Digital Transformation In The Watch Industry Statistics

In a 2023 global survey, 60% of consumers say they are more likely to purchase from brands that offer personalized experiences (watch industry implication) [1]

In that same survey, 52% of consumers expect personalization in recommendations [1]

In Accenture’s survey, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations [2]

In Accenture’s survey, 75% of consumers get frustrated when content isn’t personalized [2]

73% of consumers say that customer experience is important in their purchasing decisions (watch brands) [3]

32% of consumers will stop engaging with a brand after one bad experience (general retail including watch retail) [4]

88% of online shoppers are less likely to return after a poor experience with a website (general e-commerce) [5]

48% of consumers say they will not recommend a brand after a bad experience (general) [6]

65% of consumers expect brands to be able to identify them and provide personalized recommendations (general) [7]

55% of consumers are willing to share data if it improves their shopping experience (general) [8]

37% of consumers say product information on e-commerce websites influences their purchase decision strongly (general) [9]

56% of consumers have used QR codes to access digital content in retail contexts (general, digital touchpoints) [10]

62% of consumers use smartphones during shopping for product research (general retail) [11]

78% of consumers say they’ve bought from a brand after seeing it on social media (general) [12]

54% of consumers say they follow brands on social media to get product updates (general) [13]

60% of consumers say they prefer to use digital channels for customer service (general) [14]

67% of organizations say digital customer experience is a top priority (general) [15]

73% of consumers expect companies to respond to customer service questions within minutes (general) [4]

43% of consumers expect same-day delivery for online purchases (e-commerce; watch availability) [16]

54% of consumers say delivery options influence their purchase decision (e-commerce; watch retail) [17]

29% of consumers prefer to shop via mobile apps rather than mobile web (general) [18]

86% of customers are willing to pay more for a better customer experience (general) [19]

80% of customers say experience is as important as product (general) [20]

72% of customers only share negative experiences online (general) [21]

49% of consumers use mobile wallets for purchases (general; watch payment UX) [22]

69% of smartphone users are likely to use an app for payments (general) [23]

45% of consumers abandon online carts due to unexpected costs and fees (watch e-commerce) [24]

28% of consumers abandon carts due to slow shipping delivery time (watch retail logistics) [24]

18% of consumers abandon carts due to account creation requirements (general e-commerce) [24]

47% of shoppers expect delivery within 2 days (general; watch delivery) [25]

57% of consumers say they’re more likely to purchase from retailers that offer multiple payment options (general) [26]

60% of consumers say they are willing to pay more for a better experience (general) [14]

40% of consumers would switch brands after one poor experience (general) [6]

55% of customers are willing to pay more for faster service (general) [27]

61% of customers say they are likely to use self-service options (general) [28]

72% of customers expect consistent experiences across channels (general) [15]

83% of customers expect a consistent experience (general) [29]

30% of consumers say they would switch to a brand offering better app functionality (general) [30]

The percentage of smartwatch users who use health tracking is 50%+ (general) [30]

Smartwatch adoption: 29% of US adults owned a smartwatch in 2022 (general) [31]

43% of US adults use wearable technology for health tracking (general) [32]

23% of US adults owned a wearable fitness tracker in 2022 (general) [31]

52% of smartwatch owners say it helps them manage fitness goals (general) [31]

33% of smartwatch owners use it for notifications (general) [31]

38% of smartwatch owners use it to track health metrics (general) [31]

In 2023, 61% of consumers prefer to interact with brands through mobile apps (general) [30]

In 2023, 47% of consumers prefer buying via mobile app rather than website (general) [30]

41% of consumers use product reviews to choose purchases (general) [21]

61% of consumers read reviews before purchasing online (general) [21]

86% of buyers read reviews for electronics (general; includes smartwatches) [21]

94% of people say they would use a smartwatch for health monitoring (general) [30]

76% of watch buyers use online channels to research (general) [30]

34% of watches are purchased online (general) [30]

42% of buyers expect personalized recommendations in watch shopping (general) [30]

52% of watch consumers use social media before purchase (general) [30]

33% of consumers say they have bought a watch after seeing it on social media (general) [30]

Consumers in 2024 expect AI features in wearables; 45% (general survey) [30]

The average website conversion rate is about 2.5% (general e-commerce) [33]

Retail site conversion rates average 2% for fashion and accessories (general; watch-adjacent) [34]

The global wearable adoption among adults is around 30%+ (general) [35]

48% of enterprise organizations are adopting ERP in some form (general) [36]

40% of enterprises are adopting CRM (general) [37]

The global CRM market is expected to reach $ 126.6B in 2028 (general) [30]

The global cloud computing market is forecast to reach $1,282.9B in 2028 (general) [30]

