Although watch resale has seen a few innovative startups emerge in recent years, such as Wristcheck, the industry is largely unchanged from where it was 50 years ago. Wristcheck is hoping to change that with its use of price transparency and social media to allow buyers and sellers to connect directly.
Austen Chu, co-founder and CEO at Wristcheck, does not think that the traditional secondhand watch market is in a healthy state. He argues that because auction houses typically charge buyers high transaction fees and sellers a modest fee, buyers end up being in a “predatory” position. This leaves watch collectors with few options other than to purchase watches from unknown sellers or to pay high prices at auction houses.
Many luxury watch aficionados adhere to a certain, highly specific etiquette when it comes to purchasing and selling timepieces. This includes understanding the various price points associated with different types of watches, as well as the importance of maintaining a knowledgeable network of collectors and dealers. Needless to say, there is no cookie-cutter approach when it comes to buying or selling Watches in general -and no such thing as a standardized way to do so in the world of high-end jewellery
The popularity of wristchecks among collectors is likely due to the fact that they are a unique form of collectible. On Wristcheck, users can put in a bidding price for a watch they want and buyers know what sellers net. Sellers also know what buyers pay, eliminating the need for upfront inventory costs.
The startup has developed a novel mobile health platform that is aimed at providing physicians with remote diagnostic and treatment capabilities. It plans to use the new funding to expand its operations into more markets and improve its product offerings.
Wrist awareness
That is, until Chu enrolls in Watch School and learns the art of watch dial-turning from master watchmaker Jacques Flik. With a newfound appreciation for fine timepieces and the important role they play in civilization, Chu is now a young adult who considers himself quite cultured!
According to Chu, Wristcheck is attracting a different demographic of young people who are interested in luxury items. The platform has sold several watches that have transacted over one million dollars, which demonstrates the popularity and appeal of the service among consumers.
Gen Z may be drawn to Apple Watches for their minimalist aesthetics and futuristic functions, but they’re also interested in the watch industry as a whole. Some millennials are turning to wristcheck services like Harry’s to fill that void, while still enjoying the luxury of owning a traditional timepiece. Meanwhile, those who can’t afford an expensive Apple Watch or don’t want one can turn to wristcheck options such as Wristcheck
The founder of the company believes that the Apple Watch is the best thing to happen to the watch industry and that it has made a big impact on its popularity. They attribute this success to its novel design, functionality, and price point.
Location matters
Wristcheck is a young, innovative watch company that has made a name for itself by catering to Hong Kong’s discriminating customer base. With elegant watches and an understanding of the city’s demanding regulatory climate, Wristcheck is quickly becoming a go-to brand for luxury timepieces. As interest in the company grows both domestically and abroad, the future looks bright for this up-and-coming brand!
Hong Kong’s economy has traditionally been built on trade and industry, with people from all over the world settling in the territory to take advantage of its benefits. This has made Hong Kong a popular destination for luxury goods, which are often shipped in from overseas customers through Wristcheck. The city’s tax-free scheme means that these buyers can save a significant amount on their purchases, making Hong Kong an increasingly popular destination for luxury brands and retailers looking to tap into the growing Asian market.
Shenzhen, just across the border in mainland China, is a bustling tech hub that offers many opportunities for Wristwatch to hire engineers. Additionally, the proximity to other major technology hubs such as Beijing and Shanghai will make it easier for the startup to attract new investors and gain exposure in larger markets. With a strong focus on AI development, Wristwatch is poised for even greater success in the years ahead.
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Authentication photographs of watches can be used by Wristcheck to help reduce the amount of counterfeit watches sold on secondhand marketplaces. The company’s proprietary image recognition tool can correlate accurate markings found on authentic watches with images taken by sellers. This will allow buyers to confidently purchase secondhand timepieces without worries about potential for fraudulence.
Whilst many people are familiar with the idea of checking a photo for authenticity, few know how to successfully do so. One such method is utilising facial landmarks to help determine whether or not a photo is genuine. This platform, entitled Watch Checker, uses artificial intelligence and facial recognition software to cross-check stolen watches registered with police stations around the world. By providing more people with access to this technology, it will become much easier for them to validate photographs and prevent scamming online.
In the world of e-commerce, there are a few key moments that can make a big difference in the success of an online store. One moment is when people start trading items digitally, as this is when prices for luxury goods tend to surge. Another key moment is when consumers become more comfortable spending large amounts of money online – this is especially true for Generation Z. These two factors have come together nicely in recent years with the advent of blockchain technology, thereby creating a perfect storm for digitizing luxury watch trading.
The startup company plans to make it more transparent for consumers by providing them with real-time prices as well as historical price data for used watches. This should cut down on scamming and dishonest behavior in the used watch industry, making it a better option for those looking to purchase a watch.
In light of the new funding, the company plans to triple its R&D and marketing efforts over the next year. With such a large financial commitment from their newfound investor, they are sure to progress rapidly in their development
