Although we live in an era of digitalization and e-commerce, not all industries are highly dependent on e-commerce. For example, high-end watches are a special case. Even though many brands have introduced sales systems on their official websites or cooperated with large e-commerce platforms, expensive luxury goods focus on the consumer experience in physical stores. Online sales can only be regarded as an additional exposure and sales channel for brands, and the current share is still quite low.
Patek Philippe has opened online sales of some styles to British and American dealers such as Watches of Switzerland and London Jewelers.
However, due to the impact of the epidemic, the flow of people in physical stores has dropped sharply or even temporarily closed. Will the proportion and importance of online sales of high-end watches change? Patek Philippe, the watch king that did not embrace e-commerce, has recently begun to adjust its sales channels. Dealers in the United States and the United Kingdom, such as Watches of Switzerland, London Jewelers and Berry’s, have opened some styles for online sales, and even installment payments are available. There are many models on the shelves, but there are no popular series such as Nautilus and Aquanaut in the styles.
As a top watch brand, Patek Philippe has been very receptive to digital technology in just a few years, including exposing prices on its official website and opening an official Instagram account.
In addition to opening up online sales, foreign media also reported that Patek Philippe has told retailers that it will postpone the release of new models until 2021 to ease the cash flow pressure on watch stores during this extraordinary period. As for the developments of another watch giant, Rolex, it is also attracting attention and will inevitably face a choice.
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