Generate consistent and reliable cash flow and get better visibility to forecast and plan the future of your business.
Create brand experiences that turn one-time shoppers into returning customers with higher lifetime value.
Reach a higher profit margin per watch compared to conventional sales.
The subscription business model helps extend the lifecycle of watches through refurbishment, recycling, and reselling.
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A watch subscription business is a service in which customers pay a recurring fee to receive access to watches instead of the customer purchasing the watches for themselves. In a subscription model, the customer returns the watch to the seller at the end of the contract period.
There are several steps you need to take to start a watch subscription business — as with starting any kind of business. Some of the key steps include:
When setting up a watch subscription business, key factors to consider include defining the fulfillment and shipping methods, creating a user-friendly website and ordering process, building partnerships with watch brands and suppliers, and developing a solid marketing strategy to attract and retain customers. It's also good to remember that a watch subscription model may work better with certain categories of watches than others.
It depends on whether you are a manufacturer or a retailer. For manufacturers, it's simple as you produce the watches you want to sell subscriptions to. If you're a retailer, you have to look for suppliers who can provide you with the watches you want to offer. You can, for example, use wholesale marketplaces, attend trade shows, or search online.
A watch subscription business should develop a robust acquisition and retention marketing strategy. Effective strategies for customer acquisition include, for example, social media, paid advertising, and influencer partnerships. Building a strong brand and creating inspirational and educational content can also help attract and retain customers. Rewarding loyal customers with exclusive promotions and discounts can also work great in growing your subscriber base.