Wyze Raises Prices for Home Security Montoring
Starting April 6, Wyze is increasing the price of its 24/7 professional home monitoring service for its Wyze Home Security System. Fees for the monitoring service will rise from $4.99 to $9.99 a month. Current subscribers will stay locked in to their current price, however. According to the company, the price increase will help “cover rising costs, make the service more sustainable, and allow (for) adding new features”. The new cost model adds features, including one extra license to add unlimited recording to an additional camera, person detection, and a Sprinkler Plus subscription for use with the company’s smart sprinkler controller.
The NPD Take:
- Wyze’s already low cost subscription plan remains a lower priced option compared to other products on the market. According to Connected Intelligence’s recent Ownership & Automation study, 42% of video doorbell and security camera owners pay monthly for premium features including unlimited video storage.
- Lowering the cost for these added features could drive more users to sign up and funnel some customers away from market leaders who charge higher monthly fees. Another opportunity for a challenger brand to leverage lower cost to attract more users.
Aqara Announces New Smart Door Lock
Last week, smart home company Aqara announced its new Smart Door Lock, the A100 Zigbee featuring advance authentication technologies and support for several leading home automation protocols including Apple’s Homekit. In addition to HomeKit support, the A100 is compatible with Apple’s Home Key, an NFC based iOS feature that allows users to unlock the door by placing their iPhone or Apple Watch near the lock. The key is further protected by Apple’s Face ID, Touch ID, or a password in the Wallet app.
The NPD Take:
- The smart lock category had a strong 2021, growing 29% over the previous year. As adoption of these products continues, consumers will look for ways to make their homes even more secure will also adding more flexible methods for entering the house.
- The addition of NFC powered Home Key as another method for entering the home is a solution that puts further reliance on the technology consumers are investing in while also adding flexibility. As consumers become accustomed to using their phones for more tasks, smart lock features that allow for entry via NFC powered devices will be more common.