The Apple Watch Economy: How Apple Will Redefine The Watch Economy

AppleWatch__infonomist

Apple has once again created a new thing in the universe and yet not so new. The digital watch has always been with us (thanks to Samsung) it was just not cool and Apple is making it better and mainstream. What Apple created is not just a watch it’s the Watch economy.

Rado and Rolex should be worried now, the watch has been re-invented. The following are just some of the new few things that will come with the Apple Watch Economy:

  • Watch Apps

  • Watch App Developers

  • Apple Watch Repairers

  • Apple Watch Accessories

  • New Jewellery Piece

  • Health device

  • Payment Device

 

Apple Watch Apps

When Apple introduced the iPhone they also introduced a market for apps specifically for the iPhone. The same happened for the iPad and the same will happen for the Apple Watch. A new set of Apps will have to be created for the Watch. Nick D’Aloisio has realised and is developing an app for the Apple Watch.

Apple Watch Developers

Apps for the Apple Watch will also create an opportunity for iOS developers to now develop apps for the Watch. This will create an opportunity for some developers to specialise in creating apps for Apple Watches – a whole new career field.

Apple Watch Repairers

Some will drop and brake the watch, drown it in water or just brake the crown. This alone will create a new market for repairing the Apple Watch. Companies like iFix will have to add a new division for fixing Watches (more employment opportunities for Watch repairers).

Apple Watch Accessories

The Apple Watch comes with a range of Watch straps designed by Apple. In fact, there are various types of watches that include Basic,Sport & Luxury edition. All of these comes with different types of straps from leather,colourful, stainless steel and gold versions. The jewellery accessory industry has a new product category all together.

Apple Watch – Jewellery piece

The Apple Watch is not just a watch. It’s a new product category in the luxury & digital watch market. This Watch is an entry point for Apple into the Fashion and Jewellery industry. This explains why Apple hired a leader in retail fashion industry – Angela Ahrendts –  and one of the leading figures in watch design – Marc Newson.

Health Device

The Apple Watch is more than a time piece.  It will become your personal doctor. It will monitor your heart and tell you when to go see a doctor. It’s an entry point for Apple into the Health & Tech sector. Watch this space….

Payment Device: Apple Pay

Lastly, the Apple Watch is a disruption machine for the payment industry. Payment  app developers should be very worried right now. The small thing from Apple will allow the Apple family to pay via the Apple Watch. Once again this is Apple’s entry point to the Financial services sector.

Apple has just reminded us that technology is important in the economy.

This article first appeared on INFONOMIST