10 Years of Worldwide Growth: Marketplace for Luxury Watches Chrono24
The web platform Chrono24.com has been a continuing international success story since 2003
Karlsruhe, April 16, 2013 – Google, eBay or Amazon have been on everyone’s lips since early on: founded in the USA, they acquired worldwide success quickly. German internet start-ups, however, are not known for it – one of the very few exceptions is Chrono24 (www.chrono24.com). Created in 2003, the platform provides a marketplace for luxury watches, where the renowned dealers and private sellers from around the globe offer name-brand watches. Unlike the watch sections at popular auction portals, Chrono24 is an exception due to an exclusive variety of luxury watches. Each month more than four million marketplace visitors, two million unique users and more than 50 million page views highlight the marketplace as a unique special-interest-platform. All offers are translated into 22 languages; dealers as well as private sellers come from all over the world. The scope of offers and its simplicity of use combined with the best price-performance ratio are compelling arguments in favor of Chrono24.
The history of Chrono24 goes back to the year 2002: the Internet domain chrono24.com was registered in October, the following year the first dealers got started selling on the platform. Five years later the scope already counted 40.000 watches from 47 countries. Currently almost 140.000 watches from 69 countries are presented online, the total value of all watches on offer counts over one billion dollars. “Luxury watches are recognized as valuable assets and therefore the demand for them surges. This is the basis for the success of Chrono24“, says Tim Stracke, who has been the company’s owner since 2010 together with Dirk Schwartz and Michael Krkoska. The three watch lovers are experienced internet start-up founders. Investor funds are no longer required; the business model has proven successful.
Selling dealers are charged for using the platform according to various price models. As for private sellers, they pay a listing fee that is refundable in case of non-sale. Rarely has a marketplace for a special-interest area evolved so much. Watch buyers additionally can get personal advice from the so-called Buying Agent. A watch connoisseur from Chrono24 helps to choose, evaluate and purchase the watch. The service is part of the business model and is highly appreciated. “Almost 100 percent of the customers who once bought a watch through the Buying Agent use the service again”, says Tim Stracke.
Chrono24 (www.chrono24.de) is the world most popular online marketplace for high quality luxury watches with more than 100,000 offers from over 70 countries. Almost 1,000 permanent and professional dealers as well as several thousand individual private-sellers offer luxury watches of all brands – Omega, IWC, Rolex, Patek Philippe, Vacheron Constantin, Longines, Lange & Söhne, Glashütte Original, Zenith and many more. Chrono24 has more than three million page views per month, selling vintage watches, NOS pieces (New Old Stock) as well as new and unworn in safe kept watches. Safety is an issue of great importance: Before the dealers are allowed to trade on the online marketplace, they are strictly checked.