Pandemic Offers Us Chance To Assess Purchase Behaviour

Pandemic Offers Us Chance To Assess Purchase Behaviour

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Faced with Covid-19 pandemic watch brands need to understand the importance of cross-channel content strategy and dedicate more resources to digital marketing in order to face the drop in offline spending, says Niels Eggerding, Managing Director of Frederique Constant SA in a special for Watch World readers

Recovering from the Covid-19 pandemic is going to reshape the luxury industry’s ecosystem, redefine its priorities and defy its ingenuity. Despite having always been able to survive periods of turbulences, hard times and even major crisis (such as 2008-2009 Great Recession), this sector is probably facing its worst year in modern history step 7 다운로드. Any expectations that life returning to the way it was four months ago – what we could call “normal” – within the next 6 to 12 months seem inconceivable. The luxury industry’s actors should prepare for a long post-outbreak recovery, which might take a year, at least.

Niels Eggerding, Managing Director of Frederique Constant SA
Niels Eggerding, Managing Director of Frederique Constant SA

However, not all regions will be affected in the same scale Kids high definition the weather. Countries’ respective recovery will depend on their national economy status prior to the outbreak, along with their dependence to tourist influence on the luxury market shares. China for instance, in comparison to regions like Europe and the US, relies less on tourism spending and had a reasonably solid pre-outbreak, which allows us to think that it might recover faster 율리시스 다운로드.

The world’s biggest difficulty relies on the fact that it is now experiencing an unprecedented situation, which makes financial forecast extremely complicated. This is nothing to compare to the 2008-2009 Great Recession for instance, which only hit people financially, whereas the Covid-19 pandemic threatened their health and their families’ personal well-being s3 폴더 다운로드. What is more, this situation has instilled a global atmosphere of anxiety, which might lead to significant consumers’ mindset shifts – such as a much more restrained and considered luxury-goods-related purchase behaviour.

The Swiss watchmaking industry – which had started to struggle five years ago due to the increase of the Swiss franc, followed by last year’s Hong Kong citizens’ political rebellion – saw its sales volumes collapse in 2020 outlook 그림 다운로드. This global recession will also have a drastic impact on the Swiss watchmaking industry, and we assume that the Swiss watchmaking sector’s revenue is likely to fall on average by 20% in 2020. We believe that well-established brands or groups will consolidate their position, while smaller companies or independent watchmakers might not survive the crisis 배달의 민족 apk 다운로드.

Globally speaking, to survive this worldwide crisis, the luxury goods and watchmaking industry’s actors will have to reassess their budgets and costs, rethink their supply chain organization, reinforce their customer relationship management, develop more efficient digital marketing strategies and increase their e-commerce performance.

Moreover, companies will need to develop new strategic approaches to connect with their customers, come up with new concepts and products. One of their biggest challenges will lay in their capacity to think more creatively, listen to their consumers’ needs, reevaluate their product lines and innovate even faster to meet a host of new consumer demands and channel constraints Finale 2016 download. Recentering and transforming the industry on behalf of the customer has become a necessity.

All financial cards have been redistributed and today’s low to the middle class has seen their purchase power decrease, which represents an additional challenge for the industry. Luxury goods and watch manufacturers now must reevaluate their price ranges and come to an adequate quality versus price ratio. They will need to use their resources, prove their ingenuity to revamp their offer at more affordable price points 넷버스 1.7 다운로드.

What is more, the Swiss watchmaking industry also needs to reassess its dependency on Asian, especially Chinese tourism influence, and develop local shopping. Even though Chinese shoppers might drive an eventual rebound, a paradigm shift must be operated by the luxury goods industry. The main objective is to grow the subsidiaries’ relations with their local customers sql server 2000.

It is about time for watch brands to understand the importance of cross-channel content strategy. They need to dedicate more resources to digital marketing in order to face the drop in offline spending. Therefore, luxury goods and watch manufacturers will have to drive better relationships with their audience across all points of contact to the user experience, as the consumer connectivity has become more important than ever km player.

The Covid-19 pandemic has highlighted new digital shopping habits – as consumers had and still have more time to spend online and have got used to interacting with e-commerce sites during the global lockdown. In addition, a greater online presence is also a way to optimize investments and reduce low-impact activities such as events, which are unlikely to be successful within the following months.

Last but not least, as face-to-face meetings have become complicated, and digital marketing offers a lot of alternatives to launch product novelties through interactive and entertaining means. Through webinar sessions within the workshops where the watches were produced for instance, which allows the audience to discover the novelties in their environment, as if they were there.

In spite of all the unsettling times we are going to face and from which the world will need to bounce back, we remain confident that the luxury industry has the strength to survive this situation. It has always faced ups and downs and managed to emerge even stronger.

(Edited by Hiren Kuamr Bose)