For Southeast Asian exporters in the smart wearable sector, the current market presents a confounding paradox. According to Alibaba.com internal data, the number of overseas buyers searching for 'timing, monitoring, and tracking devices' has exploded, growing from just 103 in February 2025 to 185 in January 2026—a staggering increase that peaked at 244% year-over-year growth in September 2025. This surge in top-of-funnel interest paints a picture of a booming market hungry for innovation.
However, beneath this surface-level optimism lies a troubling reality. During the same period, the crucial metric of Active Buyer Rate (AB Rate)—which measures the percentage of visitors who become active buyers—has been in freefall, dropping from a healthy 7.0% to a concerning 4.6%. This means that despite more people looking, fewer are actually buying. Simultaneously, the supply-demand ratio has nearly doubled, climbing from 43.3 to 79.5, indicating that the market is now drowning in an oversupply of products [1].

