How Jomashop Became a Leader in Online Watch Sales
If you are one of those people who believe in the price of something having everything to do with its quality, then you are yet to come across a watch from Jomashop. Jomashop is an online retailer in the gray market, meaning that it sells authentic products from legit dealers at discounted prices. Most gray market watches are those that the authorized dealers think are slow-moving. While it is to the benefit of customers, most manufacturers of luxurious products feel it is to their detriment since the prestige is taken away. Jomashop is one platform that has grown from strength to strength since its establishment in 1987. It must be doing something right, so let’s try and understand how it has become a force to be reckoned with among online watch retailers.
Ever bought something so cheaply that you go home wondering if it was a knockoff? That has been the experience of many Jomashop customers. The online retailer sells its watches so cheaply that customers have to confirm that they got the real deal. One customer purchased a TAG Heuer Carrera from Jomashop at nearly half the price. It was so unbelievable that upon receiving it in Pakistan, he had the watch checked for authenticity, and it was found to be genuine.
The same story is repeated on several platforms, including Reddit, where customers say they bought Omega watches at Jomashop at more than 1K less than what they would spend if they got them from other stores. Low prices have been a marketing tool used by many retailers to penetrate the market. However, entering the market and growing your market share are two different things. Consequently, one way to ensure you have a broader client base is by supplying goods at lower prices and with Jomashop, their prices have always been incredibly lower than their competitors.
One thing that most buyers steer clear off is a product without a warranty from the manufacturer. Still, despite Jomashop not offering any warranty from watch manufacturers, people keep returning to the online retailer and buying more, which makes you wonder why. The reason is simple; they have genuine products. So far, no one has come out to claim they bought a fake watch and even though the discounted prices may make you question the genuineness of the watches, you can go and confirm with your trusted dealer, and they will guarantee that the products are genuine.
As for the lack of a warranty, Jomashop explains that since they do not sell their products at the manufacturers’ suggested retail prices, then they have no obligation to offer you a manufacturer’s warranty. They, however, provide you with their own warranty for your peace of mind. Therefore you can be assured that it sources its new products from authorized dealers, and you will only get original parts with the original manufacturers’ serial numbers intact.
Introduction of Affirm
In 2015, one article published that Affirm may have customers on the losing end despite the platform being seen as the best payment option. The reasoning was that it afforded customers the ability to make purchases that they would otherwise need loans for, which in the long run would cause dangers worse than that of misusing credit cards.
While that was supposed to be a warning to customers, it seems that none of them paid attention because, according to RIS News, Jomashop’s sales skyrocketed thanks to the unique credit offering. The general manager, Osher Karnowsky, said that although previously the customers had payment options that comprised PayPal, Checkout by Amazon, debit and credit, the choice of purchases was limited because they could not buy products with higher price tags.
As he explained, Affirm meets a different need because customers can buy a product they would like without spending all the money at once. He reasoned that the success of that platform was due to, besides offering 0% financing, customers being able to buy products they could not have otherwise afforded. Therefore by 2016, they had seen sales conversion rates increase by 7% while average order values had grown by 200%.
Use of Magento
When a customer has options, then as a service provider, you should always ensure that they want to remain with you by creating an excellent first impression. In the past, Jomashop’s customer experience was not one to be praised. Even on Reddit, one person claimed that with Jomashop, you do not have to worry about buying a fake product; instead, your concern should be the poor customer service. While Magento does not have anything to do with customer service, it helps with improving the overall customer experience. Therefore the online shop partnered with Magento to create an e-commerce site that was not only reliable but one that was also flexible and easy to use even by those without technical skills. On their old platform, even the Jomashop team itself took hours to make a change because they required someone with technical expertise. However, with the introduction of Magento, they can change whatever they want on their own. Besides helping the online retailer’s team, customers also get to enjoy a more extensive array of products. Moreover, it fastened the checkout process, page loading speed and faster shopping with few clicks. As a result, in 2016, Jomashop experienced a 40% year over year sales increase.
Regardless of how good your product is, you can drive your profits farther up if you keep reminding people of why you are the best. Jomashop believes there is no better way to entice their clients than through regular promotions. Besides the student discount policies, official coupons support and free return policies, the online retailer is also known for its sales and promotions. Currently, they are even offering crazy Easter sales, as reported by Men’s Journal and the promotion runs through April 19, 2020. If you have been eyeing a luxurious watch that you felt would dent your budget, Jomashop is giving up to 77% discounts for its watches. As if that is not great news already, purchases worth over $1,000 get a free next-day air delivery.