The pandemic has accelerated the digital transformation of the luxury watches sector (CEO of IWC Watches)

“The global pandemic has now accelerated the digital transformation of the industry,” said Grainger-Herr. “When Watches & Wonders was cancelled in April, we had to rush to create a digital edition of the exhibition,” he continued. “We succeeded very well and were able to reach even more people than with a physical show. We developed an augmented reality application that allows customers to try on our new Portugieser models virtually at home. We also organised a virtual cocktail party in Singapore, live streamings and a remote watchmaking class.”

It is this “test and evolve” mentality that Grainger-Herr is also applying to the company’s omni-channel approach. “When it comes to distribution, no one channel can cover all needs,” he said. “Every customer is different. Some customers decide to buy a watch online in five minutes while waiting for a flight at the airport. Then some visit a boutique five times, try on different models and decide to buy only after many discussions with our client advisors.”

“Every situation is different, and our distribution model must cover all these scenarios and meet every conceivable customer need,” he continued. “We see very favourable growth rates in e-commerce, and I am convinced that the digital channel will continue to grow in importance in the luxury industry. However, this does not mean that you can be successful without a strong physical presence. For this reason, we are also investing in flagship boutiques around the world.”

His wider goal is the ensure the company’s customer experience is as seamless as possible and ensure the brand is established as one of the top players in the luxury watch market. “My goal is to establish IWC as one of the top players in the luxury watch market,” he said. “I think the biggest challenge is to create a consistent and, above all, high-quality customer journey across all touch points with the brand.”

“Whether a customer is visiting a boutique or is being shown a new model by one of our retail partners, whether someone is inspired by Instagram or researching on our website, whether you are shopping on IWC.com or any other platform on the Internet such as Mr Porter or in our Tmall flagship boutique: we want our customers to ‘sense’ that they are at IWC every time they visit us – which is why it is so essential that we provide a consistent experience across all channels and touch-points with the brand.”

”The increasing importance of China also drives this transformation. While it is perhaps still somewhat unusual for European consumers to buy a luxury product on the Internet, it is perfectly normal to do so for Chinese customers.”

“One of the strengths of IWC is our well-balanced presence in key markets across the globe,” he added. “We have a dense network of IWC Boutiques and retail partners in Asia, in the Americas and Europe. We are pleased with the way all these markets are evolving.”

The company has been manufacturing mechanical watches for the past 150 years at its base in Schaffhausen in the heart of Europe.

IWC new concept store in Zurich – CEO Christopher Grainger-Herr