Redefining the wedding-ring buying process to optimize the customer experience
My Trio Rings specializes in offering matching three-ring wedding sets directly to consumers, eliminating the time-consuming experience of searching for matching or complimentary rings at varying price points. And because there are no middlemen, My Trio Rings can offer their jewelry at lower prices than retail stores. With customer trust and satisfaction as their guiding principles, they sought out additional value-added services that could elevate the customer experience and instill further trust in their products. That’s when they decided to look into product protection.
Expanding product coverage and modernizing outdated industry practices to better meet customer needs
For Vipul Lakhi, CEO and Founder of My Trio Rings, long-term customer satisfaction is paramount for him and his team.
“We work in a space where word of mouth is super important. Our couples are wearing our rings every day, and many are going to get comments on their rings. It’s in our best interest to make them look and feel perfect so our customers tell their friends about us and what a great experience they had,” Vipul said.
My Trio Rings offered a five-year plan on their rings, which covered some accidental damage, but they wanted to offer more comprehensive coverage which included protection on center stones. They didn’t have the resources necessary to expand their coverage internally and felt more comfortable turning to a third party. Additionally, they wanted to work with a product protection provider that would enable them to keep the plan servicing in-house for quality control purposes, to ensure their customers’ jewelry would be repaired or replaced to their standards.
At large brick-and-mortar jewelry retailers, customers who purchase a protection plan are typically required to come back to the store every six months for a cleaning and inspection; failure to do so often results in the plan being voided. Vipul recognized how inconvenient and impractical this policy is, and wanted to find a product protection provider that respected his customers’ time and didn’t tie coverage to a six-month check-in.
The unparalleled benefits of Extend
After evaluating Clyde, Mulberry, and other product protection providers, Vipul found that Extend was the best match for My Trio Rings and their customers’ needs.
Evolving beyond one-size-fits-all product protection
Vipul was impressed with Extend’s product coverage, especially compared to other providers. Despite the fact that My Trio Rings sells a three-ring set, Clyde’s product protection treated the set as one item, disregarding that all three rings need coverage and could potentially need repairs over time. Unable to provide separate coverage for each ring, Clyde tried to apply a one-size-fits-all solution to My Trio Rings’ products.
“Extend was a much better product fit and better suited for the jewelry market. We felt more comfortable working with Extend, who adapted to our needs, than with a provider with a very regimented protection program.”
CEO and Founder, My Trio Rings
More comprehensive damage coverage
Traditionally, brick-and-mortar jewelers often only cover damage or loss of center stones up to a certain size, leaving customers to have to pay for the replacement of what is usually the priciest stone on an engagement ring. “That is quite deceiving to a customer; when you’re buying a lifetime plan, you expect your entire ring to be covered. But if your entire ring is not covered? That’s an unpleasant surprise when something goes wrong,” shared Ally Davis, Head of Merchandising and GIA Gemologist. My Trio Rings wanted better protection for their customers, and was thrilled that Extend’s lifetime protection plan included coverage of center stones of any size — with no surprises.
Keeping policy servicing in-house to maintain quality control
My Trio Rings needed a product protection partner that would enable them to handle repairs and replacements in-house to maintain quality control.
“If you don’t service your customers’ jewelry, it will eventually deteriorate or tarnish, which will reflect poorly on your brand in the customer’s eyes and to anyone else who sees their rings. You need to care for your product throughout its lifetime.”
Head of Merchandising and GIA Gemologist, My Trio Rings
With Extend, My Trio Rings is empowered to own the post-purchase experience. They keep service and repairs in-house to ensure all work meets their standards of craftsmanship, keeping their customers happy and providing exceptional service long after vows have been exchanged.
Building consumer confidence and achieving company growth with Extend
32% overall attach rate, 10.56% increase in conversion rate, 15.3% increase in AOV
Within the first month of partnering with Extend, My Trio Rings saw their attach rate increase significantly to 25%. That number eventually grew to an overall attach rate of 32%. Additionally, My Trio Rings saw a 10.56% increase YOY in overall conversion rate, and a 15.3% increase YOY in AOV.
Wedding rings are extremely personal and meaningful, and couples want to know their rings will be protected from whatever life throws their way in their journey together. My Trio Rings is building brand trust with product protection from Extend, giving customers the peace of mind to choose My Trio Rings for one of the most important purchases of their lives.