Smart ring — basic functions, innovative functions and business model.
When conducting report research, we always communicate with the interviewed companies about what interesting markets we currently see related to short-range IoT technology. Smart ring is a word that appears relatively frequently among them.
Currently, the most successful company in the industry in making smart rings is Oura Health from Finland. Its smart ring brand Oura Ring has total brand sales reaching 1 million as early as March 2022. The initial price of Oura Ring 3 is US$299. , in addition to continuing to receive a monthly membership subscription fee of approximately $5.
Major mobile phone manufacturers such as Samsung and Apple are also developing smart rings.
Some smart ring brands
Surrounded by the smart watch/wristband category, smart rings can be recognized by consumers and paid attention to by large companies as a new category. The reasons can be seen from three aspects:
1. Small size and light weight. Compared with watches and bracelets worn on the wrist, it has less intrusion into daily life.
2. The demand for health monitoring is always strong, and with the advancement of the sensor industry, it is supported to complete basic heart rate/blood oxygen/sleep/temperature detection in the form of a ring, which is available to most users. And in fact, the capillaries on the fingertips are more abundant than those on the wrist, and the measurement results on these monitoring items can be more accurate.
3. Successfully cultivated the first batch of influential users. The most typical example is the leading brand Oura Ring, which has cooperated with sports events such as the NBA to provide health monitoring services for athletes; Oura Ring has also co-branded with luxury brands such as Gucci to establish the fashion concept of the product; in addition, Oura Ring has also invited a group of Internet celebrities Participate in product reviews to let more people know about the product.
Of course, smart rings have also extended activity tracking functions such as step counting. Some products have voice functions, and some products have developed functions such as contactless payment and unlocking. To a greater extent, they are the icing on the cake, and they also test the company’s ability to increase its capabilities. It will not have a major impact on product battery life.
Because an easy-to-use consumer electronic product will definitely not be lagging behind in terms of battery power.
According to the product introduction of the domestic smart ring brand Nexring, the product supports 24-hour low-power continuous monitoring, 7 days of regular use, 5 days of heavy use, and more than 10 days in standby mode.
To sum up, the competitiveness of smart rings is reflected in: health monitoring capabilities + richness of software services (health-related algorithms) provided by supporting APPs + battery life + fashionable appearance level + wearing experience (such as size fit, waterproof and sweatproof, and skin-friendly materials) wait).
It’s worth mentioning that because everyone’s fingers are different in thickness, most smart ring brands currently provide try-on fingerprints (each set of fingerprints may have seven or eight sizes) to ensure that users get a product of the right size. . For this reason, some brands have designed rings with adjustable sizes. For example, Goertek has previously obtained a patent. By developing an elastic support module, it is arranged in the annular inner cavity between the outer ring body and the inner ring body, combined with the stop position. The elastic piece can support the user to flexibly adjust the inner diameter according to the size of the finger, so that the ring product can ensure wearing comfort while being versatile in production rather than customizable. When versatility is achieved, the price of the product may also be reduced. , reach more users.
Therefore, smart rings also face some challenges, including function expansion, battery life, product customization, etc.
There are actually differences in business models. This is reflected in the fact that brands such as Oura Ring and Samsung adopt a one-time single product sales + membership subscription charging model. Users who have not signed up for membership are restricted in using APP functions. Therefore, Oura Ring You will choose to give away a few months, half a year or a year subscription. Most of the domestic brands we see use a one-time sales model for single products, and APP use is free for life.
Write at the end
Smart rings are a new track and are in the early stages of accelerating market development. Although it is uncertain whether they can compete with watches and bracelets in the future, in the worst case scenario, there is a high probability that a few companies will be able to survive in the niche market. very good. As the key to supporting smart rings to complete connection and communication, Bluetooth technology will naturally benefit from the scale of smart rings.
For more information, the corporate research on the “2024 Short-range IoT — China Wi-Fi/Bluetooth/Star Flash Industry Research White Paper” planned by ULink Media and AIoT Star Map Research Institute is underway. We hope that we can communicate with the industry In-depth exchanges with friends continue to analyze the current situation and prospects of the short-range IoT industry.
This paper is from Ulink Media, Shenzhen, China, the organizer of IOTE EXPO (IoT Expo in China)
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https://eng.iotexpo.com.cn/sz/Visitors.html?lang=EN&source=YJ1
