COR2201 Technology and World Change

AY2020/2021

Group Project – Watches

Name Student No.
 TABLE OF CONTENTS

1. INTRODUCTION ............................................................................................ 4

1.1. WHAT IS A WATCH ..................................................................... 4

1.2. WHAT IS A SMARTWATCH .......................................................... 4
1.3. DEFINING WHAT IS A FEATURE ................................................... 4

2. TECHNOLOGICAL EVOLUTIONS ........................................................... 4-13

2.1. BUSINESS-TO-CONSUMER STRATEGY ........................................ 5

2.1.1. POCKET WATCH ........................................................................... 5
2.1.2. ANALOGUE WRISTWATCH .......................................................... 5
2.2. TARGET HEALTH-CONSCIOUS PEOPLE ................................... 5-6
2.2.1. LED .............................................................................................. 5-6
2.2.2. LCD................................................................................................. 6
2.3. THE EVOLUTION OF SMARTWATCH (1998 – FUTURE) ................. 6-7
2.4. S-CURVE ............................................................................................ 7-11
2.4.1. ANALYSIS ................................................................................. 9-11
2.4.1.1. ILLUSION OF RESILIENCE OF SMARTWATCH ............. 10
2.4.1.2. ROBUST COEXISTENCE ........................................... 10-11
2.5. HYPE CURVE ................................................................................... 11-12
2.6. NETWORK EFFECTS ....................................................................... 12-13
2.6.1. ANALOGUE WATCH .................................................................... 12
2.6.2. DIGITAL WATCH ..................................................................... 12-13
2.6.3. SMARTWATCH ............................................................................ 13

3. MAJOR INDUSTRY PLAYERS/TECHONOLOGY STRATEGY ............. 13-22

3.1. WHAT IS DISRUPTIVE INNOVATION ................................... 13-16

3.2. CURRENT MAJOR INDUSTRY PLAYERS ............................. 16-22
3.2.1. APPLE ................................................................................ 16-18
3.2.1. GARMIN ............................................................................. 19-21

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 3.2.1. SAMSUNG ......................................................................... 21-22

4. FUTURE DEVELOPMENT & OPPORTUNITIES .................................... 23-27

4.1. PHYSICAL HEALTH .............................................................. 23-24

4.1.1. COVID-19 (OPPORTUNITY) ........................................................ 23
4.1.1.1. COVID-19 SYMPTOM DETECTION (STRATEGY) ..... 23-24
4.1.2. DIABETES (OPPORTUNITY) ....................................................... 23
4.1.2.1. DEVELOPING BLOOD SUGAR MONITORING FEATURES
(STRATEGY) .................................................................... 24
4.2. EMOTIONAL HEALTH (OPPORTUNITY) ..................................... 24-25
4.2.1. DEVELOPING FEATURES THAT DETECT USER’S EMOTIONS
(STRATEGY)................................................................................ 25
4.3. SECURITY FOR DIGITAL TRANSACTIONS (OPPORTUNITY) ............ 25
4.3.1. MULTI-FACTOR AUTHENTICATION (MFA) (STRATEGY) .......... 25
4.4. FLEXIBLE AND REMOTE WORK (OPPORTUNITY) ....................... 25-26
4.4.1. PARTNERSHIPS AND DEVELOPMENT OF WORK-RELATED
FEATURES (STRATEGY) ............................................................. 26
4.5. DEVELOPING MARKETS IN APAC (OPPORTUNITY) .................... 26-27
4.5.1. SMARTWATCH OFFERINGS AND MARKETING EFFORTS
(STRATEGY) ................................................................................ 27

5. THREATS AND POSSIBLE STRATEGIES ............................................ 27-31

5.1. CYBER SECURITY (THREAT) ................................................. 27-29

5.1.1. TRANSFER FACE ID TECHNOLOGY (STRATEGY)............... 28-29
5.1.2. PROXIMITY REQUIREMENT FEATURE (STRATEGY) ............... 29
5.2. LOW-COST SMARTWATCHES (THREAT)................................. 29-31
5.2.1. MARKETING STRATEGY (STRATEGY) ................................. 30-31

6. CONCLUSION .............................................................................................. 31

7. APPENDICES............................................................................................... 32

8. REFERENCES ........................................................................................ 33-40

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1. Introduction

Watches have been ubiquitous in today’s society ever since the creation of the first watches in
the 16th century. Despite being deemed as a passing fad early on, the practicality and
convenience it provided eventually made it a staple accessory by 1930. In 2018, the global luxury
watch market is valued at approximately 6.93 billion dollars and expected to 9.3 billion by 2025
(Statista,2018).
Technological advancement has brought about the invention of smartwatches, which provides
more features that improve our quality of life. Living in fast-paced societies, smartwatches act as
an extension to our smartphones, providing us easier access through our wrist without the need
to take out our phone. Even with the greater performance smartwatches provide, many still
continue to appreciate earlier wristwatches for their craftsmanship and style as part of fashion or
work of art.

1.1. What is a watch

A watch is a device that allows people to tell the time conveniently, usually worn on the wrist.
Through this report, we will explore and appreciate the evolution of the watch due to technological
advancements.

1.2. What is a smartwatch

A smartwatch is a wearable device that provides additional features beyond timekeeping, mainly
acting as an extension to your smartphone, allowing users to receive notifications, calls,
messages on top of tracking fitness and health data (Bowe, 2021).

1.3. Defining what is a feature

In this report, we define a feature as a distinctive attribute or aspect of smartwatches. In particular,

we focus on how as technology progresses, so does the technological calibre of each new feature
introduced.

2. Technological Evolutions

This section consists of the S-curves, containing two graphs. One of which comprises of the
features in the y-axis and the other comprises of the weighted average of each feature in the y-
axis. Moreover, the hype curve of smartwatch is also included.

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This section will also contain the three main categories of watches. There will be an elaboration
of the improvements made in each category, as well as each dominant design. Finally, the
network effects of each category will be explained.

2.1. The Evolution of Analogue Watch (1810 – Present)

2.1.1. Pocket Watch (1505 – 1930)

In 1505, the first portable pocket-sized clock was invented. It provided convenience for sailors
who originally used hourglasses to time their duty shifts.

