In the past few years, mobile technology has advanced from simple phones meant to connect people via call and text/SMS to the gadgets that we have now that can do so much more. With our mobile devices, we're taking photos, doing video calls, getting our daily dose of entertainment in various forms, consuming information on demand, and much more.
Recently, many more people have become more interested in wearable technology or, as others call it, "wearables." One such product that has increased consumer interest is the smartwatch, specifically one made for kids.
Why Are Kids' Smartwatches So Popular?
It may seem ludicrous to start buying techy gadgets for your kids at a young age, but many of them can be quite useful for you and them. A prime example of this is the smartwatch.
People are gaga over smartwatches because they're useful, convenient, and stylish. In the simplest terms, a smartwatch is a sort of computer that you can wear as a watch. The 'smart' bit comes from the fact that it can function as a regular smartphone despite its compact size. 'While one would think that the ideal target market for smartwatches are adults on the go and those so busy they can't afford to be stuck on their phones all day, they're not the only ones making the smartwatch market boom. Parents have been buying smartwatches specially designed for kids, and the demand for such a product continues to increase.
Why are smartwatches for kids so popular, and why are parents still buying them despite concerns about privacy and other things?
1. They're great phone replacements for kids who are too young to have their phones
Controlling your kids' screen time can be challenging when they have mobile phones that they can use whenever possible. For parents with kids that are too young to have their mobile phones, a smartwatch is a great way to still communicate with them, whether via phone call or video call, when needed. Parents looking for a less addicting alternative for their child's cell phone could also get a smartwatch since it has all the basic functions of a phone minus the big screen that kids' eyes tend to be glued to.
2. Parents can track their child's location easily
Most kids' smartwatches today have GPS, LBS, and Wi-Fi positioning features that can help parents keep track of their kids' location anytime. This feature is especially helpful for parents with school-aged children. It helps give them peace of mind, especially with rampant news of kidnappings and abductions everywhere.
3. A smartwatch can double as a nannycam
Because most smartwatches today have a camera, parents can easily see and listen to their kids' surroundings. For parents who often leave their kids with a nanny, a babysitter, or at daycare, the smartwatch can be used as a nanny cam. Some smartwatches even have a setting that allows parents to discreetly see and listen in on their child's surroundings without sending a notification to the child's watch.
4. It can help foster good habits and a healthy lifestyle
Giving kids a smartwatch is like giving them a mobile phone because they need to be responsible. They need to ensure the watch is always fully charged by morning before using it, and they need to learn how to keep it safe and work in good condition. At an early age, with the help of a smartwatch, kids learn how to take responsibility for their belongings. And since most kids' smartwatches have healthy features like a sleep monitor and a step counter, they could also encourage kids to live a healthy lifestyle.
5. S.O.S made easy
With a quick tap on their watch, kids can call for help when they find themselves in a dangerous situation. This function is present in almost all kids' smartwatches/GPS trackers and is one of the biggest reasons parents decide to get one for their kids. There are plenty of connectivity options for kids' smartwatches. There's Bluetooth, Wi-Fi, cellular networks, and NFC, so parents don't have to worry about their child's watch having no connectivity in an emergency.
Why Selling Smart Watches for Kids is Good Business?
Looking at what a children's smartwatch does, it's safe to say that this product is something aspiring business people can profit from. Here's why:
High demand
Business Wire says, "The global kid's smartwatch market was valued at $1,125.0 million in 2020 and is projected to reach $4,268.7 million by 2030." This forecasted increase in demand could mean a higher sell-through rate for online and in-store retailers, and there's no better time to catch the wave than now.
Flexible pricing and marketing strategy
The average price for kids' GPS watches online is $35 to $100, depending on which platform you're looking at, the brand, and the product's specs. There's a pretty big gap there that allows flexible pricing and marketing. You can find a direct supplier/manufacturer like Wonlex and develop your brand, then sell with a high-profit margin, or you can also start by being a reseller for other brands. While profit margins from the latter can be in the medium to low range, it's still a great business opportunity for turning a profit.
Big market size
Unlike designer goods or collectible items, which have a niche market, the market for kids' smartwatches is pretty broad. No matter their background or social standing, every parent wants to keep their kid/s safe, and a kids tracker watch could provide them with the peace of mind they so desperately crave whenever their kids are out of sight. The age range for kids' smartwatch users is pretty broad, too. Kids as young as two years old can start wearing a kid's GPS watch. As they age, they don't stop wearing their smartwatches but rather upgrade to newer models from well-known brands.
A wide range of products, while the smartwatch is often seen as a complementary product to an actual mobile phone, it still sells itself well.
A kid's GPS watch manufacturer's website, like Wonlex, will show you how many variations a kid's smartwatch can be. There are basic kids smartwatches, Bluetooth smartwatches, 4G GPS Android watches, a kids tracker watch, and more. If you're planning on opening a store, be it online or a physical one, know there are plenty of kids' smartwatch variations you can sell.
Finding A Good Supplier
While it's true that the kids smart watch industry can be quite profitable, it's not easy to compete in. The competition here can be tough since the market is saturated with similar products from many brands.
Most parents will avoid expensive brands like Apple, Samsung, and Huawei for their kids. More than preference, this is mainly done to avoid getting frustrated in case their kids lose or ruin their smartwatch completely. This is where the opportunity for creating your affordable brand comes in. Source products from a reputable supplier like Wonlex and sell at your desired margin (as long as it's reasonable).
Of course, that's just one strategy, and there are plenty more that you can explore. What's important is that you have a reliable supplier to get high-quality products from at a fair price so you can still profit and have customers returning for more.
Finding a good supplier is the first step to profiting from this lucrative industry. A direct supplier/manufacturer like Wonlex that supplies products directly from their factory is your best bet at getting the lowest possible price for the products you plan on selling. Contact Wonlex at info@iwonlex.net or visit the website for more info on their available products.
