How much of an investment is involved in the platform beyond the initial hardware?
Think of investment as beyond dollars. My investment into a platform would be #1 the Data. For others it may be that everybody they know has that device, and many of them have a kind of competition or scoreboard for your friends.
Maybe someone bought a fitbit scale, and has a fitbit, and all their friends have a fitbit. Will that person go and buy an apple watch, garmin or other device? Probably not. If they are looking for a "smart" watch then I would bet they will look into the fitbit.