Madison Reed has raised $32.1 million since launching 15 months ago.
The retailer’s network of home improvement web sites has experienced a nearly 15% increase in conversions after offering consumers the chance to protect their transactions by buying a bond at checkout.
EImprovement.com LLC’s network of home improvement web sites has experienced a nearly 15% increase in conversions after offering consumers the chance to protect their transactions by buying a bond at checkout, the retailer says.
The retail sites, eFaucets.com, DoorFixtures.com and LightingCatalog.com, offer shoppers a chance to buy a security bond through buySafe Inc. A bonded transaction protects customers from identity theft and merchant fraud with a guarantee that covers transaction value up to $25,000.
A test that measured 120,225 unique visitors to the retail sites found that conversion rates increased 14.8% after the sites displayed the blue-and-gold buySafe seal in the bottom right corner, eImprovement.com says. The sites began offering buySafe a year ago. “BuySafe provides our customers that added bit of confidence that sometimes makes all the difference,” says Michael Fox, chief operating officer of eImprovement.com.
Customers generally pay between 1% and 5% of the purchase amount for the bonds, which are underwritten by such insurance companies as Liberty Mutual Group and The Travelers Co. A customer buying a $146.17 toilet from eFaucets.com would pay $4.38, or about 3%, to purchase the buySafe bond. A bond for a $57.85 shower head would cost $1.74.
The bond protection lasts for 30 days after the purchase and guarantees the merchant will follow through on the terms of the sale, as stated in the product listing or web site policies. The protection extends to returns, refunds and shipping, and it guarantees, among other things, that the product sold is not counterfeit. A consumer unhappy with a purchase first tries to resolve the problem through the merchant. If that fails, a buySafe problem resolution specialist will assist the customer and retailer in resolving problem. And if a resolution still isn’t reached, buySafe processes the guarantee.