Despite the convenience a portable clock provides, it was impractical due to the need to stop what
they are doing and open up the protective cover to tell the time (Worthy, 2019). This issue is
highlighted for American soldiers, where time is a crucial factor during wartime, resulting in the
soldiers strapping the pocket watches to their wrists for quicker access.

2.1.2. Analogue Wristwatch (1810 – Present)

The first wristwatch was said to be created in 1810. The earlier production of wristwatches were
not as reliable and accurate as compared to their clock counterparts (Gallantry, 2016).
Furthermore, being manual winding watches, you have to manually wind back the watch at the
end of the day for constant operation, making it slightly inconvenient.

With the invention of self-winding technology in 1923, watches can be independently operated for
constant operation, without the need for manual winding. The creation of self-winding technology
became the standard of how analogue wrist-watches were produced, pocket watches fell out of
favor and wristwatches became the staple instead by 1930.

Along with advancement in water-resistance, shock-proofing and anti-magnetism technology in

1940, wristwatches became more durable and precise for time telling.

2.2. The Evolution of Digital Watch (1972 – Present)

2.2.1. LED

Robert Biard and Gary Pittman invented an infra-red LED light in 1961 while working at Texas
Instruments but because of its microscopic size, it did not have practical everyday use (Lighting
History, 2020).

It was only until 1962 that Nick Holonyak, Jr. (the “Father of the Light-Emitting Diode”) invented
the first LED that produced visible, red light (Lighting History, 2020).

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With the birth of LED displays, the Hamilton company released the first LED watch in 1971. This
was also the first all electronically powered watch to display time in a digital format (LED watches
a brief history, n.d.)

However, the display used up a lot of power since it was produced by a complex 25-chip circuit.
It will only temporarily lit up when one pushes a button on the front of the unit.

2.2.2. LCD

Soon enough, the LED displays were superseded by liquid crystal displays (LCDs), which was
introduced in late 1972 (Watch, 2021). LCD used less battery power and was much more
convenient to use, with the display being always visible, it eliminated the need to push a button
before seeing the time. The only time one will need to press a button would be in darkness and
the display will be illuminated with a tiny light bulb, thus illuminating the LEDs and
electroluminescent backlights.

Back in the days, Dynamic Scattering LCDs were used and it caused a strong scattering of light
when the electric field applied to a special liquid crystal mixture exceeds a threshold value
(Dynamic scattering mode, 2016). As such, they were power-hungry and unstable. Eventually,
the market moved on to TN Field Effect displays in 1973. It did not require a current to flow for
operation and used low operating voltages suitable for use with batteries. The introduction of TN-
effect displays led to their rapid expansion in the display field, quickly pushing out other common
technologies like monolithic LEDs and CRTs for most electronics.

2.3. The Evolution of Smartwatch (1998 – Future)

Seiko claimed to have created the first ever smartwatch with Seiko Ruputer in 1998, which
provided functions like a built-in calculator, games, a note-taking function and the ability to record
calendar appointments (Cooper, 2020). While it provided additional features, it did not exactly
qualify as a true smartwatch since it was not able to receive notifications, calls and messages.

One of the earliest true smartwatches was the Microsoft SPOT (Smart Personal Object
Technology), introduced in 2004 (Yogi, 2015). The SPOT received information such as weather,
news, and stock updates through FM radio. It could also receive e-mail and instant messages,
but users could not reply. However, its impact was limited when it was discontinued in 2008 due
to poor usability and subscription charges. On top of that, Microsoft did not do much to develop
the product further.

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Eventually, the release of Apple Watch in 2015 revolutionised the industry when it became the
most popular wearable timepiece on earth, selling roughly 10 million more units than the whole
Swiss watch industry (Aten, 2020).

The Apple watch revolutionised the way people viewed watches. Rather than being merely a
timepiece or fashion accessory, users now view it as something that they can use to perform a
wide range of activities. Apple watch acted as an extension to the smartphone counterpart,
providing health features along with facilitating quicker communication with others. A major factor
of success for Apple watch was also the Apple ecosystem, allowing Apple devices to be paired
up together.

The future of smartwatches is in the healthcare aspect as there are more speculations of more
health features added into smartwatches. With an increased emphasis on healthcare, this
essentially blurs the line between tech accessory and medical devices. Such health monitoring
features may include measuring blood pressure, body temperature, blood sugar and more, as the
FDA is working closely with industry partners for any potential roadblocks (Biggs, 2018).

2.4. S-Curve

The performance parameter we choose to evaluate the watches is the features introduced. The
performance of such features is derived from the weighted values from a survey conducted with
50 participants who ranked 7 significant features 1 to 5 based on how technologically advanced
they are, with 5 being most technologically advanced. As there are many performance variables
to measure the performance of watches across the 3 S-Curves, we decided to use the features
introduced which measure the amount of utility each type of watch provides. Below shows 2
graphs, the first graph is the 3 S Curves against the weighted average and the second graph is
the feature tied to the weighted average. A table of the consolidated responses from the 50 survey
participants can be found under Appendix as Graph I.

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S Curve for the Watch Industry

Red - Analogue Watch

Blue - Digital Watch
Green - Smart Watch

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 2.4.1. Analysis

The S-curve above shows how the new features are introduced into the different stages of the
watch industry, as a way of performance measure. The primary purpose of watches to tell time
since the first wristwatch in 1810 has evolved to the point of smartwatches today, where there are
many more features that provide more utility for users.

As seen from the responses, health (mental and physical) features received the best responses
in terms of being the most technologically advanced. Features in this category include being able
to track one’s mood and the physical activities one engages in when wearing a smartwatch. The
feature which received the worst response in being technologically advanced is date and time
telling. This is not a surprise as this feature is the most basic in a watch and can even be dated
way back to 1505 in a pocket watch. Screen resolution (LCD and LED) had the most balanced
responses and this fits into our analogy of digital watch being in between analogue and smart
watch - more technologically advanced than analogue but still lagging behind a smartwatch.

Analogue watch’s S-Curve does not have huge movements as technology was not advanced and
since watches started merely as a navigation instrument, there was little effort to improve the
functionality of a watch, thus the main features involved were just the basics of being able to tell
time and date and some being waterproof.

