Providing product protection services reveal new revenue opportunities for brands and enhances brand value.
Offering product protection plans and value-added services like shipping insurance, payment plans and more can help retail brands selling online build consumer loyalty and increase purchases. Brands should offer innovative value-added services and product protection plans to attract consumer attention.
Service contracts like an extended warranty for malfunctions and protection plans for accidental damage from handling (ADH) can help ecommerce brands drive sales at the checkout stage. Further, the extended warranty market is predicted to grow to $169.82 billion by 2027, as per Allied Market Research.
Moreover, warranty coverage and product protection can help brands improve customer experiences while growing net profit rates and purchase conversion rates. Retailers can offer protection services like replacements, repairs, ADH and more to impact purchasing decisions and boost sales.
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