Apple said on Thursday it expected the ‘tremendous interest’ in its new smartwatch to result in demand outstripping supply when the gadget hits stores on 24 April. Apple said it would take orders for the watch exclusively online during the initial launch period, reports NBC News.

The watch will be available for preview and preorder on Friday. Based on a survey in the United States on consumer interest in buying the Apple Watch, BMO Capital Markets has cut its estimate for sales to 39 million units though September 2016. Previously, the analysts had estimated sales of 55.5 million units. About 735 people responded to the survey.

The watch, the first new product to be launched by Apple under Chief Executive Tim Cook, has been given poor marks by reviewers for its relatively low battery life and slow-loading apps. Apple is among several companies, including Samsung and Sony that are jumping into the nascent market for wearable devices. The watch, when paired with an iPhone, allows users to check email, listen to music and make phone calls. There is also an app that helps people monitor their health, for example by tracking heartbeats and footsteps.

Prices will start at $349, with a limited-edition gold version costing $10,000, reports AFP.

Tech firms are betting heavily on wearables as the next frontier in consumer electronics, with offerings from Motorola and Samsung, amongst others, joining the fray.

Luxury Swiss watchmaker TAG Heuer announced last month it was joining forces with Google and Intel to develop a rival to the Apple Watch.