Despite Fitbit Inc (NYSE:FIT) having acquired Pebble, the fitness tracking firm will not be making a smartwatch inspired by Pebble’s products. Instead, the company wants to build a smartwatch that will compete with the Apple Inc. (NASDAQ:AAPL) Apple Watch.
“We believe we are uniquely positioned to succeed in delivering what consumers are looking for in a smartwatch: stylish, well-designed devices that combine the right general purpose functionality with a focus on health and fitness,” a press release from the chief executive officer of Fitbit, James Park read.
Niche product
The first attempt by Fitbit to develop a smartwatch came in 2016 when it unveiled Blaze. However, it was positioned as a product that was focused on fitness and this might have been to blame for the underwhelming response it got. But all indications from Fitbit’s CEO are that this time it will develop a product that appeals to a bigger and wider base of users.
Another missed chance for Fitbit came during the Consumer Electronics Show of 2016 when the tech firm was expected to develop a smartwatch that would rival the Apple Watch. It never came to be, which lead to a decline in the fortunes of Fitbit’s stock.
Talent and apps
This time Fitbit is in a better position to unveil a smartwatch as it has the software assets and developers that it needs to succeed following its acquisition of Pebble. It also recently acquired another smartwatch company, Vector. Between the two acquisitions, it is understood the upcoming Fitbit smartwatch will have more of Vector’s DNA than Pebble’s. During the Consumer Electronics Show in January, Fitbit also hinted at launching an app store that would be dedicated to Fitbit products.
In the recent past, the wearables market has been performing poorly, a fact which has been attributed to the lack of compelling features in smartwatches. According to an IDC report, however, it is expected that the wearables market will resume a growth trajectory in 2017. Fitbit will have to contend not just with the Apple Watch but with new products that Alphabet Inc (NASDAQ:GOOGL), Samsung, and other tech giants will be launching.
On Friday shares of Fitbit Inc fell by 1.65% to close the day at $5.96.
