End-to-end eCommerce platform Cart.com is partnering with extended warranty firm Extend to advance new revenue streams for merchants while also offering consumers increased satisfaction, according to a Thursday (Nov. 4) press release.
The partnership gives Cart.com merchants the opportunity for new revenue as well as another way to satisfy customers by integrating Extend’s API-first platform and technology-enabled proprietary insurance stack.
Extends aims to help every merchant control the post-purchases experience. Per the announcement, the company aligns with Cart.com’s goal to offer brands big and small the high-level eCommerce functionality that was once available only to large online players.
See also: New Study: Understanding Consumer Desire for Product Protection and Extended Warranties
“Like Cart.com, Extend is fixing the fractured eCommerce ecosystem by providing a truly innovative, effortless, and easy-to-understand service for both merchants and their customers,” Cart.com Co-founder and CEO Omair Tariq said in the announcement.
“By creating seamless solutions to serve brands, we empower them to focus completely on their customers. The partnership with Extend fits squarely in this view; anyone who has wrangled with extended warranty claims in the past understands the friction involved,” Tariq said.
Tariq added that while Extend has been “rewriting the rules” for warranties, Cart.com handles moving goods from the “factory floor to the customer door.” The tie-up also covers the post-purchase experience.
Launched in 2019 and headquartered in Silicon Valley, Extend offers extended warranties and protection plans. Before its launch, just 1% of merchants had the ability to offer extended warranties, according to the press release. The startup offers protection plan options via an API-first platform that integrates seamlessly.
Read more: NEW DATA: US Consumers Skip Purchase Protection Plans For 70% of Durable Good Purchases
Extend has raised more than $315 million and is now valued at $1.6 billion. The firm is tracking to exceed 3 million protection plans sold this year and is a trusted partner by more than 500 top retailers.
“The relationship between an eCommerce company and its customer doesn’t end with the sale,” said Extend Co-founder and CEO Woodrow Levin.
“Our technology will allow Cart.com’s clients to continue to engage customers after they make a purchase, unlocking opportunities to increase brand loyalty, open new revenue channels, and create lasting customer relationships,” Levin said.
