AQFiT is a technology start-up specializing in the design, development, and marketing of smart wearables devices.
During an interaction with Mr. Sanjeevv Siingh, Co-Founder & CEO, AQfit discusses in detail regarding the focus areas, brand positioning, the scope of smartwatches, and the future road ahead .
Define your brand positioning in the market.
AQFIT brand was flagged off with a vision to develop smart wearables. Our brand positioning is backed by three goals i.e., fashion, reliability, and affordability
What are the focus areas currently? Which other areas would you like to foray into?
At present, we cater to smartwatches in multiple SKUs with differentiating factors like product specs, screen size, form factor, etc. Due to the rise of affordable smartphones, cheap data cost, and streaming technology, phones and laptops are now the top two devices used to listen to music and Earwear is the best way to listen to music from your personal device. We are planning to deploy our audio category in Q3.
What is the scope of smartwatches in India?
Tech accessories & wearables are finding their way to unite with the lives of individuals to enhance users’ productivity by integrating all activities & tasks on a single platform.
If we talk about India’s smart wearable market, Watches continue to be the fastest-growing category with 3.7 million units shipment in 1Q22( i.e. 173% YoY growth in Q1 2022, while wristbands saw a steep annual decline, further reinforcing the acceptance of smartwatches in the country. Furthermore, the ASP of the watches declined 41.5% YoY to reach $50.3 in 1Q22 compared to $86.0 in the same quarter last year (Source: Numbers are taken from IDC)
How are your products different from others in the market?
We believe in Quality & User Experience. We are one of the few Indian brands in the segment to launch the products on our own Mobile application while others rely on Chinese applications. AQFiT W16 is all set to hit the market by Mid July 22. This device comes with a 1.69” HD IPS display, packed with dedicated sensors for Heart Rate & SpO2 for reliable output. Comes at a very affordable & aggressive price point to attract users and reach the masses.
Recently you have forayed into foreign countries, tell us about the market there?
We are looking to reach the next level of growth by establishing our presence in new countries across the globe. Entering overseas markets allows faster growth for businesses. As of date, we are among the top 3 smart wearables brand in Nepal. By the end of 2022. We shall have our presence across UAE, KSA, Sri Lanka, Bangladesh & other neighbouring countries through Online & Offline platforms.
Detail about the trends that you see in the Indian market
“The outlook for 2022 remains strong as wearables will try to attract users in Tier 2 and Tier 3 cities. The healthy growth is attracting newer players to the market, as brands in the other devices and accessory space are entering. With the continuing push from the brands, 2Q22 (Apr-Jun) is expected to see healthy YoY growth. The aggressive offers, sales, and marketing around the festive season in 2H22 (Jul-Dec) are expected to continue this growth momentum through the year for the wearable device categories.
Discuss the road ahead – your future plans, any further strategic tie-ups, etc
AQFiT gains an edge over the competition by leveraging its strategic partnership with Deep Nordic ApS – a Denmark-based Technology Giant. Deep Nordic with state of an art R&D facility has gained mastery over the years in developing Smart Wearables. With the help of collaboration, AQFiT aims to Integrate technology with lifestyle, improvised health tracking, efficient way to handle day-day tasks, and precedence of overall customer experience by eliminating the need to physically touch the smartphone.