The online watch market hots up as Cortina Watch launches its own e-commerce platform
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CNA Lifestyle
The online watch market hots upwards as Cortina Watch launches its ain e-commerce platform
The move comes 6 weeks subsequently Sincere Fine Watches unveiled its online boutique.
The v brands – Bell & Ross, Corum, Ebel, TAG Heuer and Zenith – that are now available on cortinawatch.online. (Photo: Cortina Lookout man)
04 Sep 2022 10:39AM (Updated: 04 Jul 2022 08:43PM)
Purchasing a luxury watch has always been a multi-sensory feel. There is the alluring gleam of metal and its gratifying heft on the wrist. There is the highly-seasoned tic-tic-tic sound of the internal clockwork. On college end models, at that place might be the delightful spinning motion of a tourbillon regulator or the beguiling shimmer of diamonds to behold.
These sensorial touchpoints – not to mention the service lavished on customers – are lost during an online transaction, which goes towards explaining why luxury watch brands – and, consequently, their authorised retailers – have been hesitant to spring on the eastward-commerce bandwagon.
But in late 2016, e-tailing behemoths like Net-A-Porter and Mr Porter started adding luxury watch brands such every bit IWC to their production mix. In 2017, fifty-fifty media platforms like American watch blog Hodinkee got in on the human action, becoming an authorised retailer for brands like Grand Seiko, Vacheron Constantin and Zenith.
On Jul half-dozen, Hong Kong-based Sincere Fine Watches launched its online portal, sincerewatch.com. Sincere is the third largest authorised sentinel retailer in Singapore with takings of HK$387 million (S$67.vi one thousand thousand).
"In line with the e'er-changing retail landscape and needs of our customers… nosotros are delighted to be i of the starting time luxury retailers in the globe with our very ain online retail platform, assuasive usa to deliver an enhanced, seamless shopping experience to our customers," Kingston Chu, Vice Chairman and Group Managing Director of Sincere Watch Limited, said in a press statement.
On Aug 29, Cortina Watch took the plunge, unveiling its own e-commerce platform, cortinawatch.online. With annual revenues of S$466 one thousand thousand, the Singapore-registered company is the island'due south second largest luxury watch retailer.
"(The platform) started because I felt that we should engage our customers online," Cortina's COO Jeremy Lim told CNA Lifestyle. "There are some customers who prefer the convenience of purchasing online. (These are) clients who are Internet-savvy, who don't take time to come and touch and feel the scout."
The idea for the site was first mooted in 2016, but resistance from the brands prevented information technology from being launched sooner. The site currently hosts seventy timepieces from five brands: Bell & Ross, Corum, Ebel, TAG Heuer and Zenith. Prices range from S$ane,650 for a TAG Heuer Formula ane to South$xviii,900 for a Zenith Chronomaster El Primero Grande Engagement Full Open.
In a traditional brick and mortar setup, information technology is common practice for buyers to negotiate the toll before committing to the purchase. This, of course, cannot exist done online.
Lim acknowledged this limitation. "(Customers) may have to pay a chip more because they can't haggle over the Internet, but (it'south a small price to pay) for convenience," he explained. The company bears the cost of shipping, handling, delivery and insurance.
Most of the watches are priced nether S$xv,000 – what Lim described as "mid-tier" – so as to attract start- or second-time buyers. "Anyone who is willing to fork out more than than South$fifteen,000 will probably exist looking for a affect and feel experience."
This, Lim revealed, is the primary aim of the site: To drive footfall to Cortina'south physical stores. "Brick and mortar remains our core, and will remain our core," he emphasised.
Cortina'southward extensive footprint of 26 boutiques (both single-brand and multi-brand) across 6 countries (Singapore, Malaysia, Thailand, Indonesia, Hong Kong and Taiwan), as well as its longstanding human relationship with the watch brands, ways its warranty is recognised.
This gives Cortina a competitive advantage, and e-shoppers peace of mind, in the online arena, which is currently dominated by the grey marketplace – unauthorised dealers peddling excess inventory from authorised retailers at discounted prices.
Brands like Omega, for case, will not accolade the warranty if its watches are purchased from grayness marketplace retailers like Chrono24, jomashop.com or authenticwatches.com.
All 70 watches in Cortina'due south online inventory are also bachelor in store. Merely there are plans to launch online exclusives. Two of the five brands will unveil limited edition models. The kickoff of these will be available in mid-October, while the 2nd will debut in Nov.
The online exclusives volition be displayed in store just not sold in store. "Nosotros have iPads in shop which customers can use to buy from, or they can utilise their own mobile devices. Every bit much as the site is a way to bulldoze traffic to our stores, we're too trying to bring offline customers online," Lim explained.
The bulk of luxury watch buyers do their research online only make their purchases offline, considering of the uncomplicated fact that almost watch brands are still offline.
More than than 20 years later the appearance of Amazon, sentinel aficionados still cannot add a new Rolex or Patek Philippe – two of the world'due south biggest brands – timepiece to their carts.
At least not withal.
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Source: https://cnalifestyle.channelnewsasia.com/lifestyle/cortina-launches-ecommerce-online-watches-singapore-238286
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