Will Smartwatches Become a Key Variable in Mobile Payments Along with Design?
Published2015.10.23 19:13Generally satisfied with the lighter and thinner 'circular display'
Among smartwatches released in Korea, the 'Gear S2' from Samsung Electronics is showing exceptionally high sales rates.
It is being evaluated as breathing new life into the previously sluggish wearable market. Compared to the Apple Watch, which accounted for 75% of global sales in the second quarter and saw strong sales in the U.S. and Japan, the surge in sales in Korea can be described as a massive success. So, what exactly has changed during this time?
I personally verified these changes at the Korea Electronics Show (KES), held from the 14th to the 17th. From a consumer perspective, what changes did visitors perceive upon seeing the improved smartwatches?
Visitors are examining Company S's smartwatch at the electronics exhibition.
One man among the visitors to the Samsung Electronics exhibition hall said, “I am not interested in smartwatches, but I came to see it because I heard that Samsung released a new product.” "However, the display has become thinner, making it lighter than expected, and the wheel operation and touch feel natural, so it seems better than previously released products," he replied.
Visitor to the booth says, "The touch feels more natural than existing products."
Samsung Electronics displayed over 30 different strap designs for the 'Classic Gear S2' in the center of its booth and prepared three areas where visitors could experience both the Sport and Classic versions of the Gear S2. The booth was bustling with people eager to view the smartwatches, and there were many active visitors who tried them on and asked about the product's features and prices.
A female student majoring in electrical engineering looked around at the smartwatch and said, “Smartwatches are still a bit overwhelming for women in terms of size and design, but I think the circular shape is good because it doesn’t feel out of place with traditional watches.”
Female visitor: " It is still a bit overwhelming for women in terms of size and design, but the circular shape doesn't feel out of place with existing watches."
LG Electronics also exhibited the 'Urbane 2nd,' but the general public could not touch it directly. When asked the reason, they replied, "Unavoidably, since the product has not yet been released to the market, we are only exhibiting it." The LG official appeared to be frantic trying to stop people from touching it.
Visitors who only looked at it said, “Thanks to the large display, it doesn’t seem inconvenient to touch, but since I can’t touch it, I don’t know what it’s like,” and answered, “It seems like it would be a perfect fashion item for office workers wearing suits.”
In contrast, a woman who saw the LG product said, “It seems to be targeted exclusively at men, so I am not very interested in buying it, but it seems convenient because the intuitive manual means I don’t have to take my phone out of my bag or pocket.”
100 Million Units Expected in 2020: What Is the Competitive Edge in the Fierce Smartwatch Market? 
▶ The smartwatch market is expected to sell approximately 30 million units in 2015 and between 90 million and 100 million units in 2020 (Source: Tractica)
An official from a smartwatch manufacturer said, “Many people like the Gear S2’s circular design, which is no different from a traditional analog watch, and it has received a lot of positive feedback for being reasonable compared to the Apple Watch in terms of price.”
Ultimately, it may come down to design, but it seems that Apple's simplicity alone does not work for smartwatches. This is because there is a growing demand for incorporating analog sensibilities into existing fashion items and for mobile payment solutions to be applied to smartwatches that are convenient to use in Korea.
Increased demand for mobile payments to be applied to smartwatches
As such, Samsung’s decision to abandon the traditional rectangular shape appears to have been a wise one. Furthermore, the future introduction of mobile payment service 'Samsung Pay' is expected to become a significant variable. According to a Samsung Smartwatch official, "along with inquiries about T-money (primarily from students), there were also many questions from middle-aged users asking if credit card payments would be possible in the future." Currently commercialized on smartphones, Samsung Pay is predominantly considered superior to Apple Pay in the U.S. media.
The official predicted, “Since Samsung Pay is currently receiving a positive response for transportation card and credit card payments, if this is expanded to smartwatches in the future, it is expected to be used by a wide range of age groups, not just men in their 20s and 30s.”
관련뉴스
Apple and Google virtually dominate the wearable standard, while China holds the advantage in the low-end market.
While wearable devices show little differentiation in specifications and functionality due to standardization and leveling, Kim, the CEO, emphasized that these three factors are Korea's remaining competitive advantages compared to China, stating: "Even these comparative advantages are not significant differences, and it's unclear how long they can be maintained. Ultimately, the only element left for differentiation is brand." He continued, "To build a brand, there must be clear corporate philosophy and corporate culture based on it. A brand cannot be created simply because one or two products are decent or by pouring marketing costs into it in the short term. This is an issue that Korean companies need to think about carefully and take a long-term perspective on."
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