In the age of the internet, new technologies, manufacturing models, and business structures are disrupting long-held beliefs and traditional business practices across every industry. Just as the rise of online shopping caught brick & mortar retailers by surprise, legacy industries such as watchmaking are playing catch up in a world that moves faster, has more competition and is constantly evolving.
In this 5 part series, we examine the most troubling issues facing the watch industry today, the underlying cause of each and how implementing the FINS solution solves them for watch brands.
Failing to connect with consumers has been a huge error for many watch brands. The era of the billboard is over. Today’s consumers are served an incredible amount of information and advertisements every day on the internet, social media, online shopping sites and mobile devices. A big issue facing brands today is how to cut through the noise, reach their target audience and deliver a experience that speaks to their personal needs and desires. Legacy industries such as watchmaking have relied for decades on traditional advertising and brand name recognition along with a long, slow moving distribution model that included wholesale suppliers and retail outlets to sell their watches. As with other luxury products, watch brands presented a certain image that represented a, quality, lifestyle and status intended to attract a new wave of watch enthusiasts each year.
However, today’s watch buyer is different and more sophisticated. Savvy consumers demand a more personal, niche targeted brand experience that the internet and online sales have enabled. They are accustomed to seeking out information for themselves, having fast access to research and price comparisons, and making choices that fit their own personal interests. They are comfortable buying online to save money and time over brick & mortar stores.
As a new generation of watch lovers grow up, new marketing techniques are needed to serve them. The younger demographic cares less about status and more about personal style. One only needs to look at the success of watch micro-brands and niche upstarts to recognize the movement. Heritage brands that reexamined their outdated marketing, take advantage of more personalized lifestyle marketing and use internet technologies to give customers more personalization options are the ones who are thriving in a volatile market.
Reaching out to a new generation of savvy online shoppers who are looking for unique choices and on-demand services is easier than ever thanks to newly available resources such as FINS for the watch industry.
FINS is the 1st Cloud ERP solution created specifically for the watch industry supporting Just-In-Time manufacturing. FINS uses lean inventory practices, micro-manufacturing and advanced merchandising with end-to-end traceability managed by an online portal customized for your watch brand.
Marketing for the Future
The FINS solution is a cloud-based ERP that features the latest in micro-marketing options to collect information and optimize sales and marketing from procurement to end user. It has powerful tools for distributors and retailers.
Using a cloud-based system, along with a unique ‘Create Your Own” watch tool, distributors or retailers can access the system anywhere online to make orders, check inventories and quickly and easily create new collections to take advantage of emerging market demands. With FINS, creating a new design takes minutes rather than months, using a fast-fashion model that gives consumers what they want – more choices and faster delivery times.
The system also has online ecommerce tools that can be customized for each brand and allow point of sale customization for consumers as well as easy, direct online sales. Using a powerful online visual watch builder, customers can personalize their own watch, selecting different models, colors, styles and options for a bespoke design of their choosing, an important option that better engages consumers who expect uniqueness.
The FINS system analyzes sales across a brand’s network for better business intelligence data that guides marketing, reaching every point of sale and identifying slow and fast moving products across the entire sales and distribution network and adjusting the supply chain accordingly.
As the watch industry changes, brands must adapt to new systems that give today’s consumers the personalized buying experience and choices that they demand. With FINS, craftsmanship and heritage can coexist successfully with the benefits of online shopping and point of sale tools.
Register to try out our fully functional online live demo to see exactly what you get with
the FINS manufacturing software solution for the watch industry.