Timepiece rental
Discussion
Hi
What are people's opinions on whether this is (or would be) a flyer? Is it appealing to be able to lease a timepiece of choice (ultimately) either as an alternative to buying and owning, as a special occasion, or as a test drive before buying?
From a business point of view there are a couple of problems I see with this, namely the existence of replicas/couterfeits and insurance cover for theft/damage/loss.
This type of venture exists for jewellery but not for watches in the UK, I was wondering why this is the case if not because of the two reasons above?
Perhaps Joe Public would prefer to get hold of a fake piece for the purpose of a short-term trial or event. Surely there is a population of watch-lovers that would see this service as a good opportunity to display variance in styles - almost as part of an exclusive club?
Thoughts?
What are people's opinions on whether this is (or would be) a flyer? Is it appealing to be able to lease a timepiece of choice (ultimately) either as an alternative to buying and owning, as a special occasion, or as a test drive before buying?
From a business point of view there are a couple of problems I see with this, namely the existence of replicas/couterfeits and insurance cover for theft/damage/loss.
This type of venture exists for jewellery but not for watches in the UK, I was wondering why this is the case if not because of the two reasons above?
Perhaps Joe Public would prefer to get hold of a fake piece for the purpose of a short-term trial or event. Surely there is a population of watch-lovers that would see this service as a good opportunity to display variance in styles - almost as part of an exclusive club?
Thoughts?
Interesting thought, but I'd imagine if it really was viable, someone would already be doing it. I think that apart from the damage / wear & tear issue, the need to stock multiple variants of many models (black dial, white dial, strap or bracelet etc. would make the start up costs horrendous.
I effectively rent most of my watches in any case.
I effectively rent most of my watches in any case.
andy tims said:
Interesting thought, but I'd imagine if it really was viable, someone would already be doing it. I think that apart from the damage / wear & tear issue, the need to stock multiple variants of many models (black dial, white dial, strap or bracelet etc. would make the start up costs horrendous.
I effectively rent most of my watches in any case.
When you say rent, you mean 'rent out' or you borrow to buy them? Presumably you would rent out to friends/colleagues - people you trust?I effectively rent most of my watches in any case.
The strap length question is a good one, someone personalises the whole delivery and return of the watch...I suppose one solution is that for metal bracelets you do an up-front measurement before issuing the watch?
Edited by EnjyBenjy on Wednesday 14th September 14:07
Edited by EnjyBenjy on Wednesday 14th September 14:15
Damage would be an issue. Scratches, dinks, cracks, people taking the back off to poke around the movement.
You'd have to have a lot of stock, some of which wouldn't be anywhere near as popular as other models.
Would you stock only current models? Or popular out of production models such as the Sea Dweller?
Mundane things could become an issue, such as sizing bracelets correctly for people. Who wants to pay £4/5 to have a watch sized if they're only borrowing it? If you size it, it's difficult to get an accurate fit without the person's wrist in front of you. Some people like a tight/loose fit.
As you mention, replicas would be an issue. There's lots of people out there who would pay to rent a high end watch and swap it for a replica. How could you 'prove' you didn't send a replica in the first place, or that the watch that has been returned is different to the one you loaned out?
I've no doubt that some individuals would be happy to pay, say, £50-£100 to rent a Rolex for the weekend in an attempt to impress someone. The way I, and I'm sure many other watch enthusiasts, would see it is that that £100 could be put away in order to save towards having your own.
How could you ensure the safe return of the watch? This isn't a £4 Lovefilm DVD you can stuff in to a pre-paid envelope, an expensive watch needs to be packaged carefully and delivered insured. How many 17 year olds trying to impress their new squeeze care enough to get their arse to the post office?
If someone doesn't return the watch in the alotted time frame, how are you going to enforce any penalties? I guess you could take a deposit/card details but people may well provide false details or be reluctant to provide anything.
So, no, I don't really think it's viable
[/Cyberface]
You'd have to have a lot of stock, some of which wouldn't be anywhere near as popular as other models.
Would you stock only current models? Or popular out of production models such as the Sea Dweller?
