New App Puts Virtual Watches on Actual Wrists
A privately held manufacturer of action sports-influenced watches, Switzerland-based Formex switched to an exclusively online direct-sales model in 2016 after operating a conventional retail business for 20 years. The goal was to "manufacture high-quality Swiss-made sports watches at unbeatable prices" by eliminating the increased costs involved in brick-and-mortar retailing, the company said.
Chief executive officer Raphael Granito, who took the company's reins in January 2015, is credited with leading development of the e-commerce business. The move let Formex cut its watch prices in half. Prices range from $419 to $1,580. The company offers free shipping worldwide in three days or less.
"Despite the many advantages of buying a watch online, the biggest drawback [until now] was that [shoppers] were not able to try them on," Granito said. "Even though every Formex comes with a 30-day free return policy, we found that people were still hesitant to buy watches without having had them on their wrist. That's why we came up with the idea for this app."