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FHH Asks: Is The Future Of Luxury Watch Retail Online? November 04, 2020 (0 comments)


Geneva, Switzerland—Nine years ago, the luxury watch industry was soundly spanked, so to speak, for its appalling lack of digital presence. At the time, Scott Galloway, a renowned leader in digital business strategy, called the industry “in the digital Dark Ages.” Image: A QR code to enter IWC’s augmented-reality viewer. FHH Journal.

Nine years is a long time, especially in the digital world. Within four years, the industry had made tremendous strides online. But face-to-face events and in-person white-glove service still dominated the luxury watch buying experience, at least until earlier this year. Online sales only accounted for about 12% of total luxury watch sales by early 2020.

Then came the global coronavirus pandemic. Suddenly it’s not a matter of advancing just 12% in nine years; brands realized within nine weeks that heritage and tradition is no match for the new normal and embracing it sooner than later is going to be key to the future.

As this article in FHH Journal explains, “The pandemic has touched almost every corner of our lives, even those so steeped in history that any type of change seemed unlikely. It has shown that retailers and event planners must become more agile and develop digital Plan Bs that tick as many boxes as physical experiences, and more.”

Indeed, cooped-up collectors are spending on luxury watches, and spending big.

Related: Grounded Consumers Fueling Luxury Timepiece Market

Bain & Co. predicts that online channels could represent up to 30% of the luxury watch market in 2025, says FHH, and brands are responding quickly. For instance, says the article:

To learn more, read the full article here.

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