Becoming a Watch online retailer
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  1. #1
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    Becoming a Watch online retailer

    Hi , I am interested in becoming a online watch retailer can any one suggest how its done. Most brands wants to see a brick mortar location and what inventory i have . I am not sure how i can go about this. Any advice is appreciated .
    Thankyou
    ray

  2. #2
    Member Perseus's Avatar
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    Re: Becoming a Watch online retailer

    Follow these six easy steps!

    How to Become a Watch Dealer | eHow.com


  3. #3
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    Re: Becoming a Watch online retailer

    Quote Originally Posted by Perseus View Post
    Follow these six easy steps!
    I'm thinking he means (new) watch dealer

    Have a word with phil a , he's just wrapped up his online watch business recently late last year, and it wasn't because he became a millionaire from it.
    Last edited by watchma; January 2nd, 2013 at 19:35.
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  5. #4
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    Re: Becoming a Watch online retailer

    Waste of time sir.
    You have no knowledge or contacts and unless you have an incredible USP or want to spend a large sum on stock then you have zero chance of making it work anyway.
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    Re: Becoming a Watch online retailer

    reading from your post, it seems you have contacted a number of manufacturers already, if so, want to share what were the requirements for some of them?

    also let us know what your plan is, will you be selling new watches, will you be an AD or a grey market seller, or will you be selling pre-owned, etc

    but generally:
    0. research, know the business, do some networking (will you be buying from the manufacturer, or from a distributor, independent supplier, etc)
    1. business plan/goal, not just think about it, make one and do it well because you will use it, etc
    2. must have the capital, I'm thinking somewhere around 50k (higher depending on the brand you want to carry)
    3. register your business, etc
    4. create the website (hire someone if you can't do it well)
    5. contact the manufacturers/suppliers
    6. spread the word (marketing)
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  7. #6
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    Re: Becoming a Watch online retailer

    Save for a few exceptions, online retailers dont get watches from the manufacturers, they get them from various sources (which is why the term Gray market is used) and hence have to cover warranty claims and returns themselves and will have no backing from the manufacturer. There are a few online stores that are authorized dealers for brands, but most of the ones that have "deals" end up being non-AD's who source the watches from closing stores, discontinued models and overstock inventory and in some cases shady practices. Its one thing to open a B&M store locally to carry a few brands you want to represent, but its a whole different game to have an online store selling several brands, where you need tremendous contacts in a hugely competitive environment.
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    Re: Becoming a Watch online retailer

    besides, to start from scratch you need capital - an awful lot

  9. #8
    Moderator Public Forum John MS's Avatar
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    Re: Becoming a Watch online retailer

    Quote Originally Posted by rayray2000 View Post
    Hi , I am interested in becoming a online watch retailer can any one suggest how its done. Most brands wants to see a brick mortar location and what inventory i have . I am not sure how i can go about this. Any advice is appreciated .
    Thankyou
    ray
    Which brands or types of watches do you want to sell?
    Are you aware that most established brands and their distributors like Seiko, Omega, Rolex, Citizen, etc., will not sell to internet only dealers because they feel the brick and mortar trade is more stable?
    Do you have the funds to buy inventory, take sales and handle after sale service and returns?
    Have you written a business plan?
    Do you know who your competition is and what they might pay for comparable watches?
    Have you looked into grey market sales?
    If so are you prepared to offer a warranty and service?
    If not are you willing to drop your prices well below those offered by sellers of manufacturer warranted watches?
    Last edited by John MS; January 2nd, 2013 at 21:45.
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  10. #9
    Member ari.seoul's Avatar
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    Re: Becoming a Watch online retailer

    you definitely need to have the resolve for this business,

    you will be dealing with a lot of people, sales and after-sales service/issues when they pop up

    I was about to suggest talking to people who are in this business ... but I think most, if not all, will tell you to stay away - not because they do not want more competition, it's just that it can be very stressful (and at times, seems unfruitful)

    if you do talk to people who are in this business, find out what are the stress points and see if it's something you can handle
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  11. #10
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    Re: Becoming a Watch online retailer

    Hi Ray,

    I'm in business and - well I want to be honest with you.........

    I know you're new and I warmly welcome you to the forum. If you like watches (which I assume you do) I hope you stick around and discuss them. But if you're asking advice on an internet forum (of watch buyers and enthusiasts) as to how to start a business in watch retail then you have already lost my confidence in terms of your ability to make this work. I'm really sorry but that's my honest and professional opinion.

    Good luck. I hope you prove me wrong.

    PS - This is honest business advice feedback. I'm sorry that I'm not qualified to answer your overall query.

    Regards,
    watchma and rayray2000 like this.
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