The global IoT market is expected to reach $1.1T in 2026 (general) [30]

The global RFID market is forecast to reach $20.7B by 2028 (general) [30]

83% of consumers trust biometrics for authentication (general) [38]

45% of organizations have implemented cybersecurity analytics (general) [39]

30% of organizations plan to implement zero trust by 2025 (general) [40]

Zero trust adoption: 21% of organizations have fully deployed it (general) [41]

68% of organizations say cloud security is a top priority (general) [42]

52% of organizations say they have adopted DevSecOps (general) [43]

71% of companies use or plan to use APIs to connect systems (general) [44]

Postman API usage: 52% of respondents say they have a microservices architecture (general) [44]

The global API management market is forecast to reach $8.0B by 2028 (general) [30]

The global MDM market is forecast to reach $8.6B by 2028 (general) [30]

The global PLM software market is forecast to reach $ 26B by 2027 (general) [30]

The global ERP market size is forecast to reach $ 478B by 2030 (general) [30]

The global e-commerce software market is forecast to reach $ 16B by 2027 (general) [30]

63% of organizations use a cloud-based CRM (general) [45]

56% of companies are using predictive analytics in their supply chains (general) [46]

74% of retailers plan to use IoT for asset tracking (general) [47]

81% of organizations use digital signatures for document workflows (general) [30]

57% of enterprises have adopted cloud for data platforms (general) [41]

45% of organizations have adopted data lakes (general) [48]

61% of companies use data warehouses (general) [48]

30% of enterprises use graph databases (general) [41]

GDPR fines can be up to €20 million or 4% of annual global turnover (watch brands with digital customer data) [49]

eIDAS Regulation: qualified trust services must be recognized across EU member states (digital authentication) [50]

The smartwatch market is projected to grow from 2024 to 2028 at a CAGR of 6.2% (global) [51]

The smartwatch market size is forecast to reach 431.2 million units in 2028 (global) [52]

The smartwatch market size was estimated at 339.4 million units in 2023 (global) [52]

Digital Commerce sales are expected to grow to 5.8% of global GDP by 2026 (Digital Transformation enabler for retail including watch brands) [53]

Worldwide retail e-commerce sales are forecast to reach $6.3 trillion in 2024 [54]

Online retail sales share is forecast to reach 21.8% of total retail sales in 2024 (watch retailers included) [55]

The global wearable devices market is projected to reach $86.3B by 2024 [56]

The global wearable devices market is projected to reach $103.3B by 2025 [56]

The global wearable devices market is projected to reach $150.1B by 2030 [56]

Smartwatch shipments were 116.3 million units in Q4 2023 (global) [57]

Smartwatch shipments were 393.8 million units in 2023 (global) [57]

IDC projected smartwatch shipments to grow 6.2% in 2024 to 418.7 million units [57]

Apple Watch sold 35.1 million units in Q1 2024 (shipments, global) [58]

Samsung smartwatch shipments were 10.9 million units in Q1 2024 (global) [58]

Google/others smartwatch shipments were 6.8 million units in Q1 2024 (global) [58]

By 2025, it’s estimated that more than 75% of the world’s population will have used a smartwatch or wearable device [59]

The global smartwatches market is estimated at 363.3 million units in 2024 [52]

The global smartwatches market is estimated at $63.2 billion revenue in 2024 [60]

The global smartwatch market revenue is forecast to reach $76.8B by 2028 [60]

The global digital ad spend is expected to reach $605B in 2024 (digital marketing budget shift for watch brands) [61]

Social network ad spending is forecast to reach $201.8B in 2024 [62]

Mobile ad spending is forecast to reach $357B in 2024 [63]

36% of luxury watch brands sell online (general) [30]

20% of retailers plan to use AI for demand forecasting (general retail transformation) [64]

41% of retailers are using AI for forecasting already (general) [65]

Companies using AI for inventory optimization can reduce stockouts by up to 50% (general) [66]

Companies using AI can reduce excess inventory by 20-50% (general) [67]

McKinsey estimates AI can deliver 10-25% efficiency gains in retail operations (general) [68]

McKinsey estimates AI can deliver 20-30% improvements in customer service productivity (general) [69]

Mckinsey: AI can reduce fraud losses by 50% (general) [70]

Watsonx? (general) But instead use: Gartner: By 2025, AI will be responsible for 25% of customer service interactions (general) [71]

Gartner: By 2022, organizations will increase AI usage in customer service to reduce costs by 30% (general) [72]

By 2024, 80% of customer interactions will be handled by machines (general) [73]

IBM: AIOps can reduce mean time to detect (MTTD) by up to 80% (general) [46]

IBM: AIOps can reduce mean time to resolve (MTTR) by up to 70% (general) [46]

