The Most Popular Smartwatches: A Data-Driven Comparison
The Indian smartwatch market was valued at $1.8 billion in 2022 and is expected to grow more than fourfold by 2028. In the last five years, the Indian smartwatch market has grown from zero to Rs. 40.8 billion, and is expected to continue growing in the coming years. This presents a great opportunity for new brands to establish themselves in this burgeoning market and for existing brands to expand their reach and grow revenue.
But how can you get ahead of your competitors? How can you make sure your business is ready for whatever comes next? The answer lies in data analysis. Data analysis enables companies to predict future trends, identify consumer behaviors, and detect new opportunities much faster than they would be able to otherwise.
In this blog, we are going to analyze the smartwatch data of the ten most popular smartwatch brands we scraped in our previous blog and gain an understanding of the following aspects of the Indian smartwatch industry:
The product range of different brands
Pricing strategies of different brands
Promotional strategies adopted by the brands
Ratings of each brand
Before we begin our analysis, we need to clean the data we have extracted. The scraped data will contain incorrect, incomplete, and duplicate data. Data cleaning or data cleansing is the process of removing such erroneous data so as to improve the quality of our dataset. This is an important step because the higher the quality of the dataset, the more accurate the analysis will be.
Here, we used Pandas, a Python library, to remove duplicate and incomplete data from our dataset. Initially, there were 957 records in the dataset, and after the cleansing process, it contained 896 records.
For each smartwatch, the following data fields were extracted:
Product URL: It is the address of a particular product on the web.
Product Name: It is the name or title of the product provided on the website.
Brand: It is the brand to which the product belongs to, for example, boAt.
MRP: It is the maximum retail price of the product.
Sale Price: It is the selling price of the product after applying discounts.
Discount Percentage: It is the percentage deducted from the MRP of a product.
Memory: It refers to the internal memory of the product.
Number of Ratings: It is the total number of ratings received by the product.
Number of Reviews: It is the total number of reviews received by the product.
Star Rating: It is the overall rating of the product.
Description: It is a short detail or specification about the product.
Model Name: It is the specific product name used by the retailer.
Dial Shape: It is the shape of the face of a smartwatch like a circle, square.
Strap Color: It is the color of the strap of a smartwatch like black, white.
Strap Material: It is the material of which the strap is made of.
Accelerometer: It is a sensor used for tracking sleep, heart etc.
Gyroscope: It is a sensor used to track the motion of a smartwatch.
Battery Type: It is the material of which the cells are made of.
Operating System: It is a software that supports the overall functioning of a smartwatch.
Bluetooth: It is used for wireless connection.
Wifi: It is also used for wireless connection.
GPS: It is used for navigation and location tracking purposes.
Display Resolution: It is the number of pixels present in a display.
Display Size: It is the length of the diagonal of the screen or display.
Display Type: It is the panel type like AMOLED etc.
Speaker: It is a virtual assistant which offers interactive and hands-free actions.
Battery Life: It is the amount of time a device runs in a single full charge.
The Tools used for Analysis
We used Pycharm Community, a Python IDE to analyze and visualize the dataset. Pandas, which is a library in Python, was used for the analysis and manipulation of the data. Matplotlib, another library in Python, was used for visualizing the data. We also used Datawrapper, an online tool to create charts, maps and tables.
Analysis and Visualization
By using the above-mentioned tools, we analyzed the dataset and plotted the following graphs:
Brand based Analysis
1. Product range of the ten brands
The product range is defined as the variations of a single product that are similar yet distinct. These variations are mostly minor changes in the product, like changing the color, shape, etc. Such variations are made to target different segments of customers. A product succeeds in the market when it satisfies the needs of a large section of customers. Therefore, having a wide product range is crucial for all brands.
From our analysis of the product range of the ten brands, we came to the following conclusion:
Apple has the largest product range (266).
Honor has the smallest product range (13).
