Cramer: What Apple Watch pre-orders mean

CNBC's Jim Cramer said Monday the nearly 1 million pre-orders estimated for the Apple Watch point to long-run success for the tech giant.

"This is now a 2016 phenomenon because by that time, everyone will know that you have to have this device. People under 25 have never had this device. Suddenly, they're going to wear it because it's part of their ecosystem," Cramer said in an interview on CNBC's "Squawk on the Street."

Cramer made his remarks after Slice Intelligence, a research firm based in California, on Monday said Apple Watch pre-orders neared 1 million on Friday, the first day such orders were available. The company's stock was up slightly midmorning Monday.

"My generation felt the watch was an accessory that looked good. The new generation doesn't even regard it as an accessory at the wrist. Suddenly they'll have a reason to look at the wrist and that reason is the Apple Watch," Cramer added.

Apple did not immediately respond to CNBC's request for comment.

Nevertheless, Cramer also said he believes Apple Pay, the company's electronic payment platform, will be a bigger needle mover for Apple. "They've got to make that easier for providers and restaurants and retailers to embrace. That's their next step. That is a needle mover for [late 2015] to early 2016."

Apple Pay launched last October.

Disclosure: Cramer's trust owned Apple stock when this article was published.