Pandemic had strongly affected every industry, especially the fashion industry. Despite the hard hit, the industry had not completely sunk. The whole credit for surviving during that period goes to e-commerce. Particularly, the watch industry performed well when it established itself online and began selling luxurious watches through the internet. As the customers exclusively relied on the internet, it was a smart move to shift from brick and mortar to online stores.
Initial adopters to e-commerce appear to have support in adapting to the pandemic. For instance, the watch trading e-commerce stage, Chrono24, which has been in business for 17 years, reported its “best year ever” with a transaction volume of more than $2.4 billion, a 25% boost over 2019.
Even with the motility online, many watch connoisseurs and collectors still shift to their regional retailers for their expertise and help when purchasing their timepieces.
Furthermore, the auction was also contributing to extending the sale of luxurious watches. Auction houses swiftly made arrangements to the change generated by the pandemic and moved their watch auction on the internet where theme sales and virtual live sales were done. All of these attempts paid off, yielding favored outcomes.
Sotheby’s global auction sales calculated at least $97.5 million, kindled by online market conversion. Over 140 online sales obtained at least $47.4 million – roughly eight times the number of sales and five times the amount than in 2019.