If you are a dealer, use MyWatches for your bookkeeping
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Thread: If you are a dealer, use MyWatches for your bookkeeping

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  1. #1
    Join Date
    Feb 2008

    If you are a dealer, use MyWatches for your bookkeeping

    Hi Everybody, in the last few weeks I've introduced to the forum members MyWatches, the innovative app for watches collectors and dealers, here you can find the first post with its full description:


    Today I want to introduce you one of its useful functions, the 'sold watches' and the 'stats' pages!
    If you are a dealer or one of those collectors who buy and sell watches very often, in fact, you only have to keep MyWatches updated with the details of your purchases and sales in order to create in a very fast way an archive so that you will always be able to understand when, to who, the price, the serial number, the profit and every other useful information of a watch that you have sold....MyWatches will also automatically calculate month by month your total purchases, sales and income!

    MyWatches also includes a series of features that guarantee your privacy and the secrecy of the data entered.





  2. #2
    Join Date
    Feb 2014
    Boston, MA

    Re: If you are a dealer, use MyWatches for your bookkeeping

    I had a question after your last post about this - perhaps you can fill me in. Here's what you wrote that the app will do:

    Quote Originally Posted by franz1386 View Post

    -Check, with a couple of clicks, that the serial number of a watch is not present in the main online database of stolen watches;

    From what I can find, the largest online database of stolen watches is The Watch Register. They don't offer an API or any way to query their database, and you can't access it for free, either. Auction houses need to set up an account, and the cheapest option (presumably the highest search volume) is $4 USD per search, and the searches are conducted via either email or text message. Since you're not searching here, which database are you checking?

    Another question is based on this:
    Quote Originally Posted by franz1386 View Post

    MyWatches also includes a series of features that guarantee your privacy and the secrecy of the data entered.

    What does this mean? Is the data stored locally or is it uploaded to your server? Is the data encrypted? Is the connection secure? What kind of features guarantee my privacy? If my data is uploaded to your server and you decide to stop supporting the app, what happens then? Is it just gone forever? Also, just because the company that developed the app didn't give you a way to look at user data, that doesn't mean that it's secure.

    In the interest of trying to be helpful, I think you're aiming at the wrong demographic. Actual watch dealers or serious flippers need to perform real accounting for their bookkeeping - not just this-is-what-i-sold-the-watch-for-minus-what-i-paid-for-it-so-there's-my-income. They have overhead and taxes that need to be accounted for, and depending on their scale, probably have a system to generate invoices, as well - this would have all of the serial number and customer data in a usable format that would be accessed from a computer. It's just not scalable to do all of this work from an app that doesn't have the necessary accounting features. The other problem is that watch collectors/flippers/dealers is a pretty small market - however, people who own wristwatches is a much much larger one.

    So if real watch dealers aren't the best market for you to target, average collectors like those on this site are probably your best bet. The problem is that you're not the only person who had this idea, and it's pretty much already out there for free. Take a look at the Chrono24 app's Watch Collection section (also available on their website). It allows you to enter your watch collection, including serial numbers and the price you paid, and it will show you the current market value. From a watch's page in your "collection," you can hit a button and go directly to the screen to put it up for sale on their site - any data that you populate into the app doesn't need to be re-entered into the online listing. I'm not saying that the Chrono24 implementation is perfect, but they've already done what you're trying to do.

    Take a look at the other websites/apps that are already in this market: where are their strengths? Where can you improve upon a weakness? Think about normal people, not professional watch dealers, and the features that they would want to have in this kind of an app. It looks like you spent a lot of time creating this, and I think a lot of that work is probably usable if you can make some changes to make it more competitive. Instead of pricing the app at 30 EUR, what about an ad-supported model with the option to pay to remove the ads? I'd probably recommend staying away from the bookkeeping/accounting aspect of this - QuickBooks will track expenses and revenue for a small business for $7 USD per month. It's not impossible that you can gain some traction on this app, but I think you should do some competitive analysis to figure out the best way to market it.

    Also - reading through the last thread again:
    Quote Originally Posted by franz1386 View Post
    Why not?! Do you know how much does it cost to make an app like that one?!
    It costed to me about 20000 euro...and it has 2500 euro of fixed costs per year!
    Considering that it's an app for vintage watches collectors, that is a quite small market ( it isn't an app for millions of people! ), and considering that at that price you can't buy even a cheap strap, i think that it is a very low price!
    I hope these prices are not true. But let's do some quick math: year one cost is 22,500EUR for the app build + the fixed operating costs. The app is currently for sale for 30EUR, but since Apple takes 30% of your revenue, you're only making 21EUR per purchase. We'll ignore the income taxes here: you need 952 purchases of the app to break even on the build, and then 120 purchases per year to cover the operating costs - so 1072 purchases in year one to be in the black.

    Let's put that in context: there are 380,000 members on WUS, and about 1.5 million threads over the course of 10 years - only 4 threads per member, so most people are likely either lurkers who don't post often, or inactive users with old accounts that are no longer used. For the casual collector, the app offers features that are available for free elsewhere at a high price for a phone app. For dealers, the features aren't robust enough to support their business, and there aren't really that many of them.

    I'd also consider changes to your revenue model - 30EUR is too much for an app in 2018, and if your model is based solely on the upfront purchase cost, you don't have any sustainable revenue except continuing to grow market share into an admittedly small market. You're also competing with free apps like Watchbox or Chrono24 that offer a lot of the same functionality - that makes it tough for the average person to justify such an expensive app. I'm not in the mobile app space, but it doesn't seem viable to me as-is. Maybe an ad-supported or subscription model would be more profitable, but you'd need to be able to justify the cost by providing more features than the competition.
    Last edited by jester0723; May 8th, 2018 at 17:46.
    OvrSteer likes this.

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