Watch Out For The Watch!

Multitasking and meditation are the two essential mantras of the corporate world today. Whatever has a dedicated and single use, will undergo metamorphosis to maximise its potential. From human beings to machines, all are serving many purposes at the same time; whether all these purposes are necessary or not is a point apart. The 21st century belongs to those who do more things at the same time, and show additional efficiency and focus in every job.

Every discovery/invention that had happened over the past few centuries and still happens to be useful, underwent some sort of metamorphosis. Just as the humble radio had to be reinvented, the wrist watch, which was a symbol of ‘class’ throughout the 17th century, currently does more things than just telling the time.

The wrist watch almost died a natural death with the arrival of the cell phone, which carries a convenient digital clock. However, the mobile phone could not nudge the watch out of existence and the latter has had a commendable resurrection. As we all know, the humble wrist watch has come a long way from performing the sole and simple task of telling the time.

Of course, the 21st century has gotten way too demanding for this small time-keeping device. But in spite of heavy odds, this small piece of class seems to be holding up just fine. Just look at today’s watches that help you record audio, chat, play music, sense the weather, keep a tab on your health and exercise regime, communicate with and act as a bridge between smartphones and tablets. What’s more, these have a hidden camera and one can spy upon others using a watch!

Researchers and analysts have been predicting some super innovations for the watch industry, which is pegged to be highly futuristic. That’s because what is on your wrist is as good as a body part and may evolve into a hi-tech interactive device that won’t get lost too soon. Therefore, when people say your future is in your hands, they surely mean the wrist, too!

The watch industry has witnessed a steady growth and increased penetration into unconventional markets, flush with high disposable incomes. This is especially true for Rural India where consumerism is on the rise and the demand for luxe goods is a given. All these factors have been driving the Indian wrist watch market into a rapidly growing sector. Between FY2008 and 2013, the Indian wrist watch market has increased at a CAGR (compound annual growth rate) of 9.3%.

One of the key reasons for this growth is being attributed to the growth of e-commerce websites. These sell 92% of the online stocks, rest are sold via watch makers personal websites. Major e-commerce players like Snapdeal, Flipkart, Watchkart, Jabong and Myntra have been driving this growth.

It is also important to note that the wrist watch segment in India has evolved into a competitive market, with a large number of players offering new and innovative products for men and women coming from different sections of the society and different age groups. When creating new designs with various utilities, the leisure time activities of users are factored in to ensure better customisation. After all, a mountaineer has different requirements, compared to a scuba diver, isn’t it?

Ever since its inception in 1984, Titan, the world’s fifth largest watch manufacturer, has managed to liven up the somewhat staid Indian wrist watch market. This leading watch manufacturer from India exports to nearly 32 countries and boasts a plethora of brands including Fastrack, Sonata, Raga, Edge, Xylys and more. According to a survey, about 50 million watches are sold in India every year.

The Indian wrist watch industry falls under three broad classifications – mass market, mid-market and premium. While the premium is a small segment, it is driven by the crème de la crème and often has high impression value.

The elite club has, however, seen traction for both new and old brands, with oscillating loyalty being displayed by patrons to both segments in equal measures. These ‘club class’ watch lovers are excited about new luxury brands entering the market as possessing those would clearly define their ‘arrival’ status. At the same time, they remain loyal to the old brands that signify class by default.

But whether it is a new entrant like the Swiss brand Vacheron or old players such as Tag Heuer, Omega, Rado, Piaget, Hublot, Blancpain, Cartier, Ulysse Nardin, Chopard, Jaeger-LeCoultre etc, the Indian watch segment for these multinational brands has seen very conventional growth, compared to the significant boom in other luxe segments.

This being the case, innovations in the wrist watch space could be like a volcano that’s bubbling within for want of direction and resurrection. Who knows, watches become the ‘next big thing’ in this digital era. Let’s wait and watch!

Image: ThinkStock