Hey, fellow watch lovers! As you might be, You’ve likely heard the term ‘watch bezzle‘ and been interested in it. So, what’s this ‘watch bezzle’ thing? It’s about the difference in what a watch store price and what it actually sells for on the second-hand market. Today, I will covering the five major subjects around watch bezzle, dish the dirt from my personal experience, and including some statistics for good measure.
First up, let’s talk about how this stuff affects stores.
Next up, let’s chat about the impact of these online marketplaces.
Now, let’s chat about loyalty—big deal in the watch world.
Let’s turn to social media next, a big player in this game.
Last but not least, what’s the future looking like for all this?
First up, let’s talk about how this stuff affects stores.
Retailers, It’s similar to a two-way street. They can benefit from the additional money from all those used sales.
But there is a catch. They must also maintain their brand reputation and ensure that customers are receiving a fair deal. For example, I had a group of us at some point monitoring prices throughout so we could adjust our pricing.
Next up, let’s chat about the impact of these online marketplaces.
We cannot overlook the part played by sites like eBay and Chrono24 in this process. They have made it very easy for collectors and watch enthusiasts to buy and sell, typically at a lower cost than what you would pay in a physical store.
But it’s also like adding fuel to the flames. The competition’s increasing because customers have additional options. I once took a in-depth analysis into a client’s sales figures to see how online marketplaces were affecting their financial results.
Now, let’s chat about loyalty—big deal in the watch world.
Even with all this bezzle going on, loyalty’s critical. Watch enthusiasts tend to pick their preferred brand over the lowest price, which keeps retailers with a dedicated customer base. I worked with a team that set up a customer loyalty program for a high-end brand, and that shot their returning customer count up by 20%.
Let’s turn to social media next, a big player in this game.
Social media’s been a transformer for disseminating knowledge on buying and selling watches, but it’s also become a breeding ground for price manipulations where some folks are trying to alter the prices. I’ve also helped a client craft a social media plan to promote their brand and defeat those price manipulators.
Last but not least, what’s the future looking like for all this?
Online platforms and social networking sites? They’re like uncertain variables, making the future of watch bezzle not completely clear. But one thing’s for sure—watch brands will need to be adaptable. For instance, we’re in the midst of a project to come up with a new valuation method that takes into account all the considerations at hand in watch bezzle.