India’s small but growing smart ring market, valued at around Rs 250-300 crore, on Tuesday saw the entry of the global market leader Oura, a Finnish company, into the country. The company said that it was launching its Oura Ring 4, priced at Rs 28,900 for silver and black variants, which acts as a personal health companion, tracking over 50 health metrics. Other models are priced at Rs 39,900 per ring.
While the brand is a late entrant in India – local rivals such as Ultrahuman, BOAT and Noise having made inroads into the category at under Rs 3,000 a unit as the wearables market evolves – experts said Oura was counting on its global leadership and premium imagery to cut through the clutter.
Price, however, could limit adoption to upscale users for now, experts said, though premium electronic and wearable brands are reducing cost of ownership with easy financing schemes. Oura’s head of international expansion George Abbott said the company was “investing heavily” in India in mainly four areas.
Retail partnerships
This includes retail partnerships (available at Croma and marketplace Amazon from Wednesday), creating awareness (through 360-degree marketing including print, digital, outdoor), introducing localisations such as making available the Oura app in Hindi and English and improving access with more distributor partnerships as well as after-sales service in the future.
The company will also tap popular celebrities and influencers later this year to create brand awareness. Oura also has a subscription model that provides in-depth data analysis, health insights and scores at Rs 599 per month.
What did Abbott say?
Abbott declined to comment on the amount of investment the company was making in India. He did indicate though that India was a key international market for its tech-savvy consumer base, which is health-conscious and has an appreciation for fashion and beauty.
“Retail is an important part of our strategy because the consumer journey for an Oura Ring is actually more of a fashion and beauty journey than a traditional tech journey. So, we want to make sure that we have a physical as well as a strong digital presence to reach this consumer,” Abbott said.
Oura’s chief marketing officer Doug Sweeney added that women had emerged as key users of Oura over the last few years, with the 18-34 female age-group among the fastest-growing segments for the brand.
India is likely to mirror this trend, he said. In India, celebrities such as Alia Bhatt and Katrina Kaif are prominent users of Oura. Bhatt’s husband Ranbir Kapoor, however, has invested in rival smart ring brand Gabit, which he also wears, experts said.
“Over the last 18 months, while we were plotting where we would take the brand, the view universally within Oura offices was to take it to India. This feels like a long time coming, but we’re excited to be able to launch the brand here,” Abbott said.
The retail partnership with Croma will see Oura available in over 100 stores, Abbott said, with dedicated Oura experts available on site to guide consumers through the sales journey.