The future is frequently represented in popular culture as being swift, sleek, and high-tech, traits that are not generally associated with Swiss watch industry, which prides pride in producing attractive analog devices utilizing time-consuming, frequently centuries-old procedures. Continue to read and we will share some more details with you about the future of male timepieces
What psychological effects has the COVID-19 pandemic had on consumers?
All of the conversations I'm having right now are being driven by the consumer's thinking, which has become increasingly preoccupied with uncertainty, fragility, and the need for stability.
Where are we going, is a question that people are asking themselves, partly prompted by the pandemic and partly exacerbated by the current social upheaval. Future economic conditions are a source of worry. People are in shock about what is happening to local businesses and jobs. They long for circumstances that are less upsetting and more foreseeable so they can begin to regain a sense of control over their lives.
From a strategic standpoint, you should focus on concepts like authenticity, integrity, and timelessness because they have always played a significant role in the luxury mindset and never more so than now.
How should businesses woo consumers?
The client experience is crucial. The consumer's feelings must be taken into consideration. To declare, "This is finished, let's go out and party," would be foolish. The approach should be to adopt a tone of comfort and understanding. Though difficult to explain, you understand the idea. Words are not as important as tone.
What other product characteristics are buyers looking for?
Features and design are crucial. Investment value, or purchasing a product that's also maintaining its value, is another crucial factor in this economy. People have a desire to be accountable and is one of the lessons I learn through their conversations with me. We are conscious of how unstable the world is. All of this alters the way we think about our sense of security, the places we shop, and the things we buy. Making a thoughtful decision is more important than simply stating, "This is the newest color,"
Does that imply that consumers will continue to favor traditional, vintage-inspired watches over more avant-garde or modern designs?
As long as it is placed in a setting of trust, honesty, and, frequently, timelessness, contemporary can nevertheless be appealing. Fundamental principles must be honored because they provide a counterbalance to uncertainty and disorder.
We are aware that the pandemic hastened the transition to digital. What less-discussed improvements to retail have been permanent?
The planning of one-on-one meetings is really pertinent to a luxury environment, whether that's a styling consult or showing you how to utilize a product. We're all using Zoom and FaceTime, so it could occur in a store as well as virtually, in people's homes.
One of the major advantages is that you may ask a consumer, "Show me what's in your closet," when you find yourself at their home. Many retailers do that by having store employees do it. They have a product available and utilize the store as a backdrop. They can start using customer data to make more informed suggestions and use the interaction to close a sale or entice a customer into the store.
In your work at PSFK, you likely conduct a lot of research on next-generation omnichannel ideas that give customers a smooth experience across several "channels" like social media, the phone, and physical stores. What's new these days?
In the industrial industry, there is a concept known as "digital twins." Because it's a digital form that is available online and contains all the information, you can proactively address any bugs or replace broken parts. In the future, every product will have a cloud-based digital twin. If the object changes hands, it simply becomes just another thing to consider about ownership because you already own it.
Watch Shop – MagnusKing told us that theoretically, it establishes a connection with a manufacturer or brand so they can track performance. Let's get you set it up for just a repair visit at a dealer close by," they can say proactively if they discover a watch has a problem, like that it's missing time. We can place an order for the required component to keep you from going too long without a working watch. Another strategy to improve that client relationship is to address the issue promptly and pro-actively.
How distant in the future is such service?
When you have large industrial machines with many different parts working together, the technology is already being used on some level at a larger scale in the manufacturing industry. There is a centrally controlled sensor that can gather all of this data and translate it to artificial intelligence (AI) or machine learning, which can then be used to look for anomalies.
What more changes do you notice?
Another intriguing topic we've been focusing on is the concept of luxury as an asset class or as a category of goods. These new systems that permit gradual ownership of luxury goods are more recent.
Why would a person want to invest in a watch?
At its most fundamental, people invest in this item because they believe it will increase in value and because it relates to their interests and passions. If you have an intense or aspirational interest in watches but are unable to afford a Patek Philippe Nautilus, there is indeed a theory that your expertise—much like someone's knowledge of the stock market—could be advantageous to you financially. You are also registered in this community. One time a year, maybe, you get to use the watch. Or you gain access to inside information that the brand is disseminating.
These are some of the most prominent trends that define the future of men’s watches. Nowadays, businesses are making products that are available in both print and virtual forms. Suppose you adore Gucci, but you're only 14 and unable to purchase the purse. However, you can purchase it for your virtual self, who spends four hours each day socializing with your pals. That's really intriguing as a strategy for fostering consumer affinity and aspirational qualities.