Product Returns And Refunds
Products returning and refunding is a common phenomenon seen even when online purchasing wasn’t a thing. Ons of the prevalent causes many people refrain from online shopping is because they will be unable to inspect the product upfront. This is when they need the assurance that they will get physical store-like benefits, i.e. if a product is not good enough or if they don’t like it once they receive it, they can return it.
Research shows that almost 60% of the people keenly look at the refund policy before making a purchase. Additionally, 89% of the customers have made a return at least once in their life. E-commerce platforms with precise and clear refund & return policies receive 48% more customers, whereas the lack of the aforementioned discourages 80% of the customers from making a purchase.
Businesses often deter from providing refund and return policies in order to persist their revenue, as the age old business formula doesn’t encourage taking back what you have sold. To keep up with the competitors they should understand the prominence of a transparent policy to prevent their business from becoming dormant. The healthy balance can be found by following the methods stipulated below:
Make your return and refund policy as clear as possible. Make sure that customers can quickly discover extensive information about this in your Terms & Conditions and FAQs pages, and that the policies are easy to understand.Make sure that customers can quickly discover extensive information about this in your Terms & Conditions and FAQs pages, and that the policies are easy to understand.
In your policy's phrasing, avoid using aggressive expressions. Customers may be daunted by phrases like "you are needed" and "you must." When it comes to return policies, try to use softer language.
Provide alternatives.Consider offering a variety of shipping, payment, and refund options, as well as incentives such as coupons and discounts for customers who are unhappy with their purchase.
Returns and refunds are an important component of providing excellent customer service. Keep in mind that your company's customer service is a representation of its brand and a path to consumer loyalty.