EXPLORING CONSUMER ATTITUDE TOWARDS LUXURY WATCHES PURCHASE FROM THE ONLINE MARKETPLACE
Bhumika Oza
Under the Guidance of Dr. Smita M Gaikwad, Assistant Professor-Marketing
Master of Business Administration (MBA)
Faculty of Management Studies, CMS Business School
No.17, Seshadri Rd, Gandhi Nagar, Bengaluru, Karnataka 560009
Abstract
Luxury watches have long occupied a unique space in the consumer landscape, blending intricate craftsmanship with emotional value. Traditionally, acquiring such a timepiece involved the physical touch, the in-store experience, and the reassurance of established brick-and-mortar retailers. Yet, the digital age has ushered in a paradigm shift, with the online marketplace for luxury watches witnessing a remarkable surge. This burgeoning trend, however, necessitates an in-depth exploration of consumer attitudes towards purchasing such high-value items online.
This research dives into the evolving behaviour of luxury watch consumers, examining their comfort level with online transactions and the factors influencing their decision-making process. It sheds light on the key drivers propelling the online purchase of luxury watches, including the expanded selection, competitive pricing, and the convenience of remote shopping. However, the research does not shy away from acknowledging the inherent risks associated with internet transactions, such as the potential for counterfeit goods or damaged shipments.
Moving beyond consumer behaviour, the research also critically examines the challenges and opportunities that luxury watch brands face in this evolving digital landscape. It evaluates the strategic considerations brands must navigate, exploring effective online marketing strategies, building trust with potential buyers, and ensuring a seamless and secure purchase experience. Ultimately, the research aims to provide valuable insights for both consumers and brands, fostering a more informed and transparent online luxury watch market.
To thrive in this new environment, they must develop captivating online marketing strategies that resonate with the tech-savvy watch enthusiast. Building trust with potential buyers is paramount, and brands need to leverage the power of the internet to showcase the heritage, craftsmanship, and exclusivity that definetheir luxury timepieces. Creating a seamless and secure online buying experience is critical. This could involve offering high-resolution product images, detailed specifications, and robust authentication processes. Ultimately, navigating this digital shift requires a delicate balance – embracing the reach and convenience of the online world while upholding the prestige and meticulous attention to detail that have always been hallmarks of the luxury watch experience.
