The online watch market hots up as Cortina Watch launches its own e-commerce platform
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CNA Lifestyle
The online lookout marketplace hots up as Cortina Watch launches its own e-commerce platform
The motility comes six weeks after Sincere Fine Watches unveiled its online bazaar.
The five brands – Bong & Ross, Corum, Ebel, TAG Heuer and Zenith – that are now available on cortinawatch.online. (Photo: Cortina Watch)
04 Sep 2022 x:39AM (Updated: 04 Jul 2022 08:43PM)
Purchasing a luxury sentinel has always been a multi-sensory experience. In that location is the attracting gleam of metallic and its gratifying heft on the wrist. At that place is the highly-seasoned tic-tic-tic audio of the internal clockwork. On higher end models, there might be the delightful spinning motion of a tourbillon regulator or the beguiling shimmer of diamonds to behold.
These sensorial touchpoints – non 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 jump on the e-commerce bandwagon.
But in late 2016, due east-tailing behemoths like Net-A-Porter and Mr Porter started adding luxury watch brands such equally IWC to their product mix. In 2017, even media platforms like American watch blog Hodinkee got in on the act, becoming an authorised retailer for brands like Grand Seiko, Vacheron Constantin and Zenith.
On Jul vi, Hong Kong-based Sincere Fine Watches launched its online portal, sincerewatch.com. Sincere is the third largest authorised watch retailer in Singapore with takings of HK$387 one thousand thousand (S$67.6 one thousand thousand).
"In line with the ever-irresolute retail landscape and needs of our customers… we are delighted to be 1 of the first luxury retailers in the world with our very ain online retail platform, allowing us 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 Lookout man took the plunge, unveiling its own e-commerce platform, cortinawatch.online. With annual revenues of S$466 million, the Singapore-registered company is the island's second largest luxury lookout retailer.
"(The platform) started because I felt that we should engage our customers online," Cortina's COO Jeremy Lim told CNA Lifestyle. "There are some customers who prefer the convenience of purchasing online. (These are) clients who are Cyberspace-savvy, who don't have fourth dimension to come and affect and feel the lookout man."
The idea for the site was first mooted in 2016, only resistance from the brands prevented it from being launched sooner. The site currently hosts 70 timepieces from five brands: Bell & Ross, Corum, Ebel, TAG Heuer and Zenith. Prices range from S$ane,650 for a TAG Heuer Formula 1 to Due south$18,900 for a Zenith Chronomaster El Primero Grande Date Total Open.
In a traditional brick and mortar setup, it is mutual practice for buyers to negotiate the price before committing to the buy. This, of class, cannot be washed online.
Lim best-selling this limitation. "(Customers) may accept to pay a bit more because they can't haggle over the Cyberspace, but (it's a pocket-size price to pay) for convenience," he explained. The visitor bears the toll of aircraft, handling, delivery and insurance.
Almost of the watches are priced under S$xv,000 – what Lim described as "mid-tier" – then every bit to attract starting time- or second-time buyers. "Anyone who is willing to fork out more than S$15,000 will probably be looking for a touch and experience feel."
This, Lim revealed, is the chief aim of the site: To bulldoze footfall to Cortina's physical stores. "Brick and mortar remains our core, and will remain our cadre," he emphasised.
Cortina's all-encompassing 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 relationship with the lookout 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 past the grayness market – unauthorised dealers peddling excess inventory from authorised retailers at discounted prices.
Brands like Omega, for instance, volition not award the warranty if its watches are purchased from grey market place retailers like Chrono24, jomashop.com or authenticwatches.com.
All 70 watches in Cortina's online inventory are also available in store. But there are plans to launch online exclusives. 2 of the five brands will unveil express edition models. The kickoff of these will be available in mid-Oct, while the 2nd will debut in November.
The online exclusives will be displayed in shop merely non sold in shop. "Nosotros have iPads in store which customers can apply to buy from, or they tin use their own mobile devices. As much every bit the site is a way to drive traffic to our stores, we're also trying to bring offline customers online," Lim explained.
The majority of luxury watch buyers do their research online only make their purchases offline, because of the simple fact that most watch brands are however offline.
More than 20 years after the advent of Amazon, watch aficionados notwithstanding cannot add a new Rolex or Patek Philippe – two of the world's biggest brands – timepiece to their carts.
At least non yet.
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Source: https://cnalifestyle.channelnewsasia.com/lifestyle/cortina-launches-ecommerce-online-watches-singapore-238286
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