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Consumers Desire Comprehensive Product Protection from Retailers, Beyond Extended WarrantiesNEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Many retailers offer their customers a basic extended warranty, but to increase sales brands should look to add additional features to their protection programs, according to a new report from Cover Genius, the insurtech for embedded protection. The Retail Protection Report, surveying 11,408 global consumers across 12 countries, explores product protection experiences, revealing insights from consumers and offering valuable perspectives for retailers seeking to enhance their customer journey. Sixty percent (60%) of survey respondents said offering a combination of coverage options (e.g. shipping protection, accidental damage, return protection, etc.) would increase their likelihood of buying protection. This could signify an opportunity for retailers to reduce cart abandonment rates and maximize customer lifetime value with robust protection offerings. “We’ve seen firsthand that up to 83% of denied claims occur because of incidents that aren’t covered by an extended warranty. Yet, extended warranties, especially in the United States, are often all consumers are offered by retailers because it's the easiest to integrate,” said Angus McDonald, CEO and Co-founder of Cover Genius. “This data shows that customers want more from retailers, such as shipping protection in the case of package theft or accidental damage coverage for incidents like spilling coffee on a new laptop. Cover Genius enables our retail partners to easily integrate more comprehensive protection options through a single API, allowing them to meet customer demand without requiring additional investments in legal, technical, or other resources.” Additional takeaways from The Retail Protection Report include:
The Retail Protection Report: Consumer Insights and Key Takeaways for Retailers, conducted by SurveyMonkey and commissioned by Cover Genius, surveyed more than 11,400 global consumers to explore experiences with product protection across 12 countries. Download the full global report and country-specific insights for the United States, Mexico, Brazil, Sweden, Germany, France, the United Kingdom, Poland, Spain, Australia, India and South Korea for more information. About Cover Genius For more information, visit covergenius.com. Press Contact Shelley Petri Director of Marketing Communications [email protected] |