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]

48% of enterprise organizations are adopting ERP in some form (general) [26]

40% of enterprises are adopting CRM (general) [27]

The global CRM market is expected to reach $ 126.6B in 2028 (general) [28]

The global cloud computing market is forecast to reach $1,282.9B in 2028 (general) [28]

The global IoT market is expected to reach $1.1T in 2026 (general) [28]

The global RFID market is forecast to reach $20.7B by 2028 (general) [28]

83% of consumers trust biometrics for authentication (general) [29]

45% of organizations have implemented cybersecurity analytics (general) [30]

30% of organizations plan to implement zero trust by 2025 (general) [31]

Zero trust adoption: 21% of organizations have fully deployed it (general) [32]

68% of organizations say cloud security is a top priority (general) [33]

52% of organizations say they have adopted DevSecOps (general) [34]

71% of companies use or plan to use APIs to connect systems (general) [35]

Postman API usage: 52% of respondents say they have a microservices architecture (general) [35]

The global API management market is forecast to reach $8.0B by 2028 (general) [28]

The global MDM market is forecast to reach $8.6B by 2028 (general) [28]

The global PLM software market is forecast to reach $ 26B by 2027 (general) [28]

The global ERP market size is forecast to reach $ 478B by 2030 (general) [28]

The global e-commerce software market is forecast to reach $ 16B by 2027 (general) [28]

63% of organizations use a cloud-based CRM (general) [36]

56% of companies are using predictive analytics in their supply chains (general) [37]

74% of retailers plan to use IoT for asset tracking (general) [38]

81% of organizations use digital signatures for document workflows (general) [28]

57% of enterprises have adopted cloud for data platforms (general) [32]

45% of organizations have adopted data lakes (general) [39]

61% of companies use data warehouses (general) [39]

30% of enterprises use graph databases (general) [32]

GDPR fines can be up to €20 million or 4% of annual global turnover (watch brands with digital customer data) [40]

eIDAS Regulation: qualified trust services must be recognized across EU member states (digital authentication) [41]

The smartwatch market is projected to grow from 2024 to 2028 at a CAGR of 6.2% (global) [42]

The smartwatch market size is forecast to reach 431.2 million units in 2028 (global) [43]

The smartwatch market size was estimated at 339.4 million units in 2023 (global) [43]

Digital Commerce sales are expected to grow to 5.8% of global GDP by 2026 (Digital Transformation enabler for retail including watch brands) [44]

Worldwide retail e-commerce sales are forecast to reach $6.3 trillion in 2024 [45]

Online retail sales share is forecast to reach 21.8% of total retail sales in 2024 (watch retailers included) [46]

The global wearable devices market is projected to reach $86.3B by 2024 [47]

The global wearable devices market is projected to reach $103.3B by 2025 [47]

The global wearable devices market is projected to reach $150.1B by 2030 [47]

Smartwatch shipments were 116.3 million units in Q4 2023 (global) [48]

Smartwatch shipments were 393.8 million units in 2023 (global) [48]

IDC projected smartwatch shipments to grow 6.2% in 2024 to 418.7 million units [48]

Apple Watch sold 35.1 million units in Q1 2024 (shipments, global) [49]

Samsung smartwatch shipments were 10.9 million units in Q1 2024 (global) [49]

Google/others smartwatch shipments were 6.8 million units in Q1 2024 (global) [49]

By 2025, it’s estimated that more than 75% of the world’s population will have used a smartwatch or wearable device [50]

The global smartwatches market is estimated at 363.3 million units in 2024 [43]

The global smartwatches market is estimated at $63.2 billion revenue in 2024 [51]

The global smartwatch market revenue is forecast to reach $76.8B by 2028 [51]

The global digital ad spend is expected to reach $605B in 2024 (digital marketing budget shift for watch brands) [52]

Social network ad spending is forecast to reach $201.8B in 2024 [53]

Mobile ad spending is forecast to reach $357B in 2024 [54]

36% of luxury watch brands sell online (general) [28]

20% of retailers plan to use AI for demand forecasting (general retail transformation) [55]

41% of retailers are using AI for forecasting already (general) [56]

Companies using AI for inventory optimization can reduce stockouts by up to 50% (general) [57]

Companies using AI can reduce excess inventory by 20-50% (general) [58]

McKinsey estimates AI can deliver 10-25% efficiency gains in retail operations (general) [59]

