Multi Device Protection Services – The Future of Retail Product Protection
Jan 29, 2016
It would be naïve for retailers to assume that an increase in ownership of ‘connected’ consumer electronic products translates into a linear correlation to the number of product protection plans purchased by consumers. However, with the number of connected devices per household expected to reach double-digits by 2020, multi-device protection services that allow consumers to protect multiple devices through a single subscription are quickly evolving from a competitive differentiator to a competitive requirement for retailers. The benefits of multi-device product protection plans have become increasingly clear to market participants:
- Frictionless product protection experience: Multi-device product protection solutions allow consumers to protect their devices though a single subscription, which has proven to be more convenient and efficient than maintaining multiple relationships with various product protection providers.
- Better economic value: Consumers can protect multiple products at a lower cost than the aggregate cost of purchasing protection separately for each product (i.e. one from the retailer, another from a third-party, etc.)
- Increased customer loyalty: By quickly and conveniently resolving increasingly complex product issues, comprehensive protection plans (that include premium technical support services) have the ability to increase customer loyalty and satisfaction, enhance retailer brand perception, and drive shopper engagement.
- Increased revenue: By providing a wider range of product protection needs for consumers, multi device protection solutions have proven to drive repeat in-store visits, enhance sales, and maximize share of wallet (i.e. the amount of the customer's total spending that a retailer captures in the products and services that it offers.)
The Last Word
Multi-device retail product protection services offer a convenient and easy way for consumers to protect various consumer electronic devices in their homes or offices. Moreover, by combining multi-device product protection with premium technical support services, providers can help consumers maximize the value of their product protection plans, which has proven to increase customer loyalty and drives repurchases for retailers. In order to adequately address rapidly evolving customer requirements (often driven by technology advances), retailers are encouraged to partner with providers that have the experience and expertise to offer integrated, multi-device product protection services.
Fourteen years of product marketing, research, and consulting expertise, which includes supporting clients’ needs through more than 140 syndicated market research deliverables and consulting assignments. Particular expertise in Assessing next-generation telecommunications trends, technologies and market dynamics; Helping clients develop and execute their go-to-market strategies; Providing continuous inputs to clients into new market developments and helping them understand the strategic implications.