Not many things can make you feel as good as putting on a luxury timepiece on your way to a function or night on the town. You know you’re wearing a timepiece that’s built with great care and is a prime example of artisan craftsmanship and engineering.
Not to mention, a stylish “plain Jane” collectible luxury timepiece can also serve as a subtle status symbol, symbolizing the time and hard work you’ve put in to get where you are in life. However, increasingly, luxury watches are becoming investment purchases as much as collection and fashion purchases.
Like we said, not many things feel better than wearing a luxury timepiece. However, one of the things that probably do feel better is finding the perfect timepiece that complements your style and appreciates value with time. Luxury watches typically cost tens of thousands of dollars, and some pieces even go as high as hundreds of thousands of dollars.
So, you’d be smart to do your due diligence before investing in a luxury timekeeper. Continue reading to learn how true watch aficionados use data to make the best investments.
What Is Data Science?
To understand how collectors use data to make sound investments in luxury watches, you first have to understand the definitions of data and data science. You can simply define data as any kind of information. For example, your name is data, tomorrow’s weather is data, and the cost of a Patek Philippe is data. Data is everywhere if you know where to look.
Data science, on the other hand, is a bit more complicated. Data science is a field of information technology that uses advanced technology and methods to collect, process, and share insights derived from data analytics and other processes. Data mining is the process of searching for data and starts by deploying machine-learning algorithms to find relevant data and perform data analysis to convert the raw data into actionable insights.
Some Online Luxury Watch-Trading Platforms Use Web Analytics
Data science is all around us, including in the luxury watch-trading industry. Watchbox is the world’s leading platform for buying, selling, and trading luxury watches, and they use web analytics to ensure their users have a unique customer experience.
They use data science consulting services to help website visitors find the brand and style of watch they’re looking for within their budget. They also have tools to show how much the watch might be worth in the future.
As the most trusted platform for watch enthusiasts in the United States, Watchbox uses advanced analytics to provide transparency so even beginners can shop for luxury watches like experienced collectors. What can’t big data do?
Watch Enthusiasts Talk To Other Enthusiasts
Word of mouth is one of the most valuable types of data. It might not be as scientific as predictive analytics, but it’s a great way to get some great insights into growing trends in the luxury watch industry. True watch enthusiasts always have their ears to the streets and fingers on the pulse of the luxury watch-trading industry.
As you can see, big data is everywhere and significantly impacts how people make investment and business decisions. Indeed, there are many credible data sources for timepiece aficionados looking to add profitable investment pieces to their collections.
If you use a technology-first platform like Watchbox to buy and sell collectible luxury timepieces, you’ll have access to advanced analytics to aid you in the decision-making process, ensuring you can make great investments that appreciate with time.
And what better than a luxury watch to appreciate value with time? Knowledge is power, and with the right data, you can make your watch collection much more than something to show off to house guests.