The Swiss watch industry is the epitome of luxury today and has come a long way since its humble beginnings. With a deep dive into data, age old luxury watch brands can pick a trick or ten to not only stay relevant in accordance to the changing times but also manufacture and sell what people want. A study by Singapore-based Emotional Analytics revealed insights about people’s watch-buying preferences. The stats revealed a tilt in favour of Swiss automatic watches, a preference for 42mm and 38mm watches, and popular colours being black and blue, among other such interesting facts. When luxury watchmakers create a product based on these stats they unlock the potential of tapping a wider audience than their current base.
Collectors of luxury watches are often faced with the dilemma of authenticating luxury watches, especially the pre-owned ones. Pawnbrokers have similar issues too and AI helps mitigate any such concerns. AI-based apps have been developed with varied features such as image-scanning of particular areas of the watches so as to flag counterfeit timepieces with precision. Watch CSA is one such app.
But the problem with detecting counterfeits is they are advanced copies of the original what with sapphire crystals, cloned movements, and other such features making them hard to be detected. ORIGYN, the Swiss non-profit foundation is taking up the issue of counterfeits in luxury watches heads on by utilizing the power of Blockchain, AI, and Machine Learning coupled with great phone cameras to develop an app which lets manufacturers make digital twins of watches which are used for authentication purposes in the future. Such apps will save the luxury loss brands from loss of sales as well as trust of customers.
Centredoc, a co-operative tracks all the latest trends and developments in the watch industry and has it readily available for the manufacturers who need such information. Their databases boast of all patents in the sector worldwide registered for more than 150 years. They also monitor 3D printing, a topic that is currently trending in the industry along with blockchain, AI, and Industry 4.0.
The fact that SIHH in 2019 had a dedicated display area for showcasing new tech such as AI, robotics, and 3D printers shows the adventure of AI in the luxury watch industry has just begun.
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