As the market for wearable health and well-being increases, Oura is expanding its retail presence with the launch of its smart ring line on Amazon.
American consumers will be able to purchase the entire range of rings and accessories from Oura on Amazon starting on Thursday by visiting its own brand store.
Additionally, sizing kits will be available for purchase. Customers will be assisted in determining the proper fit, and a price reduction equal to the kit’s cost will be offered.
Oura’s new e-commerce strategy with Amazon expands on the alliance it revealed with Best Buy the previous year, providing the business with its first large-scale U.S. retail opportunity. In the past, the company mostly used its website to sell its goods directly to customers.
“We see Amazon as a logical next step,” chief marketing officer Doug Sweeny of Oura stated to CNBC. “It’s a huge ecosystem, and it’s really important for product reviews and search.”
Sweeney asserts that the key to Oura’s triumph lies in its efficient utilisation of word-of-mouth marketing and the exploration of customer needs at physical stores. Moreover, the company has strategically aligned itself with Amazon to both enlighten and captivate a broader audience that eagerly seeks to delve into the realm of proactive healthcare.
Why is Oura Finally Pushing its products on Amazon?
The decision was made in response to Samsung posing a fresh threat to Oura in the smart ring market and other wearables gaining additional health benefits.
Samsung’s newest wearable, the Galaxy Ring, is anticipated to go on sale this year. It will have heart rate and sleep tracking capabilities in addition to a readiness score for the day that users may use.
As more customers look for new ways to track their workouts and fitness levels, Garmin has continued to grow, and Apple has also been adding more health capabilities to its Watch series.
Amazon used to be a major player in the wearable device market, focusing on wrist, finger, and other body part products. However, despite the market’s high value, there has been a recent consolidation.
In April of last year, Amazon stopped selling its Halo wearable due to intense competition in the sector. Additionally, Fitbit, a pioneer in wearables, was acquired by Google and integrated into the Google Pixel Watch by Alphabet.
Oura has set itself apart from other wearables by heavily focusing on sleep-related data in the past. However, in recent years, the company has expanded its focus to include other biometrics. The rings are now equipped with research-grade sensors to track a wide range of data, including heart rate, temperature, and sleep cycles.
This data is then analyzed to provide valuable insights into activities, exercise, stress levels, and overall health, temperature, and sleep cycles.
That data is then analysed to provide insights regarding activities and exercise, stress levels, and overall health status.
Final Thoughts
According to Oura, over one million Oura rings have been sold so far. The company has raised a total of over $148 million, reaching a valuation of $2.55 billion in April 2022.
Sweeny told CNBC that having Oura rings available on Amazon will allow the company to more effectively educate consumers about the product and the health benefits of tracking these metrics.
It will also help explain why a ring-based wearable is preferable to those worn on the wrist.
News Source: CNBC.