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The Indian smartwatch industry was esteemed at $1.8 billion in 2022 and is projected to grow over four times by 2028! In the past five years, the Indian smartwatch industry has increased from zero to Rs. 40.8 billion and is projected to continue rising. This creates a wonderful opportunity for the new brands to prove themselves in today's growing market and for current brands to expand their reach with more revenue.
In this given blog, we will study the smartwatch data of the most popular smartwatches we extracted and get the following characteristics of the Indian smartwatch market:
Before starting any analysis, we have to clean the data that we have scraped. The extracted data will have incomplete, incorrect, and matching data. Data cleansing or data cleaning is removing inaccurate data to improve the dataset's quality. It is a crucial step; with higher- quality datasets, you will get a more accurate Analysis.
Here, we have used a Python library called Pandas to remove duplicated and insufficient data from the dataset. Primarily, there were 957 datasets; after cleansing data, it became 896 records.
For every smartwatch, the following data fields were scraped:
We have utilized Pycharm Community which is a Python IDE for analyzing and visualizing the dataset. Pandas, a Python library, was used to analyze and manipulate the data. Matplotlib, another library in Python, was used for visualizing the data. We also used Datawrapper, an online tool, to create charts, maps, and tables.
By using the tools mentioned above, we have analyzed dataset and planned the given graphs:
Product Ranges of Ten Different Brands
A product range can be defined as variations of one product which are parallel yet different. The variations are mainly minor changes in a product, including changes in shape, color, etc. These variations are created to target various customer segments. A product thrives in the market whenever it satisfies the requirements of an extensive section of different customers. So, getting an extensive product range is essential for various brands.
From our product range analysis of ten brands, the given conclusion has resulted:
Products Available With & Without Discounts
Among the most efficient ways of building customer loyalty is by providing them with special vouchers and discounts. A discounted sale is a wonderful way of drawing customers to products. It brings inactive and new customers and the is that the discounts attracts regular customers and also bring new inactive customers. Customers see a sale as a chance to save money to share this with others.
After doing an Analysis, we have come to the given conclusion from the dataset:
Average Discounted Percentage
Providing discounts is an excellent way of attracting customers. This can get many benefits like increased sales, inventory clearance, better brand reputation, and more. However, it has a few disadvantages also.
After analyzing the average discount % of various brands, the results are as follows:
Entry & Exit Product Prices for Every Brand
A brand's entry pricing is a product price with the minimum cost in a brand. Correspondingly, the exit pricing of the brand is a product price having the highest brand price. It provides a price range where a brand sells products. Maintaining the pricing range is an additional essential factor in the business, as too high or too low a price would kill customers' interest.
We have analyzed the entry & exit product prices of ten brands:
Average Sales Pricing
Average sales pricing is the critical performance brand indicator. It offers information on the efficiency of a company's position and sales in the market. An average sales pricing is visible to clients and assists them in comparing brands. Companies use it to regulate what type of price strategy they use.
Our Analysis of the average sales pricing of various brands is given below:
Star ratings or average ratings are the average ratings of the brand on all the products. Usually, ratings of 4+ are preferred by the customers. Customers want to purchase products from other brands that have good star ratings. Therefore, maintaining good star ratings is essential for maintaining a brand name available in the market.
We have analyzed the star ratings of every brand and their visualization:
In the given blog, we have looked at various factors in a brand's market growth. We have visualized and analyzed the datasets and concluded different points from that. We saw different strategies used by brands for attracting customers as well as how customers have reacted to them. We have analyzed many smartwatch specifications that can increase understanding of different brands to their customers.
If you want to scrape data for your business and get that extra edge, then we can assist! You can reach us for your mobile app scraping and web scraping services requirements. Contact Actowiz Solutions for more details.
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