Aleksandar Dimitrov

Worldwide, 20 percent of all consumer electronics are returned to manufacturers. However, only 5 percent of these products are malfunctioning, whereas 95 percent of the products are either returned because of buyers' remorse (27%) or due to ill-informed consumers that struggle with handling the products (68%). Thus, manufacturers have to handle warranty claims and accept, test store and redistribute a massive aount of returned products that are not even qualified for warranty. If we quantify this problem in return costs we end up with a number of $25.3 billion in Europe and the U.S. alone.

Warranty Vault is a direct and effective communication channel between manufactuers and consumers supported by a powerful and sart cloud based platform and smartphone App.

Warranty Vault can benefit manufactuers by notifying them when customers want to claim their warranties, giving manufacturers the opportunity to proactively interact with consumers who are considering returning their product. This process is managed by Warranty Vault smart algorithm. By educating the consumer regarding the handling of the product or providing a solution for a technical problem, manufacturers can reduce the amount of returned products significantly. Furthermore, manufactuers can get access to direct and real-time customer feedback that can be used to improve their products. Last but not least, manufacturers get direct access to a large consumer base for promotion and market research.