Warranty Management Solution for the Consumer Electronics Industry [Case Study]

A safe and secure warranty system plays a huge role in increasing customer confidence. Warranty management is a complex process that needs to change as companies and their product lines grow.

As more products are released, the need for additional warranty and after-sales service processes becomes increasingly important. Yet many consumer electronics brands aren't aware of this until they realize they must find some solution quickly or risk losing customers.

Are you looking for these features in a Warranty Management Software for your consumer electronics brand?

1. Access to data of your Amazon/ retail end customers
2. Increasing customer engagement
3. Warranty claims tracking
4. Elimination of fraud/ expired claims

If yes, NeuroWarranty is a Digital Warranty Management Software that has helped leading consumer electronics brands like Syska, Resqtech, Smartshout, and a 100+ leading brands achieve these results in no time. 

At a time when repeat sales drive businesses and customer retention has become more important than ever, traditional warranty solutions are just not the right fit for you. 

How has NeuroWarranty helped Consumer Electronics brands with its Digital Warranty Management Software?

Introduction - Helping Syska automate their warranty process.

Syska are market leaders in the Indian consumer electronics and electronics sector, with a diversified product range in segments like Syska LED, Syska Personal Care, Syska Accessories, Syska Home Appliances and Syska Wires & Cables. 

What were the issues Syska was facing?

1. Low customer satisfaction rates related to post-sales services. 
2. Not being able to connect with their customers at scale.
3. Not being able to remarket to existing customers.
4. Hassle in managing product warranties for multiple SKUs.

What did NeuroWarranty notice?

Consumer electronics brands like Syska have a high Customer lifetime value, but customers not having a satisfactory post-sales experience, the inability to remarket and a hassle filled warranty experience results in low retention rates and diminishing profits over time.

Challenges -

Low customer satisfaction rate (post-sales service related) - 

Customers often had to go through the hassle of finding old purchase bills and going through endless calls with Syska's client servicing teams to access some essential post-sales services like warranty claims and product replacement. 

This lead to an overall bad customer experience and left the customer dissatisfied with the post-sales service. 

Not being able to connect with their customers at scale - 

Customers, when registered for a warranty claim, wanted constant updates on their claim status, but ensuring that their customers were aware of their warranty claim's status was an expensive and time-consuming process for Syska. 

Absence of a direct communication channel between customers who claim a warranty and customer service teams had forced Syska to take up the process on-call resulting in additional service costs and reduced profits.   

Not being able to remarket to existing customers -

Consumer electronics brands have a very high customer lifetime value, but not having effective channels for remarketing restricts consumer electronics brands from unlocking the true value of a customer. 

Data from Oberlo shows that 80% of businesses consider email marketing as the most effective strategy for retaining customers. The lack of access to customer data like emails and phone numbers made Syska struggle with their remarketing efforts. 

Not being able to target the right segment of customers at the right time resulted in Syska losing invaluable repeat business.

Hassle in managing product warranties for multiple SKUs -

Syska was using a Traditional Warranty Management System. In the absence of AI and IoT based tools, it was facing an increase in cost and time elements.

Result?

1. Huge time investment in the claim settlement process.
2. Increased warranty frauds due to reliance upon paperwork. And we know how manual data recording is prone to errors.

How did NeuroWarranty help Syska?

Syska's search for a suitable solution led them to NeuroWarranty. Syska realized soon enough that this was the most cost-effective, robust solution that could even cater to their massive distribution network without additional effort in the minimum time frame. 

 With NeuroWarranty, customers of Syska can simply scan the tag placed inside the package to register for a warranty and track and manage it digitally. 

The scan gathers relevant consumer data for Syska, which is being leveraged in several innovative ways to resell, cross-sell and upsell to existing customers. The digitization even consolidated all data in one place, connecting thousands of Syska service centres across the country.

How does NeuroWarranty digitize your warranty process?

Transforming Syska's post-sales service - 

NeuroWarranty replaced Syska's traditional paper-based warranty with a QR code-based digital warranty. The new warranty software allowed Syska to deliver an unparalleled customer experience across all touchpoints. 

How was the consumer electronic brand's post-sales service improved?

1. Customers no longer had to go through the hassle of finding old bills and warranty cards to claim a warranty.
2. Customers could track the status of their warranty claim in real-time.
3. Using the Inbuilt CRM customers can communicate directly with customer support executives to solve their queries.
4. In case of improvements needed, customers can have the reviews and feedback acknowledged leading to an increase in customer engagement. 

Simplifying customer communications - 

NeuroWarrnty's Inbuilt CRM helped Syska manage all their post-sales customer communications on a single dashboard. The simplified customer interaction helped Syska reduce customer complaints calls and help tickets while reducing their customer service costs by 30%. 

Syska had identified the need to be customer-centric. They needed to connect with their end customers at scale to provide an unparalleled customer experience. 

NeuroWarranty, helped Syska increase their customer engagement by enabling them to respond to individual customer queries and acknowledge customer feedback and reviews.  

Getting access to data of end customers -

Syska knew that the consumer electronics market is filled with competitors trying to attract customers, and consumers of this segment are always open to trying out new brands. Hence their ability to retain customers will determine their profitability in the long run.

Did You Know: A 5% Increase in Retention Increases Profits by Up to 95%Bain and Company

Consumer electronics brands like Syska struggled to remarket effectively, as their sales channels (retail and marketplaces like Amazon) did not give them the end-customer data needed to reach the customers. 

NeuroWarranty helped Syska by giving them complete access to the personal data of every registered customer including Names, Email Ids and Phone Numbers. Access to end customer data allowed Syska to reengineer its remarketing strategy and achieve a 180% increase in repeat sales. 

Get data of your Amazon and other marketplace customers now!

Digitizing and automating warranty claims -  

NeuroWarranty replaced Syska's traditional warranty with a QR code-based Digital Warranty Solution. With the process of 'NeuroTagging', NeuroWarranty not only helped Syska automate its warranty but also made product serialization more effective for an improved supply chain management. 

Customers of the Consumer Electronics brand no longer had to secure old purchase bills and warranty cards to claim a warranty, which was one of the main reasons for rejecting warranty claims as warranty cards get easily misplaced. The automated warranty claims process resulted in a 70% decrease in warranty processing costs for Syska.

Download the complete case study to know more on how NeuroWarranty helped Syska digitize its warranty process and increase repeat sales. Download Complete Case Study. 

The Results? 

1. 300% increase of customer participation in the warranty program as products across SKUs were digitized. 
2. 5X customer engagement compared to other consumer electronics brands allows Syska to connect with their customers at scale and build a long term relationship.
3. 180% increase in repeat sales due to the combing effect of transformed customer service and personalized data-driven remarketing strategy. 

How can your consumer electronic brand benefit from this solution?

NeuroWarranty's warranty management software is helping Syska, Resqtech, Smartshout and 100+ leading brands increase their repeat sales by transforming their postsales services. 

What are you waiting for?

Make Digital Warranty Management System your Strategic Advantage!

Check out the list of the best warranty management solutions for the year 2022.

NeuroWarranty guarantees - 

1. Increase in revenue and profit
2. Up to 90% decrease in warranty-related costs.
3. Up to 180% increase in repeat sales.
4. 100% Reduction in fraudulent warranty claims
5. Data of your Amazon, Flipkart and retail end customers
6. 5X customer engagement compared to your competitors. 
7. Kickstarting your D2C journey. 

If you wish to convert your warranty expenses into a profit-making asset, schedule a call with our solution experts and get a solution that has delivered results for market leaders in the consumer electronics segment. Schedule a call now.