One of the biggest issues that many had with the Apple Watch was the price: it was too expensive. Now, consumers who wanted the wearable device, but didn't want to shell out the $349 to get it, can save a bit of money as Apple announced that its pice will be cut.
Apple broke the news at its iPhone event today, revealing the 38 mm model will see its price reduced from $349 to the all new price of $299 - representing the first time Apple has slashed the price since the timepiece was added to the tech giant's lineup a year ago. The 42 mm version will presumably see a $50 price cut as well, dropping from $399 to $349.
The announcement didn't just reveal a price cut, Apple also detailed some cosmetic options that prospective buyers and already-existing Apple Watch owners can get a hold of. Now, consumers can purchase a new woven nylon band available in four different colors, a space black version of the Milanese Loop and sport/leather bands in all new colors.
"People also love changing the bands and how it gives the watch an entirely new look," Apple CEO Tim Cook said at the event. "About a third of our Apple Watch wearers regularly change their bands."
The $50 dollar discount may not seem much at first glance, but if the cheers and applause the announcement was met with are any indication, then at the very least it appears the new pricing will provide the impetus many on the brink of buying an Apple Watch many need to commit to a purchase.
Even without the price reduction, Apple's timepiece has done quite well, becoming the dominant device in the growing smartwatch market. Specific sales figures remain undisclosed since the Apple Watch is lumped into a category known as "Other Products," leaving the estimation of sales to third-party research firms.
One firm, IDC, found that Apple had a 61 percent share in the smartwatch market at the end of 2015 - more than all of its competitors combined. However, as other competitors like Fitbit, who offer a competing device for just $249, enter the field, then a price cut becomes inevitable.
Looking forward, a price cut may not allow Apple to retain as much of the market share as more competitors come out to play. But with its recent watch OS 2, Sport model and anticipated second-gen Apple Watch, Apple will most certainly stay ahead of the competition.
