Is it just me or are our winters getting longer? We’re fewer than 20 days away from the start of spring, and snow, sleet, and clouds don’t show any sign of stopping. Growing up in southwest Louisiana, I thought winter ended the day after Christmas. This morning, I am still wrapping up in my winter coat and fleece-lined tights. It’s a little too cold for this southern belle, but a girl’s gotta do what a girl’s gotta do.
With cold weather already adversely affecting your revenue and with summer nowhere in sight, let’s talk about another way to weather the storm: watchstraps.
If you offer your customers the service of changing their watch batteries, it’s a no-brainer to offer them the option of changing out their watchstraps. With just a few moments of your time, you can excite your customer with the look of a new watch at a three-time markup. Providing a service like this will create a lifetime customer.
If you aren’t currently offering watch straps in your store, here’s what you’re missing. In 2014, watchstraps were valued at $300 million in retail sales, with the watch industry as a whole accounting for $9.3 billion in sales. Using an average of 50% markup and an estimated 21,463 retailers nationwide, watch straps would represent a gross margin opportunity of approximately $7,000 per store. That’s nothing to sneeze at, even in cold season!
Watchstraps are a fashion accessory that take a watch and make it unique to the person wearing it. There’s so much flexibility with watchstraps today – everything from basic black and brown all the way to mint-green patent leather. But, if your customers are like I was, they have no idea they can switch out bands and straps. Next time a customer comes in to replace a battery or crystal, let him know about your selection of watchstraps. This is a fantastic way to have the look of a new watch for your customer, and at a 45% to 60% margin for you, it’s a fantastic upsell.
All our leather bands use 100% premium-grade hides and certified exotic skins. They also come with already-inserted spring bars and a yellow and a white buckle. Having the flexibility of both buckles takes the guesswork out of the process, making it easier for you and your customer.
Our metal bracelets are made of all stainless steel construction. We have everything from expansion to link models available. All of our metal bands come with three multiple end pieces making it easy for you to retrofit the band to the timepiece. This unique offer also provides you with the opportunity to repair other straps for you customers without any additional investiment.
As always, all of our watchbands come with next-day delivery and with no minimum purchase.
What success have you seen with watchstraps? How important are watches to your business? Share your experience below.
Have you found other ways to combat ice-cold sales? Tell us about it in the comments section.