The increasing diversity of new devices that are competing with traditional watches, such as smartwatches and even smartphones, has led some manufacturers of watches to start doubting about the potential of these products. For this reason, in recent years large groups of traditional manufacturers of watches such as Technos have started to invest in new categories, such as eyewear, jewellery and accessories.
Despite refocusing their efforts on manufacturing watches, some of the key players are nonetheless still being forced to make savings due to the economic impact of COVID-19. Previously, Technos used to count on providing its own technical assistance to customers through an expensive network of interfaces with consumers that used to demand space for inventory, staff, and rent of the physical space.
Even though smartwatches have not completely replaced traditional watches, the competition since the outbreak of COVID-19 has become fiercer due to the health features embedded in these devices. With the daily news focusing on the health threat from COVID-19, consumers in general have become more focused on monitoring their overall health condition.
The entrance of smartwatches into Brazil was initially seen by manufacturers as a threat, but subsequently traditional manufacturers such as Technos, Seculus and Orient started producing these items, as of 2017. Even though these manufacturers are expected to continue launching new smartwatches over the forecast period, while also focusing their investments on advertising these products, they are also expected to continue offering a diverse portfolio within watches.
Players are focusing on developing their digital strategies beyond simply having an attractive website, to also encompass e-commerce, digital marketing, as well as embracing new technologies to improve the customer experience. Important fashion player Arezzo, for example, launched its ZZ Mall e-commerce marketplace through which partner brands (like Vivara) can offer products that complement Arezzo’s portfolio.
The global trend of sustainability and the circular economy has been gaining ground in Brazil. As such, there has been an increasing number of e-commerce initiatives that are dedicated to reselling products, such as Chrono24, Enjoei, PrettyNew, Etiqueta Única, Dona Karda Luxo, among others.
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This report originates from Passport, our Watches research and analysis database.
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