Eventually, due to the industrial revolution, LED and LCD were born (screen resolution) and
people put them in the small screens of a watch, increasing its popularity greatly. Not only that,
people got creative and as seen by digital watch’s S-Curve, people began coming up with
differentiating features to stand up from others. In 1994, Timex also invented a digital watch that
is capable of data transfer through the use of a computer called Timex Datalink. A few variations
of timex Datalink were also invented, some being able to store phone numbers. This is the earliest
prototype of a true smartwatch. Eventually, in the modern technology era, technology boosted
and data and information storage became such a huge thing - to bring convenience and
accessibility through technology.

This is when a smartwatch came into the picture. A smartwatch was a huge breakthrough as it
encompasses most if not all features one needs - replying messages, making a call, taking
pictures, playing music, electronic paying and the list goes on. As such, this goes under
communication and there has also been news that smartwatches are trying to venture into health
features - something millennials are very concerned about these days.

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 2.4.1.1. Illusion of Resilience of Smartwatch

Illusion of resilience refers to the delay in technology substitution caused by the high emergence
challenge in the new technology’s ecosystem and low extension opportunities for the old
technology’s ecosystem. In this situation, the dominance of old technology is fragile because its
dominance is maintained not by its own progress but rather the setbacks for the new technology.
Once the emergence challenge of the new technology is resolved, rapid substitution will follow
(Adner & Kapoor, 2020).

When Microsoft SPOT was released in 2004 and regarded as the earliest truest form of
smartwatch, it faced challenges such as poor usability, subscription charges and the lack of
ecosystem for the product (Karella, 2020). It was the right tech at the wrong time as the
development of SPOT happened before the explosion of technologies like bluetooth and WiFi.
Instead of opting for a more readily available technology like cellular technology, Microsoft used
FM transmitters, a technology called DirectBand, which cost consumers a yearly fee of $60. Given
the limited impact and the lack of efforts into further development, Microsoft subsequently
discontinued SPOT in 2008.

The introduction of Apple smart watch revolutionised the smartwatch industry. As mentioned
earlier, Apple has a well-established ecosystem with its iOS system as well as the ability to sync
the watch with other Apple devices. It took 5 years for Apple to dominate the watch industry.
According to a report from research firm Strategic Analytics, Apple shipped almost 31 million units
in 2019, while the entire Swiss watch industry only shipped a little over 21 million units (Aten,
2020).

2.4.1.2. Robust Coexistence

Robust Coexistence refers to a prolonged period of fierce competition between old and new
technology, as there is low challenge in the new technology’s ecosystem while the old technology
has high opportunity to improve its ecosystem. When robust coexistence occurs, there is gradual
substitution from old technology to new technology (Adner & Kapoor, 2020)

While analogue watches may not exactly have high opportunity to improve in terms of its
performance, it is important to note that the item in question here is a watch, which is a fashionable
accessory aside from the purpose of timetelling. There are many avid watch enthusiasts preferring
the elegant, sophisticated look it portrays over the additional utilities. Being a fashionable
timepiece meant that there would be users that would opt for an analogue watch to complement

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their outfit for various occasions, like attending events or functions. On the other hand, digital and
smartwatches generally focus more on functionalities than the aesthetics, which makes it less
favorable for special occasions despite providing greater performance. This is evident in the
Strategic Analytics report mentioned earlier, where the entire Swiss watch industry is still able to
sell over 21 million units. This shows that analogue watches are never entirely replaced by digital
and smartwatches.

Furthermore, the value factor plays a big part as to why analogue watch is still competing with
smartwatch. While Apple smartwatches provide a wide range of functionalities, the huge cost may
be a deterrent factor for users who may not need all those functionalities. Moreover, technology
products have a tendency to depreciate value rather quickly since businesses tend to release
newer models on a regular basis, making older products obsolete. Whereas for analogue
watches, brands are able to build up their value by providing collectors’ pieces with more exquisite
pieces of craftsmanship of their watches, allowing the possibility of luxury watches to appreciate
in value. This is evident when Paul Newman’s Rolex Daytona was sold for 17.8m (Lee, 2017).

Nonetheless, as smartwatches are expected to make big leaps by incorporating more features
relating to healthcare, security, etc., we may see an increasing shift towards smartwatches as it
transits from a luxury accessory to an omnipresent necessity (Kraus, 2020).

2.5. Hype Curve

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The peak of the hype curve is in 2004, when Microsoft SPOT was invented, which is also the first
true smartwatch. 2004 is the year when people made use of technology to further improve a
watch. Microsoft SPOT uses FM transmissions to deliver lightweight data services such as news
headlines, sports scores, gas prices and weather to devices. It started with watches and later
expanded to GPS navigation units and even a coffee maker (Bishop, 2012). That was the year
Microsoft SPOT shocked the world with such high technology in a small device. However, soon
enough in 2008, the line discontinued. Subsequent watches all tried to create prototypes of the
‘future of watch’ but they failed to cater to the consumers’ needs and thus, lacked their support. It
was only until 2015 when Apple Watch came into the market that revolutionized the industry. As
seen from the graph, it is the slope of enlightenment at the beginning of 2015.

2.6. Network Effects

2.6.1. Analogue Watch

Despite the first analogue wristwatch being created in 1810, it was unpopular as wristwatches
were deemed to be a passing fad or female accessory at the time. The network effect only
increased when it became more popular after the New York Times published an article in 1916,
acknowledging that wristwatches were more than a passing fad and it was in fact important and
valuable. Pocket watches started falling out of fashion and wristwatches started becoming the
norm. Along with the self-winding technology introduced in 1923, wristwatches became so
popular to the point where wristwatches outnumbered pocket watches to a 50:1 ratio in 1930
(Gallantry, 2016).

2.6.2. Digital Watch

The first digital mechanical pocket watches appeared in the early 20th century. In the 1920s, the
first digital mechanical wristwatches appeared and the first digital electronic watch, a Pulsar
LED prototype was only invented in 1970. However, consumers were not drawn towards digital
watches because of how expensive they were. This is because the LED technology was very
novel back then and cost significantly more to produce. The increase in network effect was only
evident in 1975 when Texas Instruments started to mass-produce LED watches within a plastic
casing and they retailed for as low as $20. Eventually, people became more receptive to such
low yet highly functional technology. Manufacturers also began producing different versions of
digital watches that provided different features. Some of the more prominent ones are, LED
wristwatch containing a fully functional calculator (Hamilton Pulsar Calculator Watch in 1976),
calculator digital watch (Casio in the mid-1970s), TV Watch (Seiko in 1982) and E-ink display

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watch (Seiko in 2005). Popularity also spiked as it was better than analogue watches. Digital
watches are symbolically more durable than analog watches and consumers are able to use
them in the dark because of their bright digital screens.

