Gosavex is an easy to use product protection plan platform that connects e-commerce with insurance providers.
The objective of Gosavex is to simplify the process of purchasing protection plans and claims once the purchased item develops a fault or is accidentally broken.
The service that Gosavex offers is an indispensable resource in the modern millennia. With more and more consumers fulfilling their shopping needs online, the ecommerce industry has continued to exploit the growing demand. Despite the comfort and convenience of ordering from your own home, however, there are limitations.
If an item is purchased from a local store, with warranty, the item can be returned to the store and replaced with a new one on the same day. Unfortunately, in an ecommerce setting, replacing an item requires postage and packaging and a delayed interchange at best. In the worst case, returning an item purchased online can mean reviewing pages of heterogeneous legal scripture, and laborious detective work to understand the various protection plans available. According to electronics device insurance company Asurion, consumers who have a product serviced through one of their product protection plans show a 41% increase in customer satisfaction.
What are product protection plans? Product protection plans are an assurance to a consumer that under legal agreement between the vendor and consumer, the vendor will replace damaged or faulty. Naturally, product protection plans are predominantly purchased by consumers of appliances and items of high value.
Product protection plans ensure that the consumer may enjoy the product without financial stress and worry. As such, their value to a store is paramount in establishing long standing loyalty and consumer credibility. Unfortunately, most product protection plans are laden with jargon terminology and is highly difficult to interpret.
Moreover, they are not organized into a single domain. Therefore, a plethora of customers pass up on the opportunity to purchase a product protection plan, and the store misses out on the additional revenue. Gosavex offers a savvy yet simplified system for resolving this issue.
Gosavex strives to relieve the cognitive load on the consumer, making it easier for the consumer to make informed decisions on which protection plans to purchase.
This means that the customer benefits from the assurance of making their own decision even after receiving the product, and the ecommerce store benefits from additional revenue that would otherwise be lost beyond the point of product sales. According to Asurion there is significant upside opportunity for retailers to extend their relationships with their shoppers.
Some retailers miss out on the full potential of after sale offers. Asurion state that Shoppers with an Asurion service claim are 10% more likely to report they are “very likely to repurchase” products from the retailer who sold them the product protection plan.
The service that Gosavex offers promotes a symbiotic relationship in which both the consumer and the ecommerce store benefit. The consumer gets to benefit from having all of their protection plans unified into one easily navigated system, and the ecommerce store gets to benefit from increased revenue.
In addition, owing to the unification of the consumer’s protection plans, the hours of perusing legal scriptures is far less burdening.
Gosavex removes the complicated hassle of searching through all the different terms and conditions, and organizes what the consumer requires to facilitate a claim under their protection plan. The ease of the cognitive load, and the assurance of the consumer’s simplified decision making process creates an efficient and profitable relationship between the consumer and store, increasing customer loyalty and revenue.
Research also shows that consumers who filed claims with the consumer electronic insurance company Asurion increase their planned purchasing by as much as 50%. Arguably the key to gaining this greater share of the consumer’s wallet is increasing the protection plan attachment rate through an effective shopper marketing and engagement strategy, accompanied by a customizable retailer sales training program.
The protection plan provider should act as the retailer’s partner in helping to recognize and develop ways to increase the retailer’s sales, which is exactly what Gosavex achieves by providing the consumer with easily manageable and responsive product protection plans before and after the point of sales.