Technology has always been about achieving more with less. You've outlined the first step yourself very clearly. Between your watch AND scales you can achieve what the app will do for you. So already, the app has combined the function of 2 things you own into the convenience of your own smartphone. Now how much was the watch and the scale? Unless you're buying a smartphone just for the purposes of scanning with MYQ's technology, it sounds like MYQ will be a lot more economical too. Kind of the same reason why your phone can also tell the time but you have a watch.
Further as Ryan mentioned, there are a lot more other verticals to this that may or may not apply to you in detecting health risks, body outline shape and measurements of individual body parts (Important if you want to order a custom tailored suit online for example) - which I'm sure your watch and scale don't do.
From a business perspective insurance companies are able to better understand their clients health risk and formulate a completely new premium calculation in health insurance. Governments are able to better understand the health trends of the community and population. Online apparel stores save a lot on clothing returns due to incorrect sizing. I can totally see the MYQ app being integrated with an online apparel store to dress the online avatar with the clothing piece in question and seeing how it would fit / look on you. Where the sleeves reach on your arm/wrist, how low the skirt goes etc.
The possibilities are endless compared to the tag team of your watch/scale. Not to mention Vlado had explained to me that the accuracy of a bathroom scale estimates the body fat, heart rate etc. by estimating off your weight and height. Unlike MYQs tech which takes on thousands of data points in the 2 photos it takes of you to come out with an actual calculation that's comparable to a DEXA body fat scan.
MYQ Price at posting:
47.5¢ Sentiment: Buy Disclosure: Held
(20min delay)