2.6.3. Smartwatch

Originally, smartwatches were sold as a lone product, such as the Microsoft SPOT. However,
consumers were not really enticed by it due to its poor usability (Yogi,2015). The main reason
why the Apple watch appeals to users is due to the fact that there is an existing IOS ecosystem
in place, it complements the other Apple devices in the system (Aten, 2020). The network effect
arising from the built customer base from Apple iPhone allows Apple watch to thrive. Given how
the different apple products can work seamlessly together under one system, users are more
likely to jump on the bandwagon and purchase the product.

3. Major Industry Players/Technology Strategy

In this segment we will be looking into:

• The current industry players

• The future outlook of the industry

3.1. What is Disruptive Innovation

Disruptive innovation refers to a technology that is implemented which significantly changes the
way a market or industry operates.

An example of modern disruptive innovation is the internet, which significantly changed the way
companies and individuals do business which affected positively for businesses that adopted it to
their business and negatively impacted companies that were unwilling to adapt to the new norm.
This is generally a low-cost product that serves the technological performance trajectory of the
current market. In this part of the report, we will look into the different innovations employed by
each company to capture a piece of Smartwatch market share.

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Disruptive Innovation Graph

Disruptive Strategies

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 Requirement Definition Description

1. Performance The technology has far From the survey result, 76% of our
Overshoot exceeded the demands and respondents mentioned that the blood
needs of the market. oxygen application was unnecessary,
which can be inferred to be a
performance overshoot.

2. Motivation • Incumbents are focused As we can infer from the disruptive

Asymmetry on improving their innovation graph, the incumbent, in this
products and services case Apple, continues to move
that have the most upmarket through increasing key
demand and high profit features of their Apple Watches, to
margin. appeal to customers with higher
• New entrants target the willingness to pay.
needs of the customers New entrants, relative to Apple, such
that are underserved or as Xiaomi, target the lower-end market,
overlooked by the market in which customers are more price-
(Disruptive innovation) sensitive, who do not need such
excessive features.

3. Trajectory to The new entrant improves New entrants improve the number of
meet customer performance and moves the features they offer while concurrently
needs low end of the market up to improving on the current features
meet the needs of the offered on their smartwatches, to meet
mainstream market. the needs of mainstream customers.

In 2019, the global smartwatch market was valued at $20.64 billion, and is projected to reach
$96.31 billion by 2021 (Tewari & Patil, 2020). Just five years ago, “smartwatches” were merely
fitness trackers with limited additional smart features. However, in a short period of time, they
have evolved into one of the most highly sought-after tech devices on the market with features
such as health trackers, music control and integration with phones that spearheaded its growth.
Companies such as Apple, Samsung and XiaoMi are riding on this surge of demand and seek to
grab a major share from this smartwatch.

As seen from the disruptive strategies graph, it is seen that Xiaomi utilises a disruptive innovation
approach by selling at an affordable price point and increasing it’s features to meet the
expectations of the low-end market. Apple on the other hand is deemed to be operating and

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serving the mainstream and high-end market. The company has also come up with the Apple
Watch SE to cater to the market between the low-end and mainstream market, individuals that
are more price conscious may consider buying a Apple Watch SE. Therefore, it is safe to say that
even though both companies have closely rivaled in market shares, Apple is seen to be the
stronger competitor in the smartwatch industry with its strong brand positioning, innovative
smartwatch features and differentiating the smart watches to target different segments of the
market.

3.2. Current Major Industry Players

The Smartwatch industry is dominated by a few prominent players such as Apple, Samsung,
Garmin and Xiaomi. In this section, we will be looking at the smartwatch that each of these
companies offer and what sets them apart from one another.

3.2.1. Apple

Background

Apple Inc. or formerly known as Apple Computer Inc. is an electronics company founded in April
1, 1976 in Cupertino, California by Steve Jobs, Steve Wozniak and Ronald Wayne. Apple is an
electronics company that manufactures, designs and markets a range of hardware products such
as the iPhone, Macbook, Airpods and AppleWatch. The company also sells digital applications
such as iBooks, iTunes and iCloud.

The AppleWatch was first presented by CEO Tim Cook together with the release of iPhone 6,
originally marketed as a fashion accessory. However, the company shifted the focus of its
marketing efforts to a fitness-oriented product upon the release in April 2015. Since then, the

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product line of AppleWatch has been successful in the SmartWatch space, having gained a
sizable market share of 51.4% in the first quarter of 2020 (Lim, 2020).

Strengths

1. Brand loyalty
Apple has succeeded in creating brand loyalty that other brands aspire to reach. Loyal fans of the
Apple wait anxiously for new product announcements and queue for countless hours to purchase
their products. In 2020, it was projected that the Apple brand is valued at $352 billion dollars
(Statista, 2021). In a survey conducted by Apple, they tested the price sensitivity of their products,
$1099 and $1449 respectively and found that sales volume were relatively the same, signalling
that Apple users are not price sensitive due to the high perceived value that it provides (Kelly,
2018). This re-emphasizes the loyal fan base that Apple has amassed over the years.

2. Quality customer experience (After-sale Support)

Apple aims to build relationships with their customers in comparison to pushing sales. From the
moment the customer steps into an Apple Store to the point where they leave, their experience is
highly personalized and pleasant. To reduce customer anxiety over a purchase, warranties and
AppleCare are offered for their product. Over the years, it has been perceived that Apple products
are high quality and premium, tagged with a massive loyal fan base, these are the likely reasons
attributing to Apple’s success (Franco, 2018).

3. Constant innovation
Apple has always placed a strong emphasis on innovation in their products. In 2019, Apple spent
a total of $18.75 billion on research and development, further increasing it in the following year
by another $2.5billion (Statista, 2021). During an interview with CEO Tim Cook, he emphasised
on the importance of innovation as a leap in making difference and not merely making a small
change in their products (Marketing-interactive, 2019). This is evident in the AppleWatch as the
product has made leaps in its innovation from a fashionable product to a more health and fitness
focused device.