2. Products with and without discount
One of the most effective ways to build loyalty among customers is to offer them special discounts and vouchers. A discount sale is a great way to draw customers to a product. A customer sees a discount sale as an opportunity to save money, so they will share this information with others. This brings in new and inactive customers. The result is that providing discounts not only attracts the regular customers but also brings in new and inactive customers.
An important part of any business is to maintain the loyalty of regular customers. It can be ensured by providing them with special discounts and vouchers. We came to the following conclusion after the analysis of the dataset:
Garmin has the most number of products on discount (136).
Apple has the least number of products on discount (8).
3. Average discount percentage
Giving discounts is a great way to attract customers. It can have many benefits, including increased sales, a boost in the brand’s reputation, clearance of inventory, and more. But it has some disadvantages as well.
For example, giving too many discounts can have side effects such as adversely affecting your brand’s reputation and attracting customers who only buy when there is a discount. These types of customers are not good for the company. Therefore, maintaining an average discount percentage is a major factor for any company in business.
After analyzing the average discount percentage of different brands, the inferences are as follows:
boAt offers the highest average discount percentage (60.31%).
Apple offers the lowest average discount percentage (0.5%).
4. Entry and Exit price of products of each brand
The entry price of a brand is the price of the product with the lowest price in that brand. Similarly, the exit price of a brand is the price of the product with the highest price in that brand. It gives the price range in which the brand sells its products. Maintaining this price range is another major factor in business, as too low or too high a price will kill the interest of the customer.
The entry and exit prices are important for companies to understand how their customers react to different prices, and it helps them set their prices accordingly to gain maximum profit while keeping their customers happy.
We analyzed the entry and exit prices of the ten brands and came to the conclusion:
boAt and Noise have the lowest entry price of Rs 1499.
Apple has the highest entry price of Rs 20900.
boAt has the lowest exit price of Rs 4499.
Garmin has the highest exit price of Rs 129990.
5. Average sales price
Average sales price, or ASP, is a key performance indicator for brands. It provides information on the effectiveness of a company’s sales and the company’s position in the market. The average sales price is visible to customers and helps them compare brands. It is also used by companies to determine what kind of pricing strategy they should use.
Brands need to maintain a good average sales price in order to attract customers and retain existing ones. Our analysis of the average sales price of different brands is represented below:
Apple has the highest average sales price of Rs 50724.68
boAt has the lowest average sales price of Rs 2820.81
6. Number of ratings
Customer feedback plays a crucial role in determining the sale of a product and the growth of a brand's reputation. Positive ratings generate a sense of trust in the minds of customers,, whereas negative ratings drive away customers. Therefore, customer feedback is an important source of information for any business.
In our analysis, we collected the number of ratings each product has received. Then we calculated the average number of ratings each brand has received and the result of our analysis is visualized below:
boAt has the highest average number of ratings (98713).
Garmin has the lowest average number of ratings (9).
7. Star rating
Star rating or average rating is the average of all the ratings the brand has received on all its products. It has a great influence on the consumer behavior as it tells about the performance of a brand in the market. Customers prefer to buy products from brands which have a good star rating. Usually, a rating of 4 and above is preferred by customers. Hence, maintaining a good star rating is important to maintain the brand’s name in the market.
A good star rating helps in increasing sales and also saves time when searching for a product as one can easily find what they are looking for with this rating system.
We analyzed the star rating of each brand, and the visualization is as shown:
Apple has the highest star rating (4.48).
Garmin has the lowest star rating (1.9).
8. Mean and Median price
Mean and median price play an important role in determining a brand’s product pricing and its reputation in the market. While mean price is defined as the average of all the prices, median price is defined as the price of the middlemost item when they are arranged in ascending or descending order of prices.
They have different meanings, but they play a significant role in determining the image of a brand. A brand whose mean and median prices are significantly far apart implies instability in the brand’s product pricing. Therefore, mean and median prices play an important role in determining a brand’s product pricing and its reputation in the market.
