(MEDIA GENERAL) – According to Market Watch, Apple investors have a reason to be cautious. A new market-research report shows a 90 percent drop in Apple Watch sales since its opening week in April.
Market Watch wrote, “Investors are used to seeing new products, such as the iPhone and iPad, fly off the shelves as soon as they are launched.”
The new “wearable tech” sold 1.5 million watches in the first week – about 200,000 a day. Now, the Apple Watch is selling fewer than 20,000, and sometimes fewer than 10,000, a day, according to Slice.
Slice bases its research on electronic receipts sent to millions of email addresses following purchases. The company conducts market research on behalf of consumer-goods companies, among others, many of them in the Fortune 500.
“Two-thirds of the watches sold so far have been the lower-profit ‘Sport’ version, whose price starts at $349, according to Slice, rather than the costlier and more advanced models that start at $549,” Market Watch reported.
With competitors like the health-monitoring Fitbit wristband, the Apple Watch has entered a competitive market for wearable tech.