Warranty Management Solution for the Home Appliances Industry [Case Study]

The home appliances industry has one of the highest customer lifetime values across industry segments. In an industry where brands have a large number of SKUs, the profitability of a home appliances brand depends on its ability to successfully upsell and cross-sell to its existing customers. 

Protecting the investment of their customers and maintaining high levels of trust to encourage repeat business is critical for a home appliances brand. Many brands overlook this notion and often discount the importance of warranty and after-sales support services and end up losing invaluable repeat sales. 

To keep up with an ever-changing marketplace and a growing customer base, companies have to get more creative in terms of the top-notch services they offer. To provide the best possible customer experience, brands need a new age warranty solution that can deliver much more than just managing product warranties and help them increase sales and save costs. 

Are you looking for these features in a Warranty Management Software for your home appliances brand?

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

How has NeuroWarranty helped Home Appliances brands with its Digital Warranty Management Software?

Introduction - A warranty management software that refined Greenchef's post-sales customer experience. 

Greenchef focuses on providing best in class home appliances to its consumers since its inception. Greenchef always aimed to build a long-term connection with its end customers and deliver an unparalleled post-sales experience to its end customers to strengthen this relationship. 

What were the issues Greenchef was facing?

1. High Operational Costs.
2. Low customer satisfaction rates related to post-sales services. 
3. Not being able to cross-sell, upsell to existing customers.
4. Increased Fraudulent Claims.
5. Hassle in managing product warranties for multiple SKUs.

What did NeuroWarranty notice?

Home Appliances brands like Greenchef 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 - 

High operational costs - 

Greenchef had a major problem with their warranty costs. Their operations were extremely dependent on paper-based systems, and these high overheads accounted for a huge percentage of the total spending in this department. As a result, their warranty services cost increased multi-fold due to four main factors:

1. Labour-intensive manual claims process.
2. No direct communication between customers who claim a warranty. and the client servicing teams.
3. Fraudulent/ Expired warranty claims.
4. Lack of access to warranty data.

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 Greenchef's client servicing teams to access some essential post-sales services like warranty claims and product replacement. 

In an industry where replacing the product is often cheaper/ easier than repairing the product, customers who had to face difficulties in claiming a warranty switched to competitor brands.

Not being able to cross-sell, upsell to existing customers -

Home appliances brands have a very high customer lifetime value, but not having effective channels for cross-selling and upselling restricts home appliances 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 Greenchef struggle with its cross-selling efforts. 

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

Increased Fraudulent Claims -

Our client was receiving numerous monthly fraudulent claims. A traditional warranty solution used by Greenchef could not differentiate between fraudulent, expired, and genuine claims. This affected its revenue and caused a poor brand image, thus, increasing warranty costs and cutting margins. 

Hassle in managing product warranties for multiple SKUs -

Greenchef 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 Greenchef ?

Greenchef realized that in order to maintain long term growth, profitability and profit margins it had to work on two important touchpoints - 

1. Reduce fraudulent warranty claims.
2. Cross-sell and up-sell to existing customers effectively.

Greenchef's search for a suitable solution led them to NeuroWarranty. Greenchef 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 Greenchef 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 Greenchef, 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, allowing Greenchef to track its sales across geographies and demographics and take informed business decisions. 

Transforming GreenChef's post-sales service - 

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

How was the home appliances 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 and building a connect with end-customers - 

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

Greenchef 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 Greenchef increase its customer engagement by enabling them to respond to individual customer queries and acknowledge customer feedback and reviews.  

Getting access to data of end customers -

Greenchef knew that the home appliances 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.

Home Appliance brands like Greenchef 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. 

Get data of your Amazon and other marketplace customers now!

How does NeuroWarranty digitize your warranty process?

Digitizing and automating warranty claims -  

In an industry where it is crucial to build trust among your customers for a long-term relationship, the easy and hassle-free warranty claims process soon became a key differentiator between Greenchef and its competitors. 

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

Customers of the Home Appliances 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 an 80% decrease in warranty processing costs for Greenchef.

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

The Results? 

1. Green chef was able to differentiate between fraudulent claims and genuine claims that lead to the stoppage of warranty frauds. 
2. Using personal data of their end customers from retail as well as market places like Amazon and Flipkart, Greenchef reengineered its cross-selling strategy and achieved among the highest repeat sales percentage in the industry. 
3. A simplified warranty claims process built trust among Greenchef customers, and the hassle-free warranty process continues to be among its USPs.  

How can your home appliance brand benefit from this solution?

NeuroWarranty's warranty management software is helping Greenchef, Resqtech, Syska, 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 software 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 home appliances segment. Schedule a call now.