Retail Product Insurance
Deploying predictive technologies is key to boosting ticket sizes, but some eTailers are employing a more traditional tool to increase their conversion rates: product insurance sold at the point of sale (POS). Insurance options, especially extended warranties, are mainstays in the expensive electronics and appliances sectors, but they could benefit eCommerce retailers as well. In the Retail Product Insurance Study, a PYMNTS and Cover Genius collaboration, learn what 2,700 consumers said about buying insurance coverage for their eCommerce purchases, and how to cash in.
Key findings in the January Study include:
- 60 percent: Portion of consumers who would buy insurance from their eCommerce retailers if it were offered at checkout
- 62 percent: Share of eCommerce shoppers who were offered insurance coverage for their latest electronics purchases
- 33 percent: Portion of consumers who would buy and spend more if offered insurance coverage for their online purchases