We analyzed the data in hand and found the mean and median prices of each brand and came to the following conclusion:
Apple has the highest mean price of Rs 50724.7
boAt has the lowest mean price of Rs 2820.81
Apple has the highest median price of Rs 44900
boAt has the lowest median price of Rs 2649
Specifications based Analysis
In the first part of our analysis, we saw various strategies each brand has adopted to stay on top of the competition. We analyzed the dataset, visualized it for a better understanding, and drew different conclusions.
In the second part of our analysis, we will look at certain specifications of a product irrespective of its brand, analyze our findings, and visualize it. It will help the brands to understand customers’ choices and needs better.
It is the internal memory of the product. From the graph, we can see that most of the smartwatches have an internal memory of 32GB, followed by 4GB.
2. Dial Shape
Smartwatches come in different shapes, and the most common among them are circle, rectangle, and square. From the graph shown below, we can understand that most of the customers prefer a circular dial shape which is closely followed by smartwatches with rectangular dial shape.
3. Strap Color
From a customer’s perspective, the strap color of a smartwatch is an important factor. Since different people prefer different colors, companies make smartwatches with different strap colors. From our analysis, we found that most smartwatches have a black strap, indicating that black is the most preferred color for smartwatches in the market.
4. Strap material
There are various materials available in today’s world to make the strap of a watch, like silicon, stainless steel, aluminum, leather, and many more. Based on our analysis, 59% of straps are made using silicon which can be inferred from the graph.
Accelerometers are sensors used in smartwatches to track heart rate, sleep patterns, and other health-related data. They are also used to measure the speed and direction of a person's movement. The accelerometer is one of the most important components of a smartwatch because it helps users stay healthy.
From our analysis, we found that 71% of smartwatches have accelerometers in them.
The gyroscope is a sensor that measures the rate of rotation around the three axes. In smartwatches, it helps the device determine when to turn on the display. The gyroscope sensor detects movement and can automatically turn on your watch's display when you move your wrist to look at it. This feature is great for people who want to avoid having to press a button or tap the screen every time they want something from their watch. However, it turns out that not all smartwatches have gyroscope sensors!
We analyzed our dataset and found that 52% of smartwatches do not have a gyroscope in them.
7. Battery Type
The battery of a smartwatch is one of the most important components. It determines how long the smartwatch will run, how many times you can charge it, and how much energy it uses.
There are different types of batteries that are used in smartwatches. Based on our analysis, we found that 44% of smartwatches use a lithium-ion battery and 15% use lithium polymer.
8. Operating System
An operating system (OS) is a software that supports the functioning of a device. There are different OS available, including Android, iOS and Windows. After analyzing the 896 products in our dataset, we found that 98 of them use Android and iOS operating systems. While many options of OS are available, Android and iOS are by far the most common ones used in today's smartwatch tech world.
9. Display Resolution
Display resolution is the number of distinct pixels in each dimension that can be displayed. Smartwatches can come in any display resolution. From our analysis, we found that 11% of them come in 240 X 240 display resolution.
10. Display Size
It refers to the size of the screen of the smartwatch. It is usually the length of the diagonal and measured in inches. Our analysis showed that 69% of smartwatches have display sizes in the range of 1 - 2 inches.
11. Display Type
Display types are a typeface and come in different types like LCD, LED, AMOLED, and many more. From our analysis, we found that 21% of smartwatches have Retina display type, and 18% have an AMOLED display.
In this blog, we looked at different factors determining a brand’s growth in the market. We saw various strategies adopted by brands to attract customers and how customers responded to them. We also analyzed certain smartwatch specifications, which can increase brands’ understanding of their customers. We analyzed and visualized the dataset and concluded various points from it.
The Indian smartwatch market has seen tremendous growth in the year 2022. It has attracted more brands to enter the market and made the existing brands adopt new ways to grow their market. To stay ahead in the competition, brands need to know and understand their customers better, predict future trends and be ready to adapt to any changes in the market. This can be done only by properly analyzing data and being able to derive information from it. So, the key to excelling in the competition is data analysis and visualization. Visualization is equally important as analysis because data visualization helps us reach conclusions much faster.
If you're looking to extract data for your organization and gain that extra competitive edge, we can help! Contact Datahut, your big data experts.