Watch out Rolex, the Apple juggernaut now has its eyes set on the wristwatch market. Though not currently in stores, over 100 of Apple's engineers are working to create the next big splash in tech innovation.
Many have tried to create a marketable "smart" watch before, and so far, the results have been underwhelming. First there was Casio's calculator watches and Seiko's keyboard variety, both of which fizzled. Last decade Microsoft tried to push a watch with internet connectivity, but again, to no avail.
Regardless of this poor track record, Apple will once again attempt to succeed on unproven ground. They tout this iWatch as an iPhone accessory, something that will allow people to make and receive calls, check map coordinates and even calculate distances without ever having to retrieve a phone from their pocket. There is certainly a lot of innovative potential with this idea.
Furthermore, the wristwatch industry is one that enjoys huge profit margins. Bloomberg research analyst Anand Srinivasan has noted that the iWatch could easily yield gross margins of 60%. If it can sell reasonably well, than the iWatch could easily attain iPhone-esque numbers of 50 million units sold with at least 50% profit margin. Needless to say, the potential here is huge.
As David Rosenberg notes in his recent article for Bloomberg BusinessWeek, however, the iWatch is antithetical to what a watch stands for. A watch is no longer necessary. It is truly the prime example of an analog object graciously stuck in a digital world. Everywhere you look there is time being recorded somewhere and to have a device strictly devoted to such a menial task is, well, redundant.
That's not to say watches still don't have their benefits as a luxury item, however.
"My new watch makes me younger and better-looking. It's also adaptive camouflage at golf courses and yacht clubs, even for those of us who don't play golf or know anything about sailing," muses Rosenberg in his article.
After a bit of reflection, the quote seems to accurately reflect American sentiment towards the watch. People use it as a status symbol, an homage to a simpler, (and some would argue) classier time. It seems unlikely that the watch would ever gain attraction as a tech device because we are already inundated with all sorts of handy gadgets.
Time will tell if the iWatch is able to succeed in getting Western culture to rethink its currently held belief of the wristwatch as a luxury item. Many companies have tried and failed in this endeavor, and it is entirely possible that the iWatch will meet the same fate. One thing is for certain though: if any company is capable of getting Westerners to rethink the form and function of everyday technology, it's Apple.
