Forbes Middle East
Digitizing Government Services In The Middle East
Chairman and CEO of Resource Group.
The e-commerce industry has been one of the few beneficiaries of the COVID-19 pandemic. As an online retailer what impact have you felt on your business and how is the sector adapting to the huge increases in customers shopping online?
Stores were shut during the nationwide lockdown, but we were proud to be among the e-commerce businesses that were not disrupted during the closure. Our adaptational approach to the increase in demand caused by the increase in customers shopping online was to diversify our inventory by providing exclusive watch models and a large variety of dial colour options as well.
With large corporations such as Amazon and eBay dominating the online retail industry, how do smaller, more niche businesses within the industry manage to compete and succeed?
As a niche marketplace we focus on high-demand products. We’ve noticed that people are more willing to purchase items such as luxury watches through specialized marketplaces rather than through mass market. This is due to the comfort in trusting an authorized marketplace that only deals with these expensive items. Customers trust us because of the other services that accompany our main aim of sale, including maintenance, repair, and polish.
Forecasts have shown that the global watch industry will be worth $117.8 billion by 2025, even though phones, laptops, and cars tell the time. Why are people still fascinated by watches?
Ever since the industry was born in the 16th century, people have sought out watches for many reasons exceeding the simple need to tell time. Many changes have significantly impacted an individual’s motive to buy a watch. People today look for numerous things when buying a timepiece. For instance, each Rolex watch takes around 12 months to make from start to finish, and its movements keep accurate time for several decades. Also, the value of these watches has been extremely stable over the years. Some people regard such timepieces as an extension of themselves, and they find pleasure in owning an item of this luxury.
What’s the secret behind differentiating between an authentic luxury watch and a fake one?
To differentiate between authentic timepieces and fakes, one has to examine the manufacturing capabilities of high-end brands compared to forgers. The lower cost of a fake watch is a reflection of the total incapability of replication. Companies have now enforced more techniques and approaches by using serial numbers and engraved markings to ensure that it is impossible to replicate. The secret is in its utmost singularity. Watchmaking is a craft of passion and refined engineering.
What advice would you give to a budding regional entrepreneur, looking to start their own e-commerce business in 2020?
Focus on learning by doing. Challenges create the opportunity to learn, and every challenge is a step forward. Know your customer’s inclinations, map out your funnel, and move up your value ladder towards making a sale. With so many possibilities of products to sell and apps to use, you need to find out what works for your business, not others. By focusing on conversions, mapping out your funnel and using the right tools, you’ll soon be on your way to success.
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