Modern technologies like artificial intelligence will play crucial role in smart accessories segment: Sanjay Kalirona, CEO, Gizmore
India is one of the fastest growing markets for smart accessories. With an aspirational population that is comfortable with technology, the Indian market is leading the innovation curve with manufacturers launching several industry-first features in the domestic circuit.
Mr Sanjay Kalirona, CEO, Gizmore shares his views on the promising future of smart accessories segment in India in an exclusive interaction with CXOToday.
How has been the growth in the smart accessories and audio segment in recent months?
The wearable and hearable segment are one of the fastest-growing segments in the smart accessories industry. Wearable as a category is growing at 300% year-on-year, while the hearable segment is growing at 100%. In terms of units, smartwatches are clocking around 40 lakh units on average per month, while the audio segment is shifting to bigger products like trolley/party speakers and soundbars.
The massive growth rate in these segments has led to increased competition in the market. As a result, it has become essential for major players in the smart accessories industry to come up with unique products to maintain a competitive edge.
The festive season and rising acceptance of e-commerce platforms have been instrumental in driving the growth of Gizmore and the rest of the industry in recent months. Consumer sentiment is much better now compared to the last few years. Gizmore has been growing at a healthy rate of 100% in the wearable category, and we have exciting plans for the future.
What are the latest trends in the smart wear category? Can you throw some light on the changing consumer preferences in the smartwatch segment?
Consumers expect bigger and brighter displays, sleek, colourful designs, better connectivity, and features like seamless calling, GPS and live alerts. As technology has evolved in the last few years, latest features are able to maintain the high consumer interest in smartwatches.
Smartwatches are being launched for specific consumer segments like gamers, women, fitness enthusiasts , etc. The bigger trend is that the customer is looking for a smartwatch with the latest features at an affordable price point.
Gizmore has been focused on integrating bigger displays and the latest features in our smartwatches. Consumers have responded well to recent launches like Glow Luxe. We will continue to develop innovative and technologically ahead products at an affordable price point for our consumers.
In the long run, it is expected that consumers will give preference to features rather than price. Customers who have bought a smartwatch in the last few years would like to replace or buy another with more innovative features and capabilities.
How is integrating technologies like AI changing the way people look at smart accessories?
Modern technologies like artificial intelligence play an essential role in the growth of the smart accessories segment. Integrating AI and machine learning allow users to seamlessly integrate several IoT projects with improved processing and learning skills without human intervention.
Consumers expect an increased integration of AI & ML in smart accessories, and naturally, manufacturers will respond to the market demand.
How do you see the long-term growth potential in the Indian market for smart accessories and audio products?
India is the second largest market for smartwatches. While the world is stagnant in audio, India continues to register strong growth. There is strong potential in the Indian market, and it is expected to continue to grow rapidly, at least for the next three years. Various new options in the smart accessories segment will be able to create a substitute for your mobile phone.