 "Manisha Sood")
With the growing market for wearable fitness device maker Fitbit is eying India market as a bigger pie of its business. India is among the top five markets for the company. The demand for such devices in rapidly growing, worldwide company has sold 28 million pieces. Manisha Sood, country general manager, Fitbit India shares company's strategy, market and growth plans with Hrishikesh Joshi.
How is the market growing in India for wearable fitness devices makers like Fitbit?
India is a huge market for Fitbit after US and Europe and considered as a among the top five markets. With a growing focus on personal health and fitness, India has the potential to be a significant market for connected health and fitness devices. Though people between 25-45 age group have been target buyers for the company, even the school going children also seen wearing these devices in India thanks to the growing gifting industry and also owing to the growing popularity for these devices. Fitbit products have a 17.6 per cent market share in India. We are on high growth trajectory in India.
India is a price sensitive market for such products, What is your experience?
We launched Fitbit products in India in 2011. We thought lower end spectrum products will sell more because its a price conscious market.But we were wrong and observed the same trend like US and Europe where expensive products sell much better and especially there is a demand for heart rate monitoring products. Our top four products are contributing 80 per cent of our business in India as well. People don't like to compromise when it comes to health.
What are your existing offerings? How is your distribution network?
We have three product category, every day users, active users and performance users. In total, we have eight products in our portfolio. They are Fitbit Surge, Fitbit Charge HR, Fitbit Charge, Fitbit Flex, Fitbit One, Fitbit Zip and Aria Wi-Fi Smart Scale. Recently, we have launched two new offerings-Fitbit Blaze and Fitbit Alta. Charge HR is the best-selling product not just globally, but also in India. The newly launched products are also getting overwhelming response. The products are priced in the range of Rs 4,500 to Rs 25,000. After entering the India market in July last year with the off-line sales through large retail chains including Reliance and Chroma. At present our products are available in 500 outlets across India and we are planning to double this number by roping in mom and pop stores by the end of this year. We also sell Fitbit products through our on-line partner, Amazon, in India.
How different are Fitbit products from its competitors?
Fitbit is 70 per cent software and 30 per cent device. That makes Fitbit product a unique offering in this segment The App comes as a one common platform that provides information, insights and guidance for users and also help them reach their health and fitness goals. Plus, Fitbit is a pioneer and leader in the connected health and fitness market. Fitbit has a unique approach to health and fitness and has created a solution-the Fitbit platform-enabling people to be more active, exercise more, sleep better and help manage their weight. The Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalised insights, and virtual coaching through customised fitness plans and interactive workouts.
Tell us something about Fitbit's wellness programme.
More than 50 of the Fortune 500 companies have signed up Fitbit's wellness programme. where participating companies provide employees with Fitbit activity trackers, challenge employees to get active, and encourage healthier lifestyles. The companies participating in this programme provide employees with Fitbit activity trackers, challenge employees to get active, and encourage healthier lifestyles. A s the employee becomes fitter and fitter, the health insurance policy premium goes down. The companies have saved 6 per cent on their annual payouts for the insurance. We are planning to introduce this wellness programme in India very soon. Fitbit is also in negotiations with many Indian insurance companies, most of which were thinking about bundling these devices with the health policy product.
