ONLINE VS OFFLINE: NEW RULES FOR THIS GAME IN WATCHMAKING
As 2020 faced us with the challenges of a worldwide health crisis, that of the COVID-19 pandemic, there are a lot of modifications we were and still are obliged to apply to our lifestyles and routines.
As hard as it may look like or feel, we are still put in self-imposed isolation and precautions against this dreadful virus never seem to be enough. Added to the actual panorama, we are still uncertain how long this situation will take before we will be able to go back to some sort of normality. The new life as we know it started off by closing the schools, shutting down bars, restaurants, movie theaters, gyms, calling off all the concerts worldwide, prohibiting the mass gatherings and closing regions’ and states’ borders.
And yet, this self-imposed isolation could hardly get worse because at least we have the luxury to dive in the world of the internet. It has made possible for us to keep in touch with friends and relatives, watch movies in a good company, or even enjoy a meal under the candlelight while sharing meaningful looks with the beloved one.
Seen from a wider perspective, that of business and economic development, it must be said that various businesses will be closed until a second notice and of course those consist of the non-essential ones. Put under such circumstances we cannot help but realize that the consumer’s mentality has already changed. Will purchasing only essential items define the consumerism, therefore becoming the new trend?!
If not, then maybe there will be updates to our habits, such as shifting our expenses from offline to online stores as much as possible. At the current moment, there are around 12M-24M e-commerce platforms in the world. It is also true that by 2040 it is projected that 95% of all purchase transactions are expected to be done via e-commerce. While it seems that men spend more online than women, the share of e-commerce is anticipated to rise to 72.9% by 2021.
But what does “shopping” mean after all?! Some would go shopping just for the fun of it, to get rid of stress, to spend some time with friends or relatives while doing so, etc. On the other hand, for some, it sounds stressful having to deal with overcrowded areas or buzzing shopping malls. While shopping in brick-and-mortar shops, might be hard due to the hectic daily life, online shopping seems to suit better our schedule. But there are a couple of perks too. When purchasing online it is impossible to test the product beforehand and there are delivery costs as well to deal with.
There are plenty of pros and cons that one can bring up when talking about purchasing online or offline. For many reasons though, mainly driven by the COVID-19 aftereffects, the precautions are a necessary adaption that will transform our habits into e-solution friendly. And this will be a challenge be it for the consumers and the producers.
Just like other industries, this current situation impacts the Watches and Jewelry sector as well. As businesses close their physical location indefinitely, these watch and jewelry manufacturers are being introduced to more efficient e-commerce platforms. While watches and jewelry manufacturers have been reticent to embrace selling online, and fairly so as it is crucial for them to share the experience in person with the customer, this unprecedented health and therefore economic crisis implies that they must offer online access to their customers.
In France, the statistics prove that during the time period between 24th of February and 29th of March 2020, right after the COVID-19 outbreak, compared to the numbers generated before, the online activity for watches and jewelry has decreased significantly and slightly increased back up in terms of the conversion rate. The reason for the decrease must have been the necessity at the very beginning to purchase only essential items while the increase in the conversion rate coincides with a more established timeframe of the viruses’ outbreak. The expectations dictate that online sales will increase as the customers will become more and more familiar with this new trend in the industry.
Mouvex 1911 is already equipped with a very trustworthy e-commerce platform, as well as an impeccable client support system. Right before online became the trend of the watchmaking industry, we have been prepared to offer every possible solution to make the purchase process as easy as possible for our customers. Mouvex also offers complimentary free shipping for all European customers. All the elements are reunited to create the best and most flawless online shopping experience possible.
It may not be too soon to say that this global turn of events’ implications will determine the whole decade’s developments, so adapting the activity to the future looks like the best decision to be made in such a moment.