Fitbit launched Versa in March
In March, Fitbit (FIT) launched a new smartwatch, the Fitbit Versa. According to Fitbit, Versa is a modern, intuitive product that is the lightest metal smartwatch in the United States. It comes with several features, including 24/7 heart rate tracking, sleep tracking, and on-screen workouts. It has a four-day battery life and is available at a starting price of $199.95.
While pre-orders for this product started on March 13, it has been available at global retail stores since April 16. It’s a device that focuses on female health by tracking their menstrual cycles. Fitbit stated that female health tracking will be available on the Versa, the Ionic, and the Fitbit app sometime this spring.
In Fitbit’s product launch, CEO James Park stated, “As the wearables category continues to grow, Fitbit Versa fills a critical need in the market by delivering a beautifully designed, full-featured smartwatch that is easy to use at a very competitive price.”
Versa available for $199.95
The Fitbit Versa is available on Amazon (AMZN) for $199.95. It’s also sold at Walmart (WMT) and Best Buy (BBY) for $199.95 and $199.99, respectively. Versa integrates health and fitness features and is compatible across mobile platforms such as iOS and Android (GOOG).
Fitbit will be banking on this product to drive sales, which could result in revenue growth. The overall wearables market is expected to grow at a CAGR (compound annual growth rate) of 18.2% between 2017 and 2021, with smartwatches growing at 26.5% per year in the forecast period.