Titan has been a long-trusted brand in India in the wearables market, since the analog era. The company introduced its first smartwatch in 2016, the Titan Juxt, which had a small digital display capable of showing step counts, reminders, and more. Since then, Titan has constantly grown its portfolio with advanced smartwatches and TWS earbuds.
Titan is now looking to expand its wearables business in the health and fitness category. The company is planning to launch two new fitness-oriented products in the Indian market.
Titan Will Launch Its Smart Ring in 2023
In an interview given to Businessline, Raja Neravati, the Chief Product and Technology Officer of Titan, said that Titan will be launching a new Smart Ring before the end of 2023. The company has been working on fitness-related products for the last two years and is ready to introduce a smart ring soon.
He also added that Titan will be launching smart weighing scales, which will help fitness enthusiasts keep track of their body weight. The weighing scale is expected to launch somewhere in early 2024.
Mr Netravati said that Titan has achieved operating revenue of Rs 500 crores from its wearables segment. As per the company’s reports, 95% of this revenue came from smartwatches, while the rest 5%b came from its TWS offerings.
Titan had launched 16 new wearables in the last twelve months. The company will be following an aggressive expansion approach and plans to launch 7 new products in the audio category, along with 30 new smartwatches in the upcoming year.
Titan’s CTO also added that its wearables business is online-dominant. Channels like Amazon, Flipkart, and Titan’s Online Store account for the majority of their wearables sales. However, the company is also keen on the availability of its wearables products across all offline Titan stories in the country.
Titan To Open Experience Centres For New Wearables
Mr Netravati also commented that the company has plans to open experience stores for users, where users can physically test the product before making the purchase. However, Titan needs to have enough products in its portfolio to launch a dedicated experience centre.
As of now, Titan’s priority is curating products for the needs of the Indian user. The company has a limited collection of wearable devices, which can be experienced at select Titan stores offline. However, these devices may not be available at all stores, and the company is working on getting this fixed.
Titan’s CTO said that the company believes that customers should be able to first experience and understand the product. He further added that users should also have access to a variety of products to choose between, and displaying limited options may not fulfil every customer’s priorities.
Titan will be launching its wearables under two segments. The Fastrack series will focus on the budget segment ranging between Rs 2000 – 7000. Whereas the Titan Series will include premium offerings ranging up to Rs 20,000.
Titan will soon have its Smart Ring released before the end of this year. Although Titan’s CTO did not provide a date for the launch, we can expect it to launch somewhere around the festive season of October-November.