Mundane things could become an issue, such as sizing bracelets correctly for people. Who wants to pay £4/5 to have a watch sized if they're only borrowing it? If you size it, it's difficult to get an accurate fit without the person's wrist in front of you. Some people like a tight/loose fit.
As you mention, replicas would be an issue. There's lots of people out there who would pay to rent a high end watch and swap it for a replica. How could you 'prove' you didn't send a replica in the first place, or that the watch that has been returned is different to the one you loaned out?
I've no doubt that some individuals would be happy to pay, say, £50-£100 to rent a Rolex for the weekend in an attempt to impress someone. The way I, and I'm sure many other watch enthusiasts, would see it is that that £100 could be put away in order to save towards having your own.
How could you ensure the safe return of the watch? This isn't a £4 Lovefilm DVD you can stuff in to a pre-paid envelope, an expensive watch needs to be packaged carefully and delivered insured. How many 17 year olds trying to impress their new squeeze care enough to get their arse to the post office?
If someone doesn't return the watch in the alotted time frame, how are you going to enforce any penalties? I guess you could take a deposit/card details but people may well provide false details or be reluctant to provide anything.
So, no, I don't really think it's viable
[/Cyberface]
I'm no businessman but I can't see it working for pretty much the reasons already stated. Watch/model variations, possibility of watches disapearing or being swapped and associated insurance costs, bracelet sizing, wear and tear, etc etc. I honestly can't see it being a huge market either, certainly not as big as jewellery hire for women. You'd also only being looking at mid to high end stuff (I'm thinking a few £k +) which would also add massively to the set up costs.
I'm oot!
I'm oot!
al1991 said:
Damage would be an issue. Scratches, dinks, cracks, people taking the back off to poke around the movement.
You'd have to have a lot of stock, some of which wouldn't be anywhere near as popular as other models.
Would you stock only current models? Or popular out of production models such as the Sea Dweller?
Mundane things could become an issue, such as sizing bracelets correctly for people. Who wants to pay £4/5 to have a watch sized if they're only borrowing it? If you size it, it's difficult to get an accurate fit without the person's wrist in front of you. Some people like a tight/loose fit.
As you mention, replicas would be an issue. There's lots of people out there who would pay to rent a high end watch and swap it for a replica. How could you 'prove' you didn't send a replica in the first place, or that the watch that has been returned is different to the one you loaned out?
I've no doubt that some individuals would be happy to pay, say, £50-£100 to rent a Rolex for the weekend in an attempt to impress someone. The way I, and I'm sure many other watch enthusiasts, would see it is that that £100 could be put away in order to save towards having your own.
How could you ensure the safe return of the watch? This isn't a £4 Lovefilm DVD you can stuff in to a pre-paid envelope, an expensive watch needs to be packaged carefully and delivered insured. How many 17 year olds trying to impress their new squeeze care enough to get their arse to the post office?
If someone doesn't return the watch in the alotted time frame, how are you going to enforce any penalties? I guess you could take a deposit/card details but people may well provide false details or be reluctant to provide anything.
So, no, I don't really think it's viable
[/Cyberface]
Al1991 sums up my thoughts perfectly ... You'd have to have a lot of stock, some of which wouldn't be anywhere near as popular as other models.
Would you stock only current models? Or popular out of production models such as the Sea Dweller?
Mundane things could become an issue, such as sizing bracelets correctly for people. Who wants to pay £4/5 to have a watch sized if they're only borrowing it? If you size it, it's difficult to get an accurate fit without the person's wrist in front of you. Some people like a tight/loose fit.
As you mention, replicas would be an issue. There's lots of people out there who would pay to rent a high end watch and swap it for a replica. How could you 'prove' you didn't send a replica in the first place, or that the watch that has been returned is different to the one you loaned out?
I've no doubt that some individuals would be happy to pay, say, £50-£100 to rent a Rolex for the weekend in an attempt to impress someone. The way I, and I'm sure many other watch enthusiasts, would see it is that that £100 could be put away in order to save towards having your own.
How could you ensure the safe return of the watch? This isn't a £4 Lovefilm DVD you can stuff in to a pre-paid envelope, an expensive watch needs to be packaged carefully and delivered insured. How many 17 year olds trying to impress their new squeeze care enough to get their arse to the post office?
