Following the announcement of the new iPhone SE, the 9.7-inch iPad Pro, and the disappointment to unveil a new smartwatch, tech giant Apple slashed the price of its flagship Apple Watch down to $299 for the entry level model.

It has been almost a year since the first generation Apple Watch was released. The subsequent poor sales performance of the device led many tech analysts to foresee a much need update for Apple's flagship smartwatch. Unfortunately, the Cupertino-based tech giant, instead of releasing new updates for its smartwatch, decided to slash the price of the Apple Watch in order to gain some attention.

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Aside from the price discount, Apple also unveiled a handful of new watch bands.

The entry level Apple Watch now costs only $299. However, the price tag is still considered by many market analysts to be a tad too much for a smartwatch. To counter this, Apple emphasizes the luxury design, strength and accompanying apps as a reason to pick the Apple Watch over any of its rivals, according to Gizmondo.

Compared to some of its competitors, Apple was able to sell more than seven million units of the Apple Watch. Despite the staggering figure, market analysts still consider it as a lackluster sales performance especially when compared to other Apple devices.

The 38mm Apple Watch Sport edition now starts at $299 while the 42mm model has a price tag of $349. Apple also unveiled the new Woven Nylon band and a handful of new band colors for the Sport and Leather version. Apple chief executive officer Tim Cook claims that a third of Apple Watch users change the band of their smartwatch on a regular basis, hence the decision to roll out more band choices.

In a statement acquired by CNet, Cook said, "People also love changing the bands and now it gives the watch an entirely new look. About a third of our Apple Watch wearers regularly change their bands."

Whether or not the price cut for the Apple Watch will help its sales figure is yet to be proven. However, market analysts agree that the smartwatch market is currently crowded with much affordable devices from other companies. Moreover, when it comes to the tech market, a one-year-old device will most likely to have lost its appeal to consumers.