In an exclusive interview with Mr. C. P. Khandelwal, Founder of P. R. Innovations (Brand Custodian and Complete Solution Provider of Amazfit in India), we delve into Amazfit’s strategy for 2024. Amazfit, renowned for its commitment to health and fitness smartwatches, is set to introduce a range of innovative technologies and products, maintaining a focus on premium and mid-premium segments. Mr. C. P. Khandelwal shares insights into the market dynamics, strategies, and the brand’s mission to redefine the smartwatch landscape in India.
Could you kindly provide an overview of Amazfit’s plans for 2024 and elaborate on the strategies the brand is employing to distinguish itself in the market?
The Amazfit story revolves around upgrading to set ourselves apart from the competition. In 2024, we plan to launch highly innovative technologies and products in India, including smartwatches like Active, Active Edge, and the successor to our popular T-Rex series. Our focus remains on the premium and mid-premium segments, aiming to provide quality products that cater to all-around health and fitness needs. The price points will range from INR 10,000+ to 50-60,000, featuring cutting-edge features like AI Health and Fitness Coach, body fat monitoring, blood pressure tracking, and more.
What market segment is Amazfit targeting, and what percentage are you aiming for in terms of market share?
Given the recent decline in the average selling price in India, we anticipate a shift in consumer preferences toward quality and brand value. In our price band, we are targeting a 20 to 30% market share, specifically in the INR 10,000+ market, which currently represents less than 5% of the total industry size. Our goal is to reach around 6-7 lakh+ units in sales for 2024.
How is Amazfit approaching the market in terms of offline and online channels?
We are implementing a balanced strategy by being available across premium retail chains like Croma, Reliance, Just in Time, and Shoppers Stop. Currently, our sales distribution stands at approximately 60% online and 40% offline.
Going forward, will Amazfit focus more on sports enthusiasts, health enthusiasts, or niche segments of smartwatches?
Our product line aims to cover all aspects of life, catering to different consumer needs. From watches suitable for office-goers to classic, fashion, health, and fitness-focused smartwatches, Amazfit intends to provide a comprehensive range of products. The core of our brand’s story remains centered around health and fitness.
Considering the recent trend of brands incorporating premium designs, do you believe smartwatch brands should focus on cosmetic changes or prioritize technological enhancements?
While acknowledging the importance of a fusion with fashion, it’s essential to recognize that, initially, smartwatches were designed with a primary focus on health and fitness, relegating fashion to a secondary consideration. Unfortunately, in recent years, there has been a noticeable dilution into a primarily fashion-oriented category rather than one centered on health and fitness. I believe this trend has reached saturation, and consumers are now seeking meaningful upgrades. While cosmetic changes have their place, the narrative must return to the core values of health and fitness. Brands that remain steadfast in this focus are poised to gain maximum traction in the upcoming years.