Weakness

1. Premium pricing
Through market positioning, Apple positions themselves as a premium for all their product lines
and they utilise a price skimming strategy (C.R., 2020). This gives consumers the perception that
the brand is premium and through price skimming consumers who are more price sensitive may

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get an older model at a lower price. However, the high price tag to the products could be a barrier
that deters prospective customers from purchasing an Apple product, which is probably why
Samsung and HuaWei take the top spots in sales volume (IDC, 2021). Thus, Apple does not cater
to the low-end market.

2. Incompatible with other products

“The Apple Ecosystem” is a familiar term used to describe the different products that work
cohesively together (Haselton, 2017). However, this could be perceived as a drawback and deter
non-Apple users from adopting their products as consumers are more inclined to purchasing other
product lines that are compatible with their other devices.

3. Short Battery Life

The all-day battery life of smartwatches is an average of about one to two days (Johnson, 2020).
Moreover, smartwatches have the ability to carry out many functions, such as sending text
messages and tracking the user’s heart rate. However, it requires the user to perform fast
interactions as they are challenged by battery life. Once the user carries out a more demanding
task such as watching videos or playing games, the battery can only last up to four hours. As
such, users are unable to fully utilise their smartwatch functions.

Model Name Notable Features Price (SGD)

Apple Watch Series 3 • 42mm or 38mm case size From $299

• Retina Display
• GPS
• High and Low heart rate notifications
• Irregular heart rhythm notification
• Water resistant 50 metres

Apple Watch SE • 44mm or 40mm case size From $419

• Cellular
• All the features Series 3 has

Apple Watch Series 6 • All the features SE has From $599

• Always-On retina display
• Blood Oxygen app
• ECG app

(Apple, 2020)

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 3.2.2. Garmin

In 1989, Garmin was founded, and was incorporated in Schaffhausen, Switzerland, with its
headquarters located in the United States. Garmin's first few products were GPS navigation
devices for the aviation industry almost three decades ago. Since then, Garmin has expanded
their product range to cover aviation, marine, automotive and wearables industries. Today,
Garmin is known to be a leader in the aviation, marine, automotive, outdoor and fitness market
(Garmin Ltd, N.D.)

2003 was the first year that brand decided to expand into wristwear. The target market for these
wristwear were initially focused on the running community, Garmin watches have now become
multisport smartwatches. The brand has released various product models catered to different
activities such as swimming, golf to hiking. The watches include high-tech biosensors to monitor
heart rate, performance, activity and calories burned amongst many other features. Garmin has
stayed true to their roots, with the integration of GPS and satellite navigation integrated into their
wrist-wear. In more recent models, the brand has included features such as Spotify and
contactless payments.

Strengths

1. In-house manufacturing
The products that Garmin manufactures are processed and made at their in-house manufacturing
facility. This helps to ensure high quality of products and adapt to changes quickly to market
changes (Garmin Ltd, N.D.)

2. Brand recognition
Garmin has been in the market for around 30 years and has crafted a name for themselves
synchronous with quality. Consumers know that Garmin products are high quality and durable,
with their defining features being the GPS tracker, Garmin pay and multi-sports modes. In 2013,
Garmin accelerated their efforts on positioning their smartwatches in the fitness scene with the
new direction spearheaded by their new CEO (Knapp, 2016).

Weaknesses

1. Satetellite dependency
To utilize the GPS tracker, Garmin users are required to have satellite connection, however some
users face connectivity issues with their product in remote locations (DCrainmaker, 2018).

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 2. Small customer segment
Garmin products are highly niched with each of its wrist wear targeting very specific groups of
runners, divers or gamers. As it’s products only serve a very small customer segment, their niche
feature serves as a weakness to Garmin as this results in their products reaching only a smaller
portion of the market having only captured 9.4% of the market (Lim, 2020). However, this can
also be a strength of Garmin, as they might not be affected by other market entrants who cater to
the other market segments.

3. Product proliferation
Product proliferation occurs when organisations market many variations of the same product. In
the competitive space of smartwatch, it is important for Garmin to differentiate themselves from
the competition if they want to stay ahead with their strong brand positioning (Business Wire,
2020)

Model Name Notable Features Price

(SGD)

VENU SQ • Extended battery life $379

• Multi sport mode
• All day health monitoring
• Garmin pay
• Music
• Smart notification

LILY • Stylish patterned lens $369

• Health and fitness tracking
• Multi-sport mode
• Up to 5-day battery life
• Smart notification

INSTINCT - ESPORTS • Analyze gaming performance through a $459

EDITION dedicated esports activity profile.
• Positioned as a gaming smartwatch

DESCENT MK2 SERIES • SubWave sonar technology $2299

• Six diving modes
• Tones and vibration alerts
• Garmin dive app
• Garmin pay

FORERUNNER 745 • Positioned as a smartwatch for triathlon $769

• Built in sports apps

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 • Performance monitoring
• Daily workout suggestion
• Music
• Garmin pay

(Garmin, 2020)

3.2.3. Samsung

Background

Samsung is a mega South Korean company, founded in 1938, it produces about one fifth of South
Korea’s total exports (Bondarenko, n.d.). Globally, it is the second-largest technology company
which produces electronic devices. (Hafiz et al., 2020) Ahead of other big players, Samsung’s
first smartwatch came out in 2013. Since then, the company has consistently pushed out new and
patented designs. In Q1 of 2020, Samsung held a 13.9% market share of the smartwatch market
(Statista, 2021).

Samsung’s current offerings

Model Notable Features Price (SGD)

Galaxy Watch Active • 40mm or 44mm screen size From $348

• Movement tracking
• Health support
• Heart rate tracking

Galaxy Watch • 41mm or 45mm screen size From $548

• Precision rotating bezel for app navigation
• Blood oxygen level monitor

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 • Sleep cycle monitoring
• Sync with Galaxy Ecosystem

(Samsung, 2020)

Strengths

1. Innovative Research and development

Samsung has 34 Research and Development (R&D) centres worldwide, their investment into
R&D has proved effective, resulting in their diversified product portfolio (Hafiz et al., 2020).

2. Environmentally friendly innovation

Samsung has secured the 9th position in the top 30 Tech and telecom companies of EPA’s 2016
Green power partner list. It also received EPA’s ANNUAL ENERGY STAR Partner of the year
excellence award for five consecutive years. This increases Samsung’s appeal to environmentally
friendly customers (Hafiz et al., 2020).

