In a post-pandemic world, will you be able to purchase more watches online?
The luxury spotter industry has endured a lot. The quartz revolution was simply the first of several modern-mean solar day crises, including SARS and the 2008 global financial meltdown, that have sent analysts into spirals of cynicism. Now it'southward happening once again. With COVID-19 shuttering innumerable businesses and crippling tourism, how ever volition haute horlogerie survive?
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The obvious answer, in a time where digital interactions aren't simply user-friendly merely necessary, is due east-commerce. What's less clear is whether it'southward too lilliputian too late for an manufacture that's been comically slow to move into this space. 1 of the reasons for this has to exercise with the very tenets fine watchmaking has been congenital upon.
"The scout manufacture is obsessed with making things concluding," said Tom Chng, founder of the Singapore Spotter Club. "This manus-made quality must last. The 'moon watch' story must live on. This watch has to exist passed downwards to the next generation. For a civilisation and so focused on heritage and tradition, it's natural for the watchmaking realm to be slow in adopting the fast-moving stride of e-commerce."
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"The Speedmaster has been a long-standing icon of the watch industry, and has a relatively accessible price point. Furthermore, the Speedy Tuesday editions were based on existing production models, and then consumers could attempt on something similar in stores. These factors reduced the uncertainties from the purchasing procedure."
That hasn't stopped other brands from doing their all-time to adapt, whether it's expanding their social media presence or dipping their toes – nevertheless gingerly – into the world of e-tail.
IWC launched a virtual boutique (modelled after the one in ION Orchard) in which visitors tin can browse the various collections. While not strictly an e-commerce platform, you can engage in a alive chat with a retail advisor, make a purchase, and savour a white-gloved delivery service.
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IWC also recently partnered with Facebook to launch a virtual chatbot that volition let customers learn more about this year's new Portugieser collection, get recommendations, volume future appointments at selected boutiques, pre-gild watches and more.
Brands that are part of large and arguably more savvy corporations, like Zenith, Tag Heuer (LVMH) and A. Lange & Sohne (Richemont) now offering similar services, too, simply zilch speaks more to the times than the fact that the ultra-conservative Patek Philippe finally caved in March by temporarily allowing some of their retailers to sell their existing stock online. (This practice stopped on May one, five days afterward the manufacture resumed operations in Geneva).
It'south not just the watchmakers and their distributors. Sale houses take started to host online auctions, with Phillips realising HK$18,569,125 (Due south$3.3 million) at its recent cross-category Refresh: Reload auction, the highest total ever achieved for an online sale at that place.
Among its top lots was a stainless steel Rolex circa 1980, which went for HK$687,500. Over at Sotheby's, a collaboration with watchmaker Ressence led to a creative #WatchesAgainstCovid19 design competition where the winning design would be turned into an actual working timepiece.
To be fair, the remaining holdouts tin't only be accused of stubbornness or lack of dexterity. Jumping on the eastward-wagon isn't every bit easy for sellers as information technology is for us buyers.
"Brands accept had to navigate complex business arrangements – stock resource allotment, pricing strategies, sectional editions, shipping and deliveries, etc – betwixt distributors, retailers, besides every bit their self-managed boutiques," offered Alvin Wong, editor-in-chief of Crown Watch Blog.
"Speaking to the sales staff in a tailored environment, trying out watches, weighing options, walking out the boutique feeling pleased with the buy – this is an irreplaceable experience," added Wong.
"That said, if increased and prolonged safe distancing is the new normal, brands might have to negate that past offering even more innovative off-line services, whether by-appointment-merely shopping, or extending what was previously VVIP services like bringing watches to homes for private viewing to a larger pool of customers."
For collectors like Dr Bernard Cheong, whose watches number in the thousands, concrete presence is a not-negotiable. Because the number of watches he's bought online contribute to less than 5 per cent of his impressive collection, e-commerce will never really be his platform of pick.
"The problem lies with the actual feel of the watch… You cannot feel the weight of a watch or judge how they'll look on your wrist from Zoom." – Dr Bernard Cheong
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Said Cheong: "The problem lies with the actual feel of the watch. When yous're talking about watches priced way into the stratosphere and exist in small numbers, many revisits to the store to handle them are needed. Y'all cannot feel the weight of a watch or judge how they'll expect on your wrist from Zoom." He cheekily added that what the spotter manufacture actually needs to survive is a good for you grey marketplace to act as a sump for both online and traditional retail.
Now that e-commerce is here, be information technology planned or reactionary, and for meliorate or for worse, it's prophylactic to assume information technology'south hither to stay, albeit in varied capacities. It'due south a long overdue add-on to the traditional shopping experience, but not 1 that will replace it, no matter how dour some might paint the post-virus future.
Veteran industry observer Su Jiaxian of watch blog watchesbysjx.com agreed: "Traditional retail will still be the most of import artery for the strongest brands, though they will surely exercise some sort of e-commerce. And then retailers that carry the most important brands, like Rolex and Patek Philippe, volition no incertitude continue to prosper every bit brick-and-mortar outfits while weaker brands will be trying to sell their products in every other way possible, since information technology is increasingly difficult to go representation in concrete stores."
Not to mention there's no telling how many physical stores will exist left standing after this challenging period is over. In the meantime, all watchmakers can do is beefiness up their online presence, exist information technology through digital marketing or e-commerce, but it's far from the magical catholicon that volition salve the industry.
In fact, Su is quite confident the manufacture never actually needed saving to begin with. "Weaker players will get bust," he admitted. "But online presence doesn't matter if the products are desirable. That's what makes the best brands manufacture leaders. As a very simplistic example, it doesn't matter how Hermes sells a Birkin or Ferrari its latest V8-powered machine – they volition sell well regardless."
"Traditional retail volition still be the near of import avenue for the strongest brands, though they will surely practise some sort of e-commerce." – Su Jiaxian
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/future-of-watch-retail-e-commerce-online-shopping-247921
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