Fossil announced its exit from the smart watch segment after 9 years
Fossil has long been recognized for producing stylish and high-end smartwatches, but will soon be exiting the smartwatch business to focus on other projects. Did the brand make a deliberate decision to take a different path, or was this decision the result of changes in consumer demand?
The smartwatch market has become increasingly saturated over the past few years. Fossil faced fierce competition for market share as rivals like Apple, Samsung and Fitbit gained popularity. With so many alternatives available to consumers, Fossil's market share in this segment has declined over time.
“As the smartwatch market has changed significantly in the last few years, we made a strategic decision to exit the smartwatch business. The Group is refocusing resources to enhance its core strengths and business areas that offer strong prospects for growth. These areas include the creation and distribution of exciting classic timepieces, jewelery and leather goods under own and licensed brands“, the company said.
Fossil may therefore have decided to abandon smartwatches in order to focus its strategy and adapt to the changing needs of consumers. Consumers are choosing more and more specialized products as technology advances.
ShutterstockConsequently, the company can now focus its energies on creating products that will meet these new trends by exiting the smartwatch industry. By leaving the smartwatch business, Fosil is not giving up technology completely and has a desire to establish itself as a leader in the field of technology, writes The Verge.
What does this mean for owners of existing Fossil smartwatches?
Consumers who currently own Fossil smartwatches have nothing to worry about as they can rest assured that the company will continue to provide software updates and customer support for its current range of smartwatches. Even if the company may not produce new models of wristwatches, owners can still use the functions and features of already purchased watches.
Fossil made a deliberate choice to move away from smartwatches to shift its focus from devices to new consumer desires and trends. Undoubtedly, this company stands out in the wearable technology market by emphasizing its orientation to other products.
Although there is still competition in the smartwatch sector, Fossil's commitment to providing superior customer support and software upgrades ensures that current smartwatch users will be able to continue to enjoy their existing products.