How to turn warranty offerings from a check box into a revenue driver

You’re not the only one who finds the idea of offering warranty solutions daunting. Many retailers view integrating a warranty pitch into a complicated sales process as a check-the-box obligation. Warranty can provide additional revenue and decrease customer churn. These are two great assets for any company. The entire process can be simplified if you have a third-party partner who offers warranty services.

Increase Revenue and retention

Consumers spent $23 trillion in 2016 on protection plans for devices such as mobile phones, computers, and appliances. Warranty programs are a great way to save money on unexpected costs, such as a broken phone or an electrical problem. They can also help you cover any other expenses that may arise. Your customer will save money by purchasing coverage from or, which can help you generate additional revenue.

Customers can feel secure in their relationship with retailers by having warranty protection. Customers can rest assured that if a product fails to perform as expected, there is a plan in place. This provides security and peace-of-mind. Recent research has shown that customers who have extended warranties or service contracts are more loyal than those who don’t. This means that if you care about your customers, they will keep coming back.

Sell with confidence

It is crucial that you know the details of your warranty products so you can show customers their benefits. Not surprisingly, 25% of customers said they are more likely to buy a warranty if it is presented professionally.

 

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It goes beyond what is said. Your sales team must communicate consistent messages to customers. The right third-party warranty provider will offer education and presentation materials to help your sales team be confident when dealing with customers.

You have the ability to offer the security, savings and confidence that customers want from a retailer. Partnering with a third party warranty provider will allow you to package the process, product, and people together to better service your customers and increase revenue.

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source: https://www.mytotalretail.com/article/how-to-turn-warranty-offerings-from-a-checked-box-to-a-revenue-driver/

Bon-Ton appears to be headed for liquidation

According to reports Tuesday morning, the only two bids received at the bankruptcy auction for Bon-Ton Stores Inc., a department store chain, were from liquidators . This signaled the end of the company. Reuters reported that Bon-Ton would go out of business without a bid form a going concern bidder. Reorg Research in New York, which also cited sources, reported that the Monday auction saw two liquidators. Bon-Ton executives hoped to find a buyer who would turn around the fortunes for the retailer which is also the parent company of Boston Store, Younkers, and other stores.

Total Retail’s View: The struggles of brick-and-mortar retail, particularly department stores, have been a constant industry theme. Bon-Ton could not make the necessary changes in its business to combat declining foot traffic, increasing online competition and changing consumer behavior. Bon-Ton seems to be closing its doors and joining Toys“R”Us and Sports Authority. It is possible that the brand will remain online in some way, similar to other brands who have closed their stores such as bebe or The Limited.

source https://www.mytotalretail.com/article/bon-ton-appears-headed-for-liquidation/

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