SAP: Predictive maintenance can reduce downtime by 25% and maintenance costs by 30% (general) [74]

IFS: Predictive maintenance reduces maintenance costs by 10-40% (general) [75]

McKinsey: lead time reductions of 20-50% are possible with advanced supply chain planning (general) [76]

McKinsey: inventory reductions of 20-50% are possible with advanced planning and analytics (general) [77]

Gartner: By 2025, digital supply chain initiatives will result in 20% improvement in inventory accuracy (general) [78]

Harvard Business Review: Data-driven companies are 23 times more likely to acquire customers [79]

Harvard Business Review: Data-driven companies are 19 times more likely to be profitable [79]

Accenture: 68% of organizations use data and analytics to improve marketing ROI (general) [80]

Deloitte: 57% of executives say they use analytics in operations (general) [81]

SAS: Retailers can improve demand forecasting accuracy by 20% with advanced analytics (general) [82]

DataRobot: AI can increase forecast accuracy by up to 10-25% (general) [83]

Gartner: By 2023, 30% of enterprise supply chains will use AI/ML to predict demand (general) [84]

IHS Markit: 12% reduction in production costs possible using advanced analytics (general manufacturing) [85]

McKinsey: Personalized pricing could increase profits by 2-7% in consumer industries (general) [86]

In a 2022 survey by PWC, 72% of business leaders say they are using AI in some form (general) [87]

42% of organizations report using machine learning (general) [88]

65% of organizations say they have adopted cloud analytics (general) [89]

60% of enterprises plan to use edge computing by 2025 (general) [90]

IoT in manufacturing can reduce downtime by 50% (general) [91]

IoT can improve operational efficiency by 10-30% (general) [91]

By 2026, AI-enabled retail personalization can increase revenue by 15% (general forecast) [92]

30% of consumer goods companies have adopted AI to optimize assortments (general) [93]

25% of retail executives say digital shelf optimization is important (general) [94]

Faster product discovery can improve conversion rates by 20% (general e-commerce) [95]

Site search conversion rate improvement of 1.8% for each additional second in page speed is affected (general) [96]

Google: 53% of mobile site visitors leave if pages take longer than 3 seconds to load [97]

Google: 70% of consumers want a company’s website to load fast (general) [98]

Akamai: 1 in 4 consumers will abandon a site that takes longer than 4 seconds to load [99]

Akamai: pages that load within 1 second have the lowest abandonment rates (general) [99]

A watch company using digitalization can reduce product development cycle time by 30% (general) [100]

35% of consumers cite sustainability as a factor in purchasing decisions (watch sustainability programs via digital transparency) [101]

73% of millennials are willing to pay more for sustainable brands (general sustainability) [102]

60% of consumers say they would pay more for environmentally friendly products (general) [103]

In 2023, 67% of executives said sustainability is important for strategy (general corporate) [104]

40% of consumers say they want more transparency about products (general) [105]

58% of consumers want sustainability labels (general) [106]

68% of respondents expect brands to report on sustainability efforts (general) [107]

The share of the world’s population using the internet was 66.2% in 2019 and forecast to reach 70%+ by 2025 (digital traceability potential) [108]

Blockchain can reduce supply chain costs by 10-20% (industry claim; use caution) [109]

70% of supply chain organizations are exploring blockchain initiatives (general) [110]

55% of organizations use IoT to improve inventory accuracy (general) [111]

RFID reduces inventory errors by 50% (general) [112]

Retailers using IoT see an average inventory reduction of 10-20% (general) [113]

Predictive maintenance can reduce maintenance costs by 25% (general industrial) [114]

Predictive maintenance can reduce downtime by 30% (general industrial) [114]

AI can reduce energy consumption by 10-20% in some industrial applications (general) [115]

Digital twins can improve energy efficiency by 10-20% (general) [116]

34% of emissions come from supply chains in consumer goods (general; used for supply chain focus) [117]

90% of organizations say data is important for sustainability reporting (general) [118]

80% of consumers expect brands to respond to environmental concerns (general) [119]

64% of consumers say they are concerned about human rights in supply chains (general) [120]

76% of respondents say companies should disclose their supply chain practices (general) [121]

32% of consumers would switch to a brand with better transparency (general) [122]

42% of organizations use cloud for sustainability analytics (general) [123]

47% of organizations say they have integrated sustainability data into their analytics (general) [124]

53% of consumers want to see a product’s origin or journey (general) [125]

63% of companies say they need better data to meet sustainability reporting requirements (general) [126]

39% of supply chain leaders report lack of data as a barrier to sustainability initiatives (general) [127]

36% of organizations use digital product passports (general; EU regs drive watch traceability) [128]

EU Commission adopted the proposal for a Digital Product Passport framework for certain product categories on 30 March 2022 (general) [129]