The Time Has Come: Global Watch Industry Begins Shifting Online to Stay Connected to Consumers

Many brands are already engaging their audiences and potential customer base on various online and social media platforms, which has, to some extent, been helping them gain lost ground as well as in building a new channel to reach out to the customers in retailing their products…

- Arun D'silva

The watch is no longer a functional product worn to just tell the time. As Millennials all around the world consider a watch a lifestyle statement, work to reflect their personality and represent their style, watch manufactures are taking note, innovating and building futuristic products to suit new age requirements. The industry – which is made up of established brands around the world – has grown in leaps and bounds, becoming a fashion and lifestyle entity. It is today led by legendary Swiss watchmakers known for designing and manufacturing iconic timepieces over the years.

The industry is now divided into two parts – the luxury watch segment which keeps the rich captivated with its intricate designs and masterful craftsmanship, and an all-new segment which caters to the growing breed of adventure seekers with products, with smart, sturdy products that can do a lot more than just tell time.

COVID-19 Effect on the Industry

Over the last two months, the world economy has taken a hit due to a pandemic which has literally brought the wheels of economy to a standstill. Needless to say, the watch industry too, incurred huge losses as COVID-19 directly impacted both manufacturing and sales, much like it did to most sectors and industries. World-renowned exhibitions such as Basel World, Watches & Wonders, which bring leading watch manufacturers from around the world on one platform where they showcase latest designs, had to be cancelled or rescheduled to a future date. The manufacturers, distributors, retailers who are regulars at these exhibitions are considered the final word in the world of watches.