PESTEL Analysis - Fitbit

Extract

[...] Technological Technology that is inventing the future, this is what forms the basis for this brand, the advancement in this industry since the inception of Fitbit Inc. in 2007 has seen them grow from a simple idea of a circuit board in a balsa wood box to some of the most advanced wireless-enabled wearable technology in the world today. Apple is the current market leader in this particular industry but Fitbit's continuous innovation has them in fifth place globally in this very competitive market. [...]

[...] Presentation of PESTEL analysis Developed by Francis Aguilar, a professor at Harvard University, the Pestel analysis provides a company with a strategic report which can be used to assess the macro-environment which can not only have a direct impact on the profitability and competitive advantage of the company itself but will impact other players within the same industry. The report is based on Political, Economic, Social, Technological, Environmental and legal factors which impact Fitbit Incorporated's macro environment. II. PESTEL Analysis - Fitbit A. [...]

[...] Legal Fitbit Inc. needs to be aware of the various intellectual property and data protection laws that are relevant in any of the countries in which they provide their product around the world. As their initial data collection system was an open public system, they have had to make significant changes in this regard in order to safeguard their customers' information. In addition to this, they need to have a legal framework for contract enforcement for their suppliers as well as product labelling requirements. [...]

[...] More than 70 of the Fortune 500 companies have partnered with Fitbit to create corporate wellness programs. The program offers ready for work solutions to companies and employees by offering wearable devices that assist with self-tracking, personalised digital intervention, virtual care and health coaching. During the Covid-19 crisis, a Gartner poll revealed that over 88% of employees across the United States were forced to switch to working remotely, almost overnight. Fitbit was on hand to provide solutions by offering free access to at-home resources. [...]

[...] Currently, corporate sales account for around 10% of the brands' sales and include companies such as BP America, Target, IBM and Time Warner, to name just a few. Companies like Appirio, who provided their 400 employees with Fitbit devices, have used the data collected to leverage a reduction in their overall health premiums from Anthem Health Insurance Company. While companies normally introduce the devices linked to a particular challenge, IBM found that not only did 96% of their employees partake in the challenge, but at least 63% of employees continued to use their devices after the conclusion of the challenge. C. Social and cultural As Fitbit Inc. [...]