New Study Shows 38% of US Shoppers Would Not Make a Purchase If a Website Didn't Offer Product Protection Plans

NEW YORK, February 9, 2022 (Newswire.com) - As retail spending continues to shift online, more shoppers are looking for product warranties to protect their expensive purchases, according to new survey data released today by Mulberry, the consumer-first product protection company that offers free and affordable plans through its Chrome browser extension and embedded offers with retail partners. This annual consumer study surveyed more than 1,600 U.S. adults about their online shopping habits and preferences as it relates to product protection and warranties.

The study found that 38% of consumers would not make a purchase if a website didn't offer protection plans on its products. That's up six points from last year's result of 32%. This preference for product protection is even more pronounced among younger shoppers: 47% of consumers 18-29 would not make a purchase if the website didn't offer protection plans.

Product protection and warranty offerings have the potential to engage consumers, as the survey found:

• 40% of consumers would be more likely to choose a brand that offers protection plans on its products
• 74% would be more likely to recommend a company/product or make another purchase if they had a positive warranty claim experience
• 64% said that a lifetime warranty against defects and malfunctions would significantly increase their likelihood to make a purchase

Additional findings from the survey include:

• 35% cited the primary reason they didn't purchase product protection was that the plan was too expensive, making it the #1 deterrent to buying a plan
• 31% rated coverage as the most important factor when choosing to buy product protection, yet only 16% know all of the details of their product warranties
• Shoppers with kids and pets were 15% more likely to purchase product protection than their child-free and pet-free counterparts (93% of those with kids and pets would purchase protection plans)
• Younger shoppers (ages 18-44) were 18% more likely to purchase product protection than shoppers over 60 years of age (over 90% of shoppers 18-44 would purchase protection plans while only 76% of shoppers over 60 would do so)

"As online shopping options increase for consumers, customer benefits like product protection can make the difference between choosing one brand versus another," said Chinedu Eleanya, CEO and co-founder of Mulberry. "Brands that get creative with benefits like lifetime warranties or free accident protection will be able to attract new shoppers and retain loyal customers over the long haul." 

About Mulberry

Online shopping should be worry-free. Mulberry helps you shop confidently with affordable product protection plans and better coverage backed by our gotcha-free philosophy. That means no more deductibles, inflated upfront costs or claims denied on confusing technicalities.   

Shoppers can get 12 months of free accident protection and the lowest rates on long-term plans wherever they shop online with Mulberry's Google Chrome browser extension. Brands can bring Mulberry peace of mind straight to their customers by embedding Mulberry protection plan offers seamlessly into their customer journey, increasing customer engagement and driving incremental revenue. Visit www.getmulberry.com to learn more about Mulberry's offerings.

Source: Mulberry