retail finance
One of the Which? examples was the claim made by a Currys employee that a customer’s washing machine would be covered even if they had ‘people round the house for a mad party and they pull the door off!” Both examples highlight the issue of
misinformed staff on the sales floor and underline the need for effective and on- going warranty training. With the growing competition for point-of-sale warrant provision in the retail space, retailers should ensure that their providers offer outstanding products, outstanding service for their customers in the event of a claim, and on- going training for retail staff.
Warranty price comparison website update
The UK’s first extended warranty price comparison website - www.
compareextendedwarranties.co.uk - was launched in July, following an Office of Fair Trade (OFT) agreement between key retail chains. The initiative was made in response to a report that suggested there was not enough competition for warranties at point of sale. The aim of the website is to make it much
easier for consumers to shop around and compare extended warranties for a wide
range of domestic electrical goods. At the time the opinion among warranty service providers generally (IER November 2012) was that few consumers were likely to use the online tool. The feeling was that, as warranties are not a primary purchase, customers would not ‘shop around’ for them and were generally likely to continue to measure these products on their own ‘benefit to cost ratio’ at point of sale. IER contacted the OFT for visitor statistics for the website but the OFT are not making the figures publicly available at this time.
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www.innovativeelectricalretailing.co.uk
October 2013
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