With the coronavirus running rampant through our communities, businesses had to close their physical stores as well as manufacturing facilities. This has caused a significant decline in sales in the luxury watch industry as people are not able to buy in person. Brands have had to quickly rethink how they do business and one way is to move to e-commerce sites. One such, Patek Philippe, has temporarily allowed their retailers to sell their watches online – which has never been done before in the history of the company. Omega has also launched a digital platform for its European customers that will expand to more countries over time.
Other brands are and have been on social media sites like Instagram or producing podcasts where they talk about watches. Watches & Wonders Geneva recently launched their digital fair in place of the physical one that was to happen in April. The site will remain permanently to watch enthusiasts and buyers with more content coming in the future. It remains to be seen how the Luxury watch industry will do with online sales vs their traditional in person approach but the much awaited move to digital platforms is one positive during these uncertain times.