch) segment is growing very fast as more and more Indians realise the importance of staying fit. People who wore fitness bands for years are now switching to such watches, and, eventually, true smartwatches. We will see more brands entering this segment in 2020,” elaborated Singh.

Earlier, in the second quarter of 2019, the India market for wearable devices grew 30.9 per cent sequentially — reaching an all-time high of 30 lakh shipments in a single quarter, according to the IDC.

Smartwatches saw a healthy 99.6 per cent (YoY) and 42.9 per cent (QoQ) growth in the second quarter in the country.

At the rate of 30-40 lakh wearables each quarter, we can easily see India consuming in between 1.2 crore and 1.5 crore wearables in a year which is still small compared to globally but the growth is stupendous.

The wearable market is expected to reach global shipments of 222.9 million units in 2019, with earwear and watches accounting for more than 70 per cent of all wearable shipments by 2023.

Also Read- 2020 Likely to be Strongest Year for Apple in India: Experts

According to Ramon T. Llamas, Research Director, wearables team, IDC, smartwatches “will move deeper into health and fitness and connect with multiple applications and systems, both at work and within the home.” (IANS)

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Digital Transactions in Delhi-NCR Grew by 235% Last Year: Razorpay

Online transactions in Delhi-NCR grew 235% in 2019

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Online Transactions
Online transactions in Delhi-NCR grew by 235 per cent in 2019 and it was the third most digitized region in 2019. Pixabay

Digital transactions in Delhi-NCR grew by 235 per cent from 2018 (January-December) to 2019 (January-December) and the region was the third most digitised state in 2019, thus, contributing 13.05 per cent in 2019 (up from 10.9 per cent in 2018), said a new report by full-stack financial services company Razorpay on Tuesday.

“The last year has been buzzing for the fintech sector in Delhi, with the adoption of new digital payment modes and bringing the digital currency to the mainstream. The last six months saw a tremendous shift in the consumption patterns of businesses and consumer preferences of digital payments in the region.

“With UPI growing by a whopping 442 per cent in Delhi, I am certain that this payment method will overtake cards by at least 20 per cent in the next 12 months,” Harshil Mathur, CEO and co-founder of Razorpay, said in a statement.

Online Transactions
Credit and Debit cards contributed 46 per cent in digital transactions. Pixabay

In 2019, Karnataka saw the highest adoption of digital payments (26.64 per cent) followed by Maharashtra (15.92 per cent) and Delhi NCR (13.01 per cent).

While the usage of cards (46 per cent) and netbanking (11 per cent) saw a decline in 2019, down from 56 per cent and 23 per cent for cards and netbanking, respectively in 2018, UPI (38 per cent) went up from 17 per cent in 2018.

Amazon Pay was the most preferred wallet among consumers (33 per cent), followed by Ola Money (17 per cent) in 2019.

Also Read- India Witnesses Fall in the Number of Cyber Threats in 2019: Kaspersky

The top three sectors in digital payment adoption for 2019 were food and beverage (26 per cent), financial services (12.5 per cent) and transportation (8 per cent).

Among UPI, Google Pay contributed 59 per cent, PhonePe contributed 26 per cent, followed by Paytm (7 per cent) and BHIM (6 per cent) in digital transactions in 2019. (IANS)