Importance of having a sound warranty management system
By: Riya Sachdeva
Tags: CRM, Warranty Management, Technology, Software, Crm Software

A large number of brands consider their warranty management process to be merely a cost and drain on revenue. And not many companies have invested in the warranty to improve customer satisfaction and cut costs.

You will be surprised to know the functions a sound digital warranty management system can perform for your business. What’s even better? You pay for one solution, i.e., warranty management, and get a whole bundle of solutions for free. Let us take you over the benefits!

Saves Cost -

According to a recent survey by IBM -On average, warranty costs for electronics companies are close to 3 per cent of revenue. Of that 3 per cent, less than 1 per cent is spent on repair or replacement.

For a one-billion-dollar company, that’s USD 20 million in processing and administration costs across the repair cycle. A digital warranty system can help you reduce Money spent on customer communications, processing costs and identifying duplicate claims.

Improve Customer Experience -

In 2022, a study from Gartner shows that 81% of companies will be competing completely on customer experience. Hence it becomes vital for brands to provide an unparallel customer experience. A smooth warranty claims process is one of the most important post-sales services you can offer your customers. A well-executed Warranty process reinforces customers’ faith in your brand because they feel taken care of even after the purchase.

Leverage Data-Driven Decision Making -

A digital warranty solution can bring you inbuilt reports and analytics, enabling you to track customer behaviour and make insightful business decisions. Take better business decisions with relevant insights from Smart Dashboards to manage product sales across geographies, markets and demographics.

Bring Customers Online -

In 2020, goods bought online globally grew by 24%, while at the same time, store-based sales declined by 7%. Online is the next normal in retail sales, and your ability to convert your offline customers into online customers will define the future of your business. NeuroWarranty is a digital warranty solution that brings all your existing offline customers online. Assuring a smooth transition, NeruroWarranty also gives you access to valuable customer data, enabling you to retain more customers and increase revenues.

Get Customer Data -

If customer data is a goldmine, a digital warranty solution is your pickaxe.

No matter how good your remarketing and upselling messages are, without knowing who your end customers are, all those remarketing efforts will not bring in any results. In-depth Customer Data such as Names, contact details, time and place of purchase and other details help your marketing teams personalize and segment your marketing messages.

It also allows you to track product life cycle and remarket effectively in a hyper-personalized manner, creating an overall experience tailored specifically to match your customer’s needs.

The way your brand handle warranty claims sends a clear message to your customers about the importance you give to make sure they have a satisfying experience. Manual warranty processes leave customers wanting, and can even lead to serious data security breaches or fraudulent claims.

NeuroWarranty is a digital warranty solution that offers several solutions at no additional cost, along with a super-efficient tool to manage your warrant system. Built-in CRM, customer data, cross-selling opportunities, independent identity, direct communication with the customers, and the pathway to grow and increase turnover are just some of the tangible benefits.