Weaknesses

1. Failing products
In 2016, consumers of Samsung’s Note 7 handsets complained that the product was randomly
combusting. Yet again in 2020, complaints of the Galaxy A20 bursting into flames arose
(Dailymail, 2020). This is a considerable problem for Samsung given that any threat to consumer
safety will greatly erode the confidence and trust of the company, even if they take such incidents
seriously.

2. Hereditary leadership
Samsung has been under family leadership for 3 generations. Family-owned businesses may
face stagnation of their growth due to the lack of new ideas. However following his apology for his
role in a bribery scandal involving succession plans, Samsung’s heir, Lee Jae yong has pledged
in 2020 to end his family’s corporate dynasty (Song, 2020).

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4. Future Development & Opportunities

The chosen company for this report will be Apple, as it is a market leader with an approximate
55% market share in the smartwatch market in the first quarter of 2020, with a total of 7.6 million
units shipped worldwide (Singh, 2020). With innovation being a key strength and being core to
Apple’s culture, as well as having large capital to take on R&D projects, Apple is able to easily
venture into innovation strategies. This section will focus on these strategies that Apple can adopt
to capture opportunities in the market.

4.1. Physical Health

The usage of smartwatches is increasing not only in the younger generation but also in the older
population, especially due to smartwatches having uses in healthcare. There were 8.2 million (65
years and older) in the US who own a smartwatch in 2019, and this is an increase of 15% in users
from 2018. One of the main reasons for this increase is due to an increasing number of health-
monitoring features available. For example, the Apple Watch Series 4 has a fall detection feature,
which sounds an alarm and allows users to contact emergency services if they sustain a hard fall
(Mordor Intelligence, 2020).

4.1.1. COVID-19 (Opportunity)

An area in healthcare that Apple can potentially expand into is the use of smartwatches to detect
symptoms of diseases, which can potentially be very useful due to the ongoing COVID-19
pandemic. The Apple Watch is already able to detect changes in the user’s heartbeat, with
COVID-19 positive individuals experiencing lower heart rate variability compared to COVID-
negative individuals. The smartwatch data has helped researchers identify about two-thirds of
COVID-positive cases between four to seven days before the individuals displayed symptoms
(Cerullo, 2021). With high daily COVID-19 cases, this is a huge opportunity for Apple to help
countries reduce transmission of the disease.

4.1.1.1. COVID-19 Symptom Detection (Strategy)

Apple can look into researching new technologies that help detect other symptoms of COVID-19
such as the early onset of fever or high variations in respiratory rates that could indicate an
individual contracting the virus. In addition, Apple can create algorithms that could more
accurately detect an individual positive with the virus. Following which, Apple can also incorporate
an alarm system that alerts an individual if they are displaying symptoms that coincide with being
COVID-positive. The individual would then be able to take necessary precautions such as not

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going out and meeting others or getting a swab test. Being able to detect some of these symptoms
would also be applicable to other forms of illnesses as well.

4.1.2. Diabetes (Opportunity)

Another opportunity that Apple can try to capture is creating new models of smartwatches that
can monitor blood sugar levels, which will be crucial for people with diabetic conditions. Currently,
diabetic individuals have to draw their blood up to 10 times a day to measure their blood sugar
levels (Mayo Clinic, 2020). Apple can look into this venture as this presents a huge market
opportunity. In the US alone in 2018, there were 34.2 million people who had diabetes or about
10.5% of the US population (US Department of Health and Human Services, 2020).

4.1.2.1. Developing Blood Sugar Monitoring Features (Strategy)

There have been rumours that both Apple and Samsung are planning on releasing blood sugar
monitoring levels in future releases of the smartwatch (Liu, 2021). If this is true, Apple needs to
be able to differentiate its model from Samsung’s. Apple can research technology that ensures
the accuracy of the readings from the smartwatch, as this is key to ensuring it is able to keep up
with different countries’ regulations. In addition, Apple can look at offering features that help
diabetic individuals such as having reminders for patients to consume their medicine or alerts that
warn the wearer if their blood sugar level is abnormally high. If Apple is able to successfully
manufacture such a smartwatch that can monitor blood sugar levels accurately, this will bring
about more convenience for diabetic individuals.

4.2. Emotional Health (Opportunity)

The highest adoption rate for smartwatches has been among the young generation, with a
forecasted adoption rate of 42% by 2025 among the age group between 25 to 34 years old. One
of the main reasons is due to millennials' increasing desire for wearable devices that enables
them to have health and fitness information in real time, as well as an increasing awareness of
adopting a healthy lifestyle among millennials (Mordor Intelligence, 2020). Besides physical
health, millennials often place a high importance on emotional health too, with 73% of millennials
surveyed across 15 countries in a study done by the International Committee of the Red Cross
indicating so (Relief Web, 2019).

In terms of physical health, the current Apple watch already has a robust fitness tracker that tracks
daily activities, calories burnt and the duration that the user stands. It also tracks a user’s workout
and shows important statistics like distance travelled, time elapsed and heart rate (Mitroff, 2019).

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However, the current Apple watch does not have much to offer in terms of catering to emotional
health.

4.2.1. Developing Features that Detect User’s Emotions (Strategy)

As millennials are the largest age group of users of the smartwatch, Apple needs to continue
incorporating features catered to millennials. A possible innovation for Apple is to look into adding
features to the smartwatch that can detect a user’s mood and even play relevant music in
accordance with the user’s mood. For instance, if the Apple watch can detect a user feeling
agitated and tense, the watch could play calming and soft music to compose the user. With
increasing awareness of mental and emotional health issues, having such a feature would
inevitably attract more users.

4.3. Security for Digital Transactions (Opportunity)

With most online transactions now being able to be performed on smartphones, such as online
banking, authentications such as one-time passwords (OTP) may no longer be as effective. One
of the main reasons for the OTP is that if cybercriminals obtain access to an individual’s computer,
it will be very unlikely for them to have access to the individual’s phone as well, ensuring the
safety of his bank account. However, as many users do their banking transactions on their
phones, as well as the presence of mobile banking apps, hackers who have access to a user’s
phone will be able to easily access both the banking app and the user’s OTP (Sum, 2016). Hence,
the OTP provides no additional security for the user.

