Yes, the 21st Century is here. Yes, we all have alarms and clocks on our smartphones. The business selling watches can still be profitable if you consider all of the nuances. We will explain this in this article.
Market features
Watch sale is an interesting niche. Stereotypes can rule this market, but on the other side, indisputable facts are solid. Take into account all aspects of the market:
- Let’s begin with a fly in your ointment. It turns out that it is not as bitter. They say that nobody needs a watch right now. But why do businessmen and officials wear expensive watches while young people show off new smartwatches to one another? It’s not that the watch as a whole is obsolete. It’s just a matter of finding your audience. More information on this can be found below.
- Let’s get started by tasting a barrel full of honey. The watch is still a great gift. There are many options. You can choose from wrist, wrist, electronic, vintage, or even with a pendulum. Profitable trends include replicas of high-end watches. It is important to immediately indicate that they are not originals. Otherwise, problems cannot be avoided.
- This area has a margin of between 50 and 200%. Branded items have the highest margins (they are high-margin products) and smartwatches. These items are often equated to gadgets. The prices for classic and wall clocks are lower.
- Online stores often sell watches and include them in their inventory. You can sell floor and wall clocks if you own a home goods shop. Vintage and handmade clocks will be a delight to those who love antique and hand-made. Smartwatches will delight gadget lovers.
Register IP
It’s better to be an individual entrepreneur than an LLC from the beginning. You can create an LLC but at the moment it is enough to be an individual entrepreneur You will also pay fewer taxes and report less, and won’t require a license to trade watches. The tax office will issue an IP within a few days.
Business plan
Now it’s time for the real business! You need to create a business plan before you can purchase goods or build a website.
- You can choose the type of activity. You have two options: you can either work directly with customers and suppliers as a seller or you can act in an intermediary role according to dropshipping. You don’t have to buy goods in this instance. Instead, you will work with an online store to publish images and product card cards, search for buyers and explain the terms to them, and then redirect them to the seller. You will be paid a percentage.
- Market analysis. Analyze the market. Look at the websites of your competitors to see their products, prices, and discounts. Calculate the margins they make by comparing suppliers’ prices. To attract attention at first, lower your markup. Then, if you’re not too twisted, you can raise the prices.
- The financial side of things. All expenses, including office rent, purchases of goods, sales commissions, and salaries for website developers, as well as estimated income for a minimum of six months. You must enter more than the result in the “Costs” column. Unexpected expenses are certain to occur.
The audience
Your customers: Who are they? Watches are bought by a variety of people:
- Wealthy people buy expensive watches and jewelry. These are not your customers, they buy watches at completely different places.
- People who wish to appear rich buy replicas. This could be your target audience.
- athletes and adherents to a healthy lifestyle can choose smart watches for their fitness: With the function of a timer, stopwatch, heart rate, calorie meter, and pedometer;
- Smartwatches were created for young people who love gadgets. Smartwatches can replace smartphones in many ways. They can receive calls, and messages, act as calendars, and so forth.
- Women who are searching for home goods and furnishing their homes. Your customers are also interested in unusual and interesting models.
Range
It is easy to see that your store should carry all the products listed above or a single category with a wide selection. A wall clock is a great choice for any room, any decor, and any style. According to market research, wristwatches or smartwatches are the most in-demand.
Sovetuem delat’ osnovnoi upor na chasy srednei tsenovoi kategorii: v predelakh 1-5 tysiach. Dorogie chasy prodavat’ slishkom riskovanno: ne tak velik etot segment TsA, i vy mozhete prosto razorit’sia. Deshevye kitaiskie chasy po podozritel’no nizkoi tsene tozhe ne podoidut: oni bystro lomaiutsia, i vy poluchite nemalo pretenzii ot razozlennykh klientov. Da i natsenka na nikh budet minimal’noi: blago takogo dobra na kitaiskikh saitakh navalom.
also includes related products in this range: watch bands, various types of batteries and some parts, as well as care products. You can also provide warranty service, watch repair, cleaning, polishing, and making watches to order. You will need to bring a watchmaker or, if you’re an expert, offer services.
