The recent move into luxury goods by many Asian and Chinese collectors has resulted in the pre-owned watch market becoming serious business. Some estimates indicate an increase of up to 20% year on year in the industry which is now thought to be worth billions worldwide*.
So - if you think you know what it is that makes a ‘statement’ watch you could earn a profitable living selling watches online.
Where to sell watches online?
There are now an ever increasing number of online channels to sell through including eBay, Facebook and Instagram.
Instagram allows you to post up pictures and invite buyers to link to your site. Make sure your imagery is spot on with professional photos, and if you can find a model to show off the watches. Create pictures that show the value of your items, not just product details e.g. you could show off a diving watch with amazing underwater photos, or a sporty all-terrain outdoor watch being worn by a cyclist.
Some pointers when starting out as a watch retailer
- Partner with a reputable wholesaler – identify where you can find a supply of watches that you can buy in bulk at discount. Make sure the markdown gives you enough profit margin.
- Choose the right brands to match the type of watch you want to sell. You can’t sell every style of watch on the market since this would be too expensive. So pick a niche that fits a specific audience, then create your own brand name, logo, colours and web design to fit your niche.
- Understand the market – visit forums like Rolex, eBay and TimeZone to see which pieces are selling and which are not. Pay attention to prices and look at the locations where watches are selling best.
- Start with more budget brands then upgrade to higher grade brands as your profits increase.
Once the domain of a small band of enthusiasts, the market for timepieces could now offer you the potential of a thriving new business.
* Ed Cumming: Inside The Booming World Of Vintage Watches - How the billion dollar pre-owned watch market got so big; Esquire, 22nd January 2016