When customers buy a product, they want to be assured that their decision is correct. Therefore, satisfying customers with product warranty policies will help customers trust your business and bring many benefits. In this article, we would like to provide information to help you make an appropriate policy.
Product Warranty Overview
Product warranty refers to the assurance that the product manufacturer offers to the customer about the quality of their product and what will be compensated if the product does not work as advertised. Warranty will usually have limited exceptions to manufacturer’s obligations, which include: warranty expiration date; the product is not used as intended; products are resold after purchase. “Fine print” should always be referenced when it comes to warranties. A warranty protects consumers from problems with the goods or services they purchase.
Types of warranties to offer your customers
Consumer guarantees are the right of customers whenever they purchase goods or services. If the goods or services do not meet the consumer’s guarantee, your business must remedy the problem with a refund, repair, exchange, or repeat. Consumer guarantees apply to the reasonable life of the product, even if other forms of warranties have expired.
Express warranty refers to the company respecting any promises about its goods or services. For example, when a customer buys a phone at your store, your staff says that the phone is temporarily undergoing a software upgrade and doesn’t immediately show up for functionality. After that, the customer agreed to buy and when he got home, the phone didn’t show up. The shop must take action as the employee’s words are representative of the express warranty.
An extended warranty is a type of warranty that extends the customer’s time for expedited claims or warranties against defects. This guarantees your customers a repair, refund or replacement even after the warranty period has expired. If you sell an extended warranty, you must ensure that you are providing something of value to the customer.
How to provide a product warranty policy to satisfy even the toughest customer?
Follow the rules expressed
The rules or regulations governing warranties are usually outlined in a written document by the authority where you live, and businesses must comply with these regulations. So the first thing you need to do is follow the rules expressed. In addition, to ensure that you are following all the rules, you should consider hiring a qualified attorney.
Clarify what the warranty does and does not cover.
For the product warranty policy to satisfy customers the most, businesses need to provide a clear policy. Businesses need to clarify what the policy covers and does not cover. This saves time for the customer and the business while minimizing errors or other risks.
State the length of time that the product is covered.
When customers want to meet the product warranty policy, they need to know the exact time to return or ask the business to repair the product. Therefore, you must determine how long you want to be responsible for said products. Usually, products with long-term use need to be provided with a longer warranty period, which can be furniture or home appliances. Note that extended time can also be a competitive advantage.
Give customers the option to extend.
If you offer multiple warranty extension options to your customers, they will feel more comfortable spending a lot of money on big items. Therefore, considering the renewal options will help you gain more credibility from customers and bring many benefits to your business.
The Multi Source Inventory (MSI) management system by ConnectPOS is a tool to assist you in satisfying customers with product warranty policies. MSI helps you to manage orders and inventory, easily store information for quick inspection and thereby offer reasonable warranties to customers.
Conclusion
Satisfying even the most demanding customers with a chef-kiss warranty will make your business more profitable, thanks to the trust of your customers. Contact us if you need assistance in making warranties.
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