Still, getting a return request can be painful both financially and emotionally. In fact, offering a clear and consistent way for customers to return a purchased item can increase conversion and repeat rates. Why have a return policy?Ī fair return policy builds trust between a business and its customers. A return policy tells customers what items can be returned and for what reasons, as well as the timeframe over which returns are accepted. Return policies are the rules a retailer creates to manage how customers return and exchange unwanted merchandise they purchased. Making the most of your return and refund policy.
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For example, a customer might buy multiple sizes of the same pair of pants and use their home as a “change room” to determine the right fit. Many buyers will also purchase multiple versions of the same item, knowing it will be returned. So they ask for a replacement or for their money back. Deloitte estimates that with a product return rate of 30 percent, that by 2022, retailers can expect 13 billion units, worth $573 billion, to be returned annually.Ĭustomers might be unsatisfied with their order for a number of reasons-it arrived damaged, they ordered the wrong size, or it simply didn't meet their expectations. Returns and refunds are a part of doing business online.