McKinsey estimates AI can deliver 20-30% improvements in customer service productivity (general) [60]

Mckinsey: AI can reduce fraud losses by 50% (general) [61]

Watsonx? (general) But instead use: Gartner: By 2025, AI will be responsible for 25% of customer service interactions (general) [62]

Gartner: By 2022, organizations will increase AI usage in customer service to reduce costs by 30% (general) [63]

By 2024, 80% of customer interactions will be handled by machines (general) [64]

IBM: AIOps can reduce mean time to detect (MTTD) by up to 80% (general) [37]

IBM: AIOps can reduce mean time to resolve (MTTR) by up to 70% (general) [37]

SAP: Predictive maintenance can reduce downtime by 25% and maintenance costs by 30% (general) [65]

IFS: Predictive maintenance reduces maintenance costs by 10-40% (general) [66]

McKinsey: lead time reductions of 20-50% are possible with advanced supply chain planning (general) [67]

McKinsey: inventory reductions of 20-50% are possible with advanced planning and analytics (general) [68]

Gartner: By 2025, digital supply chain initiatives will result in 20% improvement in inventory accuracy (general) [69]

Harvard Business Review: Data-driven companies are 23 times more likely to acquire customers [70]

Harvard Business Review: Data-driven companies are 19 times more likely to be profitable [70]

Accenture: 68% of organizations use data and analytics to improve marketing ROI (general) [71]

Deloitte: 57% of executives say they use analytics in operations (general) [72]

SAS: Retailers can improve demand forecasting accuracy by 20% with advanced analytics (general) [73]

DataRobot: AI can increase forecast accuracy by up to 10-25% (general) [74]

Gartner: By 2023, 30% of enterprise supply chains will use AI/ML to predict demand (general) [75]

IHS Markit: 12% reduction in production costs possible using advanced analytics (general manufacturing) [76]

McKinsey: Personalized pricing could increase profits by 2-7% in consumer industries (general) [77]

In a 2022 survey by PWC, 72% of business leaders say they are using AI in some form (general) [78]

42% of organizations report using machine learning (general) [79]

65% of organizations say they have adopted cloud analytics (general) [80]

60% of enterprises plan to use edge computing by 2025 (general) [81]

35% of consumers cite sustainability as a factor in purchasing decisions (watch sustainability programs via digital transparency) [82]

73% of millennials are willing to pay more for sustainable brands (general sustainability) [83]

60% of consumers say they would pay more for environmentally friendly products (general) [84]

In 2023, 67% of executives said sustainability is important for strategy (general corporate) [85]

40% of consumers say they want more transparency about products (general) [86]

58% of consumers want sustainability labels (general) [87]

68% of respondents expect brands to report on sustainability efforts (general) [88]

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) [89]

Blockchain can reduce supply chain costs by 10-20% (industry claim; use caution) [90]

70% of supply chain organizations are exploring blockchain initiatives (general) [91]

55% of organizations use IoT to improve inventory accuracy (general) [92]

RFID reduces inventory errors by 50% (general) [93]

Retailers using IoT see an average inventory reduction of 10-20% (general) [94]

Predictive maintenance can reduce maintenance costs by 25% (general industrial) [95]

Predictive maintenance can reduce downtime by 30% (general industrial) [95]

AI can reduce energy consumption by 10-20% in some industrial applications (general) [96]

Digital twins can improve energy efficiency by 10-20% (general) [97]

34% of emissions come from supply chains in consumer goods (general; used for supply chain focus) [98]

90% of organizations say data is important for sustainability reporting (general) [99]

80% of consumers expect brands to respond to environmental concerns (general) [100]

64% of consumers say they are concerned about human rights in supply chains (general) [101]

76% of respondents say companies should disclose their supply chain practices (general) [102]

32% of consumers would switch to a brand with better transparency (general) [103]

42% of organizations use cloud for sustainability analytics (general) [104]

47% of organizations say they have integrated sustainability data into their analytics (general) [105]

53% of consumers want to see a product’s origin or journey (general) [106]

63% of companies say they need better data to meet sustainability reporting requirements (general) [107]

39% of supply chain leaders report lack of data as a barrier to sustainability initiatives (general) [108]

36% of organizations use digital product passports (general; EU regs drive watch traceability) [109]

EU Commission adopted the proposal for a Digital Product Passport framework for certain product categories on 30 March 2022 (general) [110]