Last week Misfit announced a new affordable wearable device called Misfit Flash Link, which will be priced at $19.99 and will go on sale later this quarter in retail locations globally. The older Flash and the high-end Misfit Shine are getting price cuts today as well. The Flash is now $29.99 and the Shine is now $69.99, down from $49.99 and $99.99, respectively.
In addition to the launch of their new hardware and price cuts, Misfit announced a new software application called Misfit Link that that turns the Misfit activity tracker into a smart button that can do things like control a user’s music (Spotify and Pandora), camera, and soon, Logitech Harmony smart home devices, and more.
Although these announcements are getting significant coverage in the press, we think people are underestimating how powerful they are as it relates to corporate wellness. First, at $20 per device, Misfit is the most affordable activity tracker available from a major provider (Fitbit, Jawbone, Withings, Misfit, and Garmin). As all these companies compete for large bulks orders from employers, cost will certainly be a major consideration in the decision of which device to use. Also, this price point is low enough to open up the opportunity for employers who previously could not afford purchasing devices for employees to reconsider their budgets.
In a previous blog post, we talked about the Jawbone UP4 and how its integration with payments was very attractive to the corporate wellness market. Specifically, the post talked about how “greater adherence to wearable devices because of non-wellness features will benefit wellness administrators greatly by mitigating the risk of employees losing interest in or stopping use of the device.” The ability to manage music, cameras, and more will make Misfit more important to the daily life of its users, and as a result, the device should have greater adherence rates that previous ones.
We are moving into a world of more affordable devices that provide even more features. Lower price points and greater impacts will increase wearables device adherence, making them better investments for employers.