If someone doesn't return the watch in the alotted time frame, how are you going to enforce any penalties? I guess you could take a deposit/card details but people may well provide false details or be reluctant to provide anything.
So, no, I don't really think it's viable
[/Cyberface]
EnjyBenjy said:
Hi
What are people's opinions on whether this is (or would be) a flyer? Is it appealing to be able to lease a timepiece of choice (ultimately) either as an alternative to buying and owning, as a special occasion, or as a test drive before buying?
From a business point of view there are a couple of problems I see with this, namely the existence of replicas/couterfeits and insurance cover for theft/damage/loss.
This type of venture exists for jewellery but not for watches in the UK, I was wondering why this is the case if not because of the two reasons above?
Perhaps Joe Public would prefer to get hold of a fake piece for the purpose of a short-term trial or event. Surely there is a population of watch-lovers that would see this service as a good opportunity to display variance in styles - almost as part of an exclusive club?
Thoughts?
I remember a similar business proposal on Dragon's Den a series or two ago relating to expensive diamond jewellery, for rental at weddings etc.What are people's opinions on whether this is (or would be) a flyer? Is it appealing to be able to lease a timepiece of choice (ultimately) either as an alternative to buying and owning, as a special occasion, or as a test drive before buying?
From a business point of view there are a couple of problems I see with this, namely the existence of replicas/couterfeits and insurance cover for theft/damage/loss.
This type of venture exists for jewellery but not for watches in the UK, I was wondering why this is the case if not because of the two reasons above?
Perhaps Joe Public would prefer to get hold of a fake piece for the purpose of a short-term trial or event. Surely there is a population of watch-lovers that would see this service as a good opportunity to display variance in styles - almost as part of an exclusive club?
Thoughts?
Deborah shot it down saying you can never go off someone's genuinuity, acting out "Oh my god I'm so sorry I don't know where it's gone or what's happened to it. I think someone's stole it."
Lost property, and a wolf amongst the sheep somewhere.
andy tims said:
Interesting thought, but I'd imagine if it really was viable, someone would already be doing it.
Not strictly true, as if that was the case we would never have such a thing as innovation. There has always got to be someone to do something first.If the idea interests you why not cost it out and do a little market research.Do a SWOT analysis on the idea Strengths, Weaknesses, Opportunities and Threats.
Work out how much you would spend and how much you could expect in return.Loads of people have great ideas but it's putting it into practice that counts.
Pretty much done most of that, only hung-up on these common issues that potentially make the venture difficult...
Getting a decent client base may be the key, probably managable to some extent by where one advertises (prestige events, partnering up with 'certain' companies etc.). You'll never be able to really get away with the damage or 'loss' - it'll take one individual to knacker your insurance premiums from then on.
Getting a decent client base may be the key, probably managable to some extent by where one advertises (prestige events, partnering up with 'certain' companies etc.). You'll never be able to really get away with the damage or 'loss' - it'll take one individual to knacker your insurance premiums from then on.
P7ULG said:
andy tims said:
Interesting thought, but I'd imagine if it really was viable, someone would already be doing it.
Not strictly true, as if that was the case we would never have such a thing as innovation. There has always got to be someone to do something first.If the idea interests you why not cost it out and do a little market research.Do a SWOT analysis on the idea Strengths, Weaknesses, Opportunities and Threats.
Work out how much you would spend and how much you could expect in return.Loads of people have great ideas but it's putting it into practice that counts.
The fact that high end jewellery rental exists but watch rental doesn’t, suggests that it’s probably been considered & discounted several times over.
I saw that watchfinder were doing rentals some time back. IMHO, there's too much that can go wrong with such an arrangement - the owner of the stock would put every clause possible into the rental agreement to cover them and consumers would lose out.
If someone is thinking that they want to rent a watch, as mentioned above, the most cost effective method would be to buy used and sell when you've had enough of the watch. Your loss will be minimal and (I say this as someone who sells a lot of watches) you might make some money depending on model.
If someone is thinking that they want to rent a watch, as mentioned above, the most cost effective method would be to buy used and sell when you've had enough of the watch. Your loss will be minimal and (I say this as someone who sells a lot of watches) you might make some money depending on model.
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