4.3.1. Multi-Factor Authentication (MFA) (Strategy)

Apple can develop its smartwatches to be used as an additional layer of authentication for
important digital transactions such as banking activities. This will ensure that bank accounts are
more secure, as it is less likely for cybercriminals to have both access to a user’s smartwatch and
smartphone. Apple can partner with major banks across the globe to promote its smartwatches
with this additional security feature.

4.4. Flexible and Remote Work (Opportunity)

The new generation of workers express their preference for flexibility as it is viewed as them being
valued by the company, such that the company is willing to accommodate their commitments
outside of work. According to The Straits Times, “72% of employees worked in companies that

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offer…flexible hours or tele-working, up from 70 per cent in 2017.” (Seow, 2019). This shows that
flexitime is gaining popularity amongst the upcoming working population.

Furthermore, due to the emergence of digital platforms, there has been a rise in the trend of
freelancing. (Lee, 2018) Changing social norms, together with digital platforms, has altered the
nature of work altogether. According to Civil Service College in 2018, Singaporean workers can
expect a gradual shift away from traditional permanent employment. They are leaning towards
freelancing, with 82% of freelancers doing so by choice (Lee, 2018).

Two characteristics of Freelancing are flexibility and remote work (Reynolds, 2021). As such,
more and more workers will no longer be bound to their desks. Instead, their workspace can be
anywhere that is convenient for them. Therefore, people who work remotely will appreciate the
small and compact gadgets that have a wide array of functions that can meet the high demands
of performing their tasks.

We live in a society where smart devices have become ubiquitous in our lives. Consumers on
average spend 12 hours and 42 minutes a day on their gadgets. Moreover, 70% of people in
Singapore have reaped the benefits of digital gadgets and can complete personal errands and
multitask more easily (Lin & Toh, 2017).

Therefore, flexible and remote work serves as an opportunity for smartwatches as consumers
have become more reliant on their smart devices to operate in their daily lives. Smartwatches can
fulfil this role as they are small and compact, allowing easy portability.

4.4.1. Partnerships and Development of Work-Related Features (Strategy)

Apple can partner with major Multinational corporations (MNCs) to supply a smartwatch to each
of their employees for work usage. Apple could also develop more work-related functions in their
future smartwatch releases. For instance, smartwatches could be used for corporate emails and
video conferencing apps. With future developments in this area, the wide range of functionalities
can allow consumers to work on the go.

4.5. Developing Markets in APAC (Opportunity)

The Asia Pacific (APAC) region is proving to be an attractive market, with the region’s adoption
of smartwatches expected to grow the highest among other regions at a Compounded Annual
Growth Rate (CAGR) of about 16.4% from 2021 to 2026. Some of the key drivers for market

26 | P a g e
growth include an increasing technology adoption and an increasing awareness of healthy living
(Mordor Intelligence, 2020).

In addition, there is a rise in per-capita disposable income throughout developing nations

especially in Southeast Asia, with countries such as Indonesia, Philippines, Vietnam and Malaysia
having a significant increase in their labour forces (Yendamuri & Ingilizian, 2019). There will also
be an emerging middle class in these countries, with 350 million people in the middle class by
2022, with about $300 billion in disposable income (Hoppe & Baijal, 2019). The digital economy
in these regions is also rapidly advancing and there will be increasing consumer demands for
efficiency and convenience.

With the APAC region’s adoption of smartwatches expected to grow fast, coupled with changing
infrastructure and changing consumer behaviour in developing nations in the region, this proves
to be a large and attractive market for Apple to play in the future.

4.5.1. Smartwatch Offerings and Marketing Efforts (Strategy)

The Apple watch cannot work in some countries such as Indonesia and the Philippines as it is
incompatible with some of their carrier networks. Apple already offers its smartphones in both
these countries which have a high smartphone penetration rate, with Indonesia and Philippines
having a smartphone penetration rate of 70% and 63% in 2020 respectively and a forecasted rate
of 90% and 77% in 2025 respectively (Statista, 2020). 8% of smartphone users in Indonesia are
using the Apple iPhone (Statcounter GlobalStats, 2021), while about 16% of Philippines’
smartphone users are using the iPhone (Statcounter GlobalStats, 2021). With increasing
disposable income in both these countries, Apple can develop their smartwatches to be able to
connect to these countries’ networks, as well as invest more to increase Apple users for both its
smartphone and smartwatch. This could result in large gains in revenue as consumers are likely
to be able to afford premium Apple products in the future, with rising disposable income.

Additionally, Apple can also consider ramping up its marketing efforts in other developing nations
that already have the smartwatch, as demand for the smartwatches will likely increase in the
following years as well.

5. Threats and Possible Strategies

5.1. Cyber Security (Threat)

One major test for any kind of technology is how well it can stand up to hackers. Be it
deconstructing it and re-assembling it back together such that it has different or additional

27 | P a g e
features, getting around the terms of service conditions, or attempting to breach its security, some
hacks are done just out of fun. However, they often highlight the major security flaws in a product.

Smartwatches are connected to consumers’ smartphones through the use of bluetooth. Bluetooth
specifications consist of an encryption key protocol that permits negotiating encryption keys with
1 Byte of entropy without protecting the integrity of the negotiation process. (Attack, 2021) As
such, a remote attacker has the ability to manipulate the entropy negotiation to his advantage.

An example of how a smartwatch can be hacked is up on Youtube, where Youtuber Aaron

Christophel uses his Android app, DaFlasher, to flash a P8 smartwatch. (Williams, 2020) It is
evident that hackers can easily access users’ personal data without having to open the device up
or be close to it.

Moreover, the increasing popularity in smartwatches are unaccompanied by equal strides in the
protection of consumers’ personal information. There are two notable aspects that are concerns
of consumers - cloud connectivity and sensors. This is because the most minute detail, such as
their location, the number of steps taken in a day, heart rate and even the fine movements of the
users’ hands are all measured and determined by sensors that store all the information in the
cloud. As mentioned above, smartwatches are connected to the consumers’ phones via bluetooth,
thus hackers can easily install malware. They can also install ransomware, which holds sensitive
data hostage until the victim pays up. (Kristijan, 2019)

Therefore, security risks are a threat as consumers are becoming more highly concerned about
the safety of their personal information. There has been a rising concern about security issues,
with about 66% (199 out of 300) of respondents worrying about their data security. (Singapore
Business Review, 2020) Even in the US, 73% of respondents in a survey conducted by SAS,
stated their increasing concerns over personal data privacy. (Viveiros, 2020) As such, the
smartwatch industry has to take caution when it comes to data protection.

