Wyze is known for its budget smart home products. However, due to supply chain disruptions and the global semiconductor shortage, Wyze is being forced to hike the prices of its products by a substantial margin.
This is not the first time that Wyze is revising the prices of its products, though. The company had silently increased the price of the Wyze Cam v3 around its launch last year after the initial announcement.
The Wyze Video Doorbell Gets an 80% Price Hike
Wyze is raising the prices of the Wyze Cam v3 and the Wyze Video Doorbell. In its announcement on the Wyze forum, the co-founders say that price hikes for other products "will follow later on."
The Wyze Cam v3 and the Wyze Video Doorbell are getting a substantial price hike. The Wyze Cam v3 was initially announced with a price tag of $19.99, though it was eventually listed for sale for $23.99. Starting May 18, 2021, the security camera will be available for $32.99—a hike of $13 from its originally announced price.
Similarly, the Wyze Video Doorbell was available for pre-order with a price tag of $29.99. Starting May 18, it will be listed for $54.98—a hike of $24.98.
The only good thing here is that the prices now include shipping, which usually costs $5. Wyze says in its email that going forward, it will offer customers "free shipping" and include the shipping cost in the product price itself.
If you are subscribed to Wyze Cam Plus, you will get discounted pricing on the company's products, but there has been a rise in subscriber-only pricing as well. Since the price hike comes into effect starting May 18, you can still order the Wyze Cam v3 or the Wyze Video Doorbell at their existing prices on Amazon.
Wyze Products Could Get Even More Expensive in the Future
Wyze co-founders Yun Zhang, Dave Crosby, and Dongsheng Song have explained the price rise for Wyze products in their post. They state that there have been "huge cost increases on almost every material used to make smart products."
The price increase has been "driven by silicon chips, but also include memory, plastics, metals, packaging, and more." That's not it, though. The company expects prices to remain volatile for the foreseeable future, and it expects key components cost to rise over the next year.
Basically, the company is not ruling out another price hike a few months down the line if a similar trend continues, and it has to pay more for all the components needed for its products.