Why Retailers—Big and Small—Should Invest in Third-Party Warranty Solutions

Coming off another big holiday season, some retailers may be reevaluating their customer service approach in the new year. By listening to customer feedback, retailers may find they need additional resources to help build customer satisfaction – that’s where a third-party warranty partner can come into play. And not only are third-party warranty solutions a great way to build customer satisfaction, they can keep your bottom line healthy, too.

Increase customer loyalty
By finding the right partner, you can offer customers outstanding protection options through personalized coverage, reduced obstacles, and a streamlined claims process. And with the help of the right provider, customers are sure to see the added benefits they reap from your partnership—knowing you’ll handle problems when they arise, leading to an increase in trust and loyalty.

Give your bottom line a boost
Additionally, third-party warranty solutions can act as a totally new revenue stream for your business. When a customer purchases a custom warranty solution, it allows you to increase the impact you receive from a single purchase—because one sale essentially becomes two. But without a third-party warranty partner, you may be missing out on this unique opportunity to influence your bottom line.

Training for your team
When you partner with a third-party warranty provider, you’re introducing a new way to extend the customer experience. A recent survey shows that one-in-six consumers said they received excellent service after their purchase, but most were frustrated by a lack of support from the company.

Third-party partners can offer sales and customer service training for your team, resulting in both a streamlined sales process and high levels of customer satisfaction. In addition, this training keeps the sales team on the same page with regard to customer interactions, ensuring both new and existing customers receive the best possible experience.

Custom, not cookie-cutter
Instead of a one-size-fits-all product, a third-party warranty provider can help you craft protection plans unique to each customer need. Whether it’s a cracked mobile phone screen or pet stains on the sofa, with the help of product innovation you can position yourself a step ahead of the competition—helping you build a positive and loyal customer relationship.

From the initial interaction to the final transaction, it’s important that the sales process is seamless—including when adding items like warranties. Third-party warranty providers can deliver a hassle-free experience for retailers—no matter the size.

Author: Steve Davidson

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