What is Warranty in Retail? Explained

A warranty in the retail industry is a written or implied assurance provided by a seller or manufacturer regarding the quality, performance, or condition of a product. It specifies the terms and conditions under which the seller or manufacturer will repair, replace, or refund the product if it fails to meet the agreed-upon standards within a specified time frame. Warranties instill confidence in customers, assuring them of the product's reliability and providing a form of protection against potential defects or issues. Retailers often use warranties as a marketing tool to enhance customer trust and satisfaction.