Last March 21st, Appleannounced a new 4 inch iPhone (the iPhone SE), a smaller iPad Pro (one that measures9.7 inches), and the latest update to its iOS mobile operating system (iOS 9.3). Possibly lost in all that noise is the fact that the company has also decided to decrease the price of its first and only wearable device (so far), the Apple Watch, by $50. This means that the new entry level price for Apple’s smartwatch is now at $299, especially for the Apple Watch Sport, which normally fetches for $349.
Some may be wondering though -- is Apple hitting the panic button by reducing the price for its Apple Watch? With all this talk of iPhone fatigue and slumping sales, the company may be trying to encourage more robust sales (definitely weird saying this, considering it is Apple we are talking about). And combined with the company’s latest move to introduce a cheaper iPhone and essentially a mini iPad Pro, one can not blame others for thinking Apple has given in. And then there’s the $50 price drop for the Apple Watch -- so what is going on here?
Contrary to popular belief, Apple actually has a history of cutting prices for its products. For example, more than a decade ago in 2001, the company sold its first iPod for about $400. Many years after, it lowered the prices of certain iPod models, including the new ones. The iPod nano now only costs $150, which is less than half of what the original iPod cost. Even the first iPhone went through a price drop. Just months after it was released back in 2007, Apple slashed $200 off the device, and it went on to become one of the most popular smartphones until today.
With the Apple Watch though, there is an interesting twist. The Apple Watch may have become cheaper, but the prices of the Apple Watch bands have not changed at all. There is some sense to that -- after all, mobile users are more prone to change bands than the actual wearable device. Apple could widen its profits if it does not lower the price of its bands, which will continue to be in demand even for those who already own an Apple Watch.
How much do bands costs? Apple’s newest woven nylon sells for $49, the Milanese Loop band for $199, the Link bracelet for $449, the Classic Buckle leather band for $149, the Leather loop band for $149, and the Modern Buckle for $249. Based on these prices, it is safe to say that Apple can do no wrong in trying to push these accessories to users.
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