You value your customers. You understand how important it is to develop and nurture positive relationships with them. You’ve developed responsive and efficient support channels. Maybe you offer a loyalty program, or even send customers discounts on their birthdays. But, how else can businesses step up their customer experience game?
Offering customers extended warranties at the point of sale is a great way for businesses to enhance their customer experience. Here are a few reasons retailers should start offering product protection with Clyde:
The market for service contracts is by no means new or small. In fact, according to Warranty Week, the US market for them is $40 billion annually. The few companies that have been able to sell extended warranties have profited tremendously from them. To learn more about the extended warranty market, click here.
Clyde is increasing accessibility to service contracts so that retailers of all sizes can make 100% passive, risk-free revenue from the sale of extended warranties. Clyde’s autopilot margin feature ensures the price of contracts is optimized to maximize conversions. Plus, when claims are approved, businesses will often make additional sales from replacement products.
In a recent study of 700 people who reported they had purchased various appliances and technology products in the last 12 months, participants who purchased product protection indicated more frequently than participants who didn’t purchase protection that the product they bought was made by the same brand as the previous product they bought. Further, shoppers that purchased protection reported that the retailer from which they made their purchase mattered more to them than to the segment that did not buy an extended warranty. This trend held true for buyers of products in nearly every vertical.
Why does this matter?
Extended warranties attract a segment of more brand-loyal shoppers. In turn, retailers that offer product protection will attract a more loyal cohort of customers.
Needless to say, brand loyalty and customer retention are key drivers of a business’s success.
Insuring anything can often appear a murky and intimidating process. Fortunately, Clyde handles all the regulatory obstacles for retailers so that their warranty offering is an entirely passive part of their business. It takes just a few minutes to integrate and launch. Lastly, Clyde is free of charge and free of risk to offer. There’s zero downside.
Still have questions? Subscribe to our blog, schedule a demo, or drop us a line at firstname.lastname@example.org!
Here are three ways to encourage customers to spend more on each order.
Insurance industry jargon can be confusing. We're here to help you makes sense of it all.
We're looking forward to helping bring coverage options to your business. Passive revenue is right around the corner.