The average price of a watch sold online by The Watch Gallery is now £2,000, the retailer has revealed.
The growth in average watch orders is a sign that customers are comfortable using the internet to buy higher value watches, while also reflecting The Watch Gallery’s strategy to expand its luxury portfolio.
It has also been working hard to develop mechanisms for encouraging customers that research online to place their orders through the web.
Over the last three years, five “leading” brands have chosen TheWatchGallery.co.uk for their online launches. Its online shop now houses 45 luxury watch brands and in excess of 3,500 individual watches.
The growth of the offering has led to the site attracting more than 300,000 unique visitors every month.
“I can think of no luxury retail store that has 10,000 visitors per day; most physical stores would be pleased to have 100 customers visit daily,” said chairman David Coleridge. “The key to our success is persuading people researching online to then go and purchase from TheWatchGallery.com. We do this by replicating our in-store luxury experience and service on the web.”
As part of this service proposition, TheWatchGallery.com employs a team of expert watch concierges to support the customer through the buying process, Coleridge noted.
The Watch Gallery grew its turnover by 13% to £63m for the year to the end of January 2016. Online sales grew 41%, with its website now delivering £16.3m worth of revenues.
Last week, we exclusively revealed that The Watch Gallery is looking to sell at least 50% of the business after two of the original backers of luxury watch retailer seek to sell their shareholding. The full story can be read HERE.