Suppliers
You have two choices: contact the manufacturer directly or search for wholesale suppliers. A minimum margin will be allowed by the manufacturer, but only if you make a wholesale purchase. Consider whether the cost is worthwhile and whether you are able to sell the whole batch. Wholesalers can purchase smaller quantities, but the variety will be greater. You can also set your own markup depending on the price of the goods.
Be aware of Chinese suppliers: Not only are there those who sell cheap plastic watches, but also serious companies that employ advanced technology and keep up with the technological giants. The Chinese invented many smart models that were comparable in functionality and cost to their American counterparts.
Delivery
You can send watches by courier, Russian Post or other transport companies. Watches are delicate goods so ensure that every model is properly packed in a box or case. To ensure that the watch arrives safely and soundly at the client, mark the container with “Caution!” or the “Protect From Impacts” words.
Personal
Online stores can have permanent or remote employees, as well as outsourced employees. A manager, a sales assistant, and a courier are all available to permanent hire. Hire a marketer, advertising specialist, or other professional to help you reduce the cost of your advertising campaigns if finances permit. Most remote employees work on a contract basis. These include copywriters who create product descriptions, blog articles, and posts on social media. Designers who design the corporate identity for the site, and make covers on social media. An outsourcing agreement is better than hiring an accountant because you don’t need him for a full-time job.
Online watch shop website
We recommend that you contact a specialist (programmer, designer, or advertising agency) to create a website. You can also create a website using the InSales platform, which is easier and more affordable. You can browse this professional, user-friendly online shop platform on your own. Then you can try your hand at web designing. InSales offers technical support and reliable hosting, protection against DDoS attacks, and integration with various services, 1C and payment and delivery systems. We also offer responsive templates for free – but that’s something we’ll discuss later.
Site structure
How to make a site structure that is clear and concise – We already wrote Let’s have a closer look at these points:
- Use categories and subcategories. There should not be more than three. For example, wrist/wall/grandfather clocks are a first-level category. Wall-mounted wall-mounted for the kitchen/living area/bedroom, or brands specific to wrists;
- To make it easier for customers to find your products, you can apply filters. You can filter the online watch store by price, brand, and purpose (wrists, wall, for exercise).
- Identify the main menu items.
- Do not forget the basket: It should be large and easily visible on every page of your site.
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Site design
Watches are a symbol of luxury and style, so your website should be elegant. You should use a strict font and discreet colors (for instance, blue, white, or gold). It is best to order the corporate ID of the company, and then design all sales channels (websites, social networks, YouTube channels, etc.) using one form.
We will then look closer at the details. Focus on visual design and a “Home sweet home” feel if your selection is dominated by wall clocks. You should sell high-end watches for their style and rigor. Smartwatches will appeal to young people by focusing on movement, activity, and modernity. These associations can be captured visually by the designer.
Take a look at our gallery of InSales templates to make sure you choose the right one. Our specialists will work with you to make any changes and create a website that is unique.
Promotion of an online store selling watches
- Contextual advertising. It will help your site rise to the top of search engines. This is not due to SEO but through special advertising campaigns. Contact specialists to audit your site and determine which queries you should promote it for.
- Advertising on social networks depends on your target audience. If your target audience is primarily housewives looking for accessories for their homes, you can advertise on social media and on forums for design and renovation. People who just moved into a home are more likely to decorate it than those who have lived there for a while. You have an easy route to social media if your target audience includes young gadget lovers and tech-lovers. Pay particular attention to VKontakte group and messengers – Channels in Telegram, and other social networks – To find the right groups, you can use the search by target and groups. You can search for the right group by yourself or via an advertising exchange. The administrator will then post your message there. You can also use the target settings to select from all users of the same VKontakte. This allows you to specify your target audiences, such as people of a particular gender, age or education. Here your ads will be displayed.
- Blogger advertising. Your target audience is young, middle-aged, and spends a lot of time online so take advantage of this. You can order advertising from a blogger that is trustworthy by your audience. You may still be working in a specific region. If so, you should find someone who is well-known within the local community. You can trade watches across Russia but choose a starless abruptly. You will not only get a response but also pay a lot of media people’s prices.
Take our advice, research the market, create a business plan and order a website. Good luck and let your business run like clockwork.
