4 Reasons Product Warranties Benefit Businesses and Consumers
Whether it’s home utilities such as washer-dryers, fridges, or even toasters and kettles, or expensive electronics such as games consoles and smartphones, consumers expect some kind of warranty on more expensive products. Not every product comes with a warranty, but consumer law in the United States dictates that certain products must come with a warranty.
Even if a warranty is not mandated by law, there are many instances where it is in the interest of both business owners and their customers for a warranty to be given. Let’s take a look at four excellent reasons for businesses to start offering warranties to their customers.
They set Expectations
With a warranty, a business is pledging that they will repair or replace a faulty product should it develop a fault within the time period stipulated in the warranty. This is the minimum that a warranty will offer to the customer. Often, they will also have the option of upgrading the warranty, so that it is covered for all kinds of accidental damage.
Having the terms of the warranty in writing, in black and white, ensures that both the customer and the business know exactly what to expect in terms of what kind of events will be covered. This is advantageous to both parties, as it will make resolving any issues that arise much more straightforward.
Both Parties are Protected
With a product warranty, a customer can be certain that their rights will be protected. Purchasing a product, especially the kind of expensive consumer goods that warranties are generally applied to, represents a form of investment in that product. Consumers, like all investors, want to know that their investment is safe and that their money will not be wasted. A product warranty ensures that, should a fault with the product later develop that isn’t the result of either user negligence or expected aging, the consumer will be able to have the item replaced.
They Help Businesses to Stand out
The business world is notoriously competitive and cutthroat. Anything that a business can do to gain an advantage over their rivals has a potentially enormous value. A product warranty might not seem like a big deal but think about it from the point of view of a consumer. If the consumer is in the market for an expensive purchase, a laptop, for example, then if they are faced with the choice of two businesses who are offering the same product for the same price, but one is also offering a warranty, then who do you think they will choose?
Offering warranties as standard on all your products will help to build trust between a business and its customers. If you are a business owner looking to take advantage of the benefits that product warranties have to offer, then check out warrantyguides.com for some examples.
Product warranties benefit both businesses and consumers. If you are a business owner looking for a way to make your business stand out and offer your customers better value than consider offering warranty on your products as standard.