PRODUCT(S) AND/OR SERVICE(S)
Welcome to RC Watches. We are currently an exclusive e-retailer, based in London, that specialises in luxury watches. We deal in some of the finest brands on the market, including Rolex, Audemars Piguet, Cartier and IWC.
Our established network of authorised dealers enables us to purchase at near cost price, a distinct advantage to undercut our competitors, which has also allowed us to supply direct to trade. We currently supply 12 retailers based in London, Surrey, Kent and Essex.
We currently have use of a small office within the heart of London, which has been ideal for use to our trade customers. However, moving forward we aim to increase our private sales; with this, we have secured a retail premises, in the affluent area of West Wickham, Kent.
Offering watches to both trade and private has been beneficial thus far, we have learned a lot about the market trends and demand throughout the years. Offering watches in store will broaden our business to the next level. We aim to be a strong presence within the market, by operating on all platforms, maintaining good customer service with on-going attractive pricing, we believe that we will not only continue to strengthen our trade ties, but will build a fantastic retail base also.
Although online shopping has become extremely popular, still less than 30% of watch sales are completed online. Our research tells us that 95% of private customers seeking to purchase a pre-owned watch will want to actively view and try a watch on before purchasing.
Securing a retail premises will dramatically increase our revenues and credibility further. Fitting the shop out in an ultra luxury style will not only be inviting, but the amass of car and pedestrian traffic will increase our overall brand awareness.
The shop will also enable us services we cannot currently offer. At the moment, the only long term payment option we can accept is payment via credit card, therefore we will be offering finance options also.
In addition, from store we will branch further into trade-in and watch purchase. It is well known that individuals wishing to sell their watches feel reluctant to send their watches in the post before receiving any money. Therefore with a shop, we can take out the risk from either party and offer the trade-in or sale at the time, as we can do all check, inspections and valuations in house.
We have also secured partnership with a watch club company. Their focus is to offer the rarest and most finite watch models, to hire throughout the year. They wish to rent window space and place some of there pieces in the window. This will again create further footfall and advertise our business and other services, to the watch club’s already established customer base.
SUBSTANTIAL ACCOMPLISHMENTS TO DATE
Collectively we have over 10 years experience trading of luxury timepieces. We have built substantial private client relationships within the boroughs of Surrey and Kent. 80% of our retail business comes from recommendations. We have even supplied watches to premiership footballers.
To take full advantage of our already sterling reputation, we’re expanding and have found a commercial retail premises. We have sort investment from enthusiastic friends and family to allocate funds for the refit. We have plans on a plush, modern space to emit a sense of ultimate, luxury shopping and to reflect our brand image. We have mail shot existing customers for feed back on our plans and to find out what they would consider to be the ideal shopping experience, this is important as it is more for them than us.
We currently have quite substantial social media presence with over 6500 followers through our main business page and two other pages of 9000 and 43000 of all watch and horology enthusiasts.
The company has been built purely on personal funding and run by a Father and Son team, with a strong passion for luxury watches and horology.
Due to our previous experience and relationships, we have already managed to establish a trade client base, as well as ever growing private custom. The success we have had and the feedback we’ve had from customers, we believe there’s a gap in this market for companies that focus on improving the buying experience, whist maintaining the great value found online.
To continue expansion, we need to meet the demands of our customers. By continuing to build strong rapport with trade and increasing private customers, we will be able to identify market trends, source the best deals and offer the best service, meaning that we will be one step ahead of our competitors.
Over the years we have lost sales through not having a retail base, for some of our regular customers we are able to invite to see the pieces before purchase, however being an e-commerce business, in the interest of security, this option isn’t always viable for all customers. The majority of private sales currently come by recommendation as there is a third party to validate us. By having a shop, we will be able to meet with all customers if necessary and build rapport, instilling the level of trust and service we already offer, to broaden our client base and increase sales. Nearly all of our customers ask if we have a shop, our existing clients ask when are we going to get one.
The beauty of watches is that not only is it a desirable object of lust, but it is also a sound investment. The majority of watch models will hold their value or increase. Again, this makes every watch purchase very attractive in more ways than one. We have sold watches to customers looking for a fashion piece and to those looking for pure investment, with everything in between. We are happy to share our knowledge with customers, in order for them to find exactly what they are looking for.
USE OF PROCEEDS
The investment needed will enable us to fulfill our expansion plans. We will focus on the retail premises and our product range, to include more higher value, precious metal pieces. We also look to update our website with e-commerce functionality. This will increase our website conversion rate through an even further improved user experience.
We will also invest into attracting new business through:
• Expanding our social media presence through campaigns.
• Affiliate marketing.
• Advertising through Life Magazine which caters for Chislehurst, Beckenham and Keston (all affluent areas situated within a 5 mile radius from our new location)
• Advertising at the local, private golf and tennis clubs.
The ability for customers to visit our store in person, will significantly boost sales, this will enable us to generate more profits and expand further, therefore generating returns for our investors.