5.1.1. Transfer Face ID Technology (Strategy)

Taking Apple Watch as an example, one solution that can be implemented into smartwatches to
protect consumers’ sensitive information is by integrating Apple’s Face ID technology into their
Apple Watches. Face ID is an advanced technology that allows faster access to the users’ Apple
Watches.

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As of now, the only way users can secure their Apple Watches is using a simple four-digit
passcode. (Demarest,2019) This is highly unsafe as their Apple Watches can be hacked into
easily when the users are being shoulder surfed. Shoulder surfing usually occurs when a user is
sharing personal information in a public space, and thieves will look over one’s shoulder to steal
sensitive data. (Axelton,2020) As such, thieves can easily gain access to the password of the
users’ smartwatches. Thus, a simple passcode may not be enough for the user to be assured the
security of their sensitive information stored in their Apple Watches.

When it was first introduced in the iPhone X in 2017, Apple’s Face ID technology replaced their
Touch ID feature on iPhones. It involves a few hardware factors, such as the TrueDepth camera
system, neural networks and the Bionic chips. The TrueDepth camera system consists of sensors,
cameras, as well as a dot projector located at the top of the iPhone display to generate a detailed
3D map of the user’s face. (Tillman, 2020)

Hence, by transferring their Face ID technology to their Apple Watches, Apple can create a more
efficient way for their customers to unlock their Apple Watches. Furthermore, users will feel more
assured knowing that their Face ID is the only way to unlock their Apple Watches.

5.1.2. Proximity Requirement Feature (Strategy)

Another strategy Apple can adopt is installing a proximity requirement feature, which only allows
the Apple Watch to unlock if the connected iPhone is within an acceptable range. This is similar
to the proximity keys for cars that communicate with cars to lock and unlock the car doors. The
first company to introduce this system in 1998 was Mercedes-Benz. (What is a Proximity Key,
2019)

Applying this feature to Apple Watches, users’ sensitive information will be kept safe and secure
even when their Apple Watches are not with them. As such, in the unfortunate event of an Apple
Watch being stolen, the consumer can be assured that their personal information is safe. This is
because the Apple Watch will stay locked as long as it does not detect the connected iPhone
nearby.

5.2. Low-Cost Smartwatches (Threat)

One of the newer entrants in the smartwatch industry is Xiaomi, a Beijing-based Smartphone
company founded in 2010. It has a market capitalization of 656 billion USD (2020). Its year-on-
year growth for Q3 in 2020 is an astonishing 45.3%. (XiaoMi Team, 2020) Xiaomi has transformed

29 | P a g e
from a start-up to a major global player in a short span of five years. Currently, Xiaomi is offering
3 models of smartwatches, namely Mi watch, Mi watch lite and Mi Band. (Mi Singapore, n.d.)
One of Xiaomi’s biggest selling points is its highly affordable price points for great value for money.
For instance, the Mi watch costs about SGD$140 and the Mi watch lite costs about SGD$80. As
compared to Apple’s price range of SGD$419 to SGD$599, Xiaomi’s price points are highly
competitive. Even the most affordable smartwatch from Apple, the Apple Watch Series 3
(SGD$299) is more expensive than the products that Xiaomi offers. As such, Xiaomi is a low-cost
disruptive innovation in the smartwatch industry that is dominated by Apple. Thus, low-cost
entrants serve as a threat to higher-end companies such as Apple, as they are able to target and
capture the lower end of the market with a lower price point.

5.2.1. Marketing Strategy (Strategy)

To tackle the threat of low-cost competitors, higher-end companies such as Apple, for instance
can increase their marketing efforts. The purpose of this marketing strategy is to rely on the value
of Apple’s brand name, in which their products are associated with visual appealing aesthetics,
and a status symbol. Thus, customers are willing to pay more for the Apple Watch, despite the
high pricing.

When it comes to Xiaomi’s Mi Band, there are only three key features that stand out to their users
- sleep tracker, heart rate monitor and step counter. (Huh, 2020) The Apple Watch, on the other
hand, has many other features such as waterproof, bigger screen size and an installed speaker
that allows call control. (Apple Watch Series 4, n.d.) These additional features serve as a
differentiating factor against lower cost entrants. Furthermore, it has been proven that despite the
high price point of the Apple Watch, its users actually feel that the smartwatch is a big bang for
their buck. Despite the stark difference in pricing between Apple and Xiaomi, users of both brands
give the same rating of 4.7 for positive experiences of both smartwatches. (Huh, 2020) As such,
Apple can increase their marketing efforts to convince customers that the additional features
Apple Watches have is worth the premium price. With the threat of low-cost entrants, it is
inevitable that Apple will lose market share to Xiaomi as Apple plays on the differentiation front,
while Xiaomi is a cost leader.

However, Apple’s high switching cost will cause customers to find it difficult to purchase another
product. This is because the Apple Watch is explicitly made to work with the iPhone. As a case in
point, the user has to activate and set up their Apple Watches using the built-in Watch app on
their iPhones. (Keller, 2020) With a high switching cost, current Apple Watch users are highly

30 | P a g e
unlikely to switch to a smartwatch from another brand as the information on their Apple Watch will
not be transferable. Therefore, Apple should increase their marketing efforts to convince existing
and potential customers that their differentiated product is worth the purchase, to increase
customer satisfaction and loyalty.

6. Conclusion

With continuous advancements in technology, so will the rise of technological innovations. As

observed in the field of smartwatches, this would lead to a continual cycle of improvement. From
the simplistic analog watch to intricate smartwatches with dozens of features, we are witnessing
numerous innovations poured into the smartwatch industry. This has not only led to greater
convenience for consumers, but an enhanced quality of life as well.

As humankind progresses, so will the demand and need for smartwatches with even more
technologically advanced features. As health-related features seem to become the next big leap
for the smartwatch industry, nothing has yet been set in stone for health-related features are
difficult to perfect as they require nothing but perfect accuracy as consumers will rely on such
data. Such goals remain far-fetched ideas for consumers at the present moment.

31 | P a g e
7. Appendices

Graph I: Consolidated Responses from 50 survey participants

32 | P a g e
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