Samsung (KRX:005930) has failed to attract enough consumer attention for its Galaxy Gear smart watch, having sold only 50,000 units since its launch in September, according to a new report.

Despite launching the Galaxy Gear with much fanfare, Samsung has managed to sell only between 800 and 900 units of the device a day, BusinessKorea reported on Monday, adding that the sales figures are "far below the initial expectations of the industry."

According to some earlier reports, Samsung was in a hurry to finish the Galaxy Gear smart watch as the wearable computing segment continues to heat up, and the company wanted to beat its arch-rival Apple (NASDAQ:AAPL) to the market. Apple too is reportedly preparing to enter the wearable technology space soon.

Following its launch, the Galaxy Gear was criticized for its $300 price tag, limited functionality and poor battery life. The device was marketed along with the Galaxy Note 3, to which it was initially limited to connect with. However, Samsung eventually increased the number of compatible devices by including the Galaxy S3, Galaxy S4 and Galaxy Note 2.

According to a report from AppleInsider, resellers such as Best Buy (NYSE:BBY) also were experiencing high return rates of up to 30 percent on the Galaxy Gear smart watch, leading Samsung to ask for feedback from employees of its Best Buy-based Samsung Experience shops about possible reasons for the high levels of dissatisfaction among consumers.

According to the BusinessKorea report, sales of the recently launched Galaxy Round smartphone have also been lower than expected. According to the report, Samsung might have never intended to generate large sales numbers from these new product categories as it introduced them as test products.

“These Samsung products are more of a test than revolutionary,” the report quoted some mobile device industry associates as saying. “Customers and producers have more interest in Samsung’s next models for release next year.”

Rumors have it that Apple could launch its smart watch, dubbed the “iWatch,” in the second half of 2014. The device is expected to incorporate many biometric sensors and function as a stand-alone product, unlike the Galaxy Gear, which depends on other Samsung devices.

The latest round of rumors about the iWatch suggests that the device could feature an OLED display and might be available in two different screen sizes for men and women.