Let’s face it: no business owner enjoys returns. They can be costly, unpleasant, and time-consuming. But do bad returns have to be that bad all the time? Can return policies genuinely help your business grow? The answer is a booming yes.
Actually, Exchanges are one of the most effective revenue retention tactics in a retailer’s inventory. Unfortunately, the chance is sometimes missed as a result of lengthy and complex e-commerce exchange regulations, which lead buyers to request a refund instead.
To how much an eCommerce exchange policy is crucial?
Return policies are an important part of your business strategy. Around 67% of buyers read return policies before buying, and almost 80% won’t buy with you again if it’s difficult to return an item. And nearly 95% of customers will return to a brand, after a positive exchange and return experience.
A bad or non-existent policy can quickly damage your reputation through different ways like negative talk, social media posts, and bad reviews on reviews sites. on the other hand, a good return policy can help your trade by building strong customer loyalty, strengthening engagement, and generating positive buzzing. All this drives repeat purchases and increased sales.
There are popular reasons for returns:
- The customer bought the product by mistake.
- They no longer demand the product.
- The item does not meet the description on the product page.
- The product arrived damaged or inappropriately way.
- The store shipped the wrong item by mistake.
- The customer bought the product, used it, and then tried to return it.
The key outlines of an effective return policy:
Here are a few suggestions for transform returns from painful to profitable.
Clearly specify your return policy.
To avoid clashes and misunderstandings, your policy should be very clear about what customers can and cannot exchange and reasons if possible.
An efficient return policy should include the following:
- What products can and cannot be returned.
- What items can be returned, or money refunded?
- The return deadline must be obvious and specific.
- Words such as “damaged” and “unworn” must be included in your exchange policy to make everything clear and avoid the hassle.
- If a receipt or ID is needed.
- How does the return/exchange process go.
Make it simple to find and understand your return policy.
Add it to the footer navigation menu, FAQ page, product page, shopping cart, checkout, and any customer service or support listings on your website. Include them in your confirmation and follow-up emails, as well as receipts.
All information should be on one page. If your policy includes a lot of specific requirements for different products, start with general information on your home page and link to finer details on different pages. At the top of the page, include introduction text that affirms your commitment to providing a high-quality experience.
Make your policy specific to your target audience.
Since exchange policies are not one-size-fits-all, you shouldn’t build one out of just a model and hope for the best. Instead, make sure you’re meeting the expectations and wants of your target market.
Neither side usually enjoys returns and your customers aren’t always happy. Don’t make matters worse by being rude or angry during the treatment. Take responsibility and do not blame the customer. Note the IKEA title at the top of the return page: “It’s OK to change your mind!”
Make returns a sales opportunity
Some stores are extending their return period for members. Others improve the experience for email subscribers, whom you can later contact for discounts and specials.
If appropriate, a customer service representative can suggest specific alternatives for an item to be returned (such as a different size or feature). They may even offer a discount on the new product. This can help you turn a return around and provide you a second chance to sell a product that matches the customer’s expectations.
In addition to the above tips, the process or platforms used to handle returns should be easy to learn and efficient to use.
Returns are an important aspect of establishing an online business. Rather than becoming frustrated, use it as an opportunity to differentiate yourself from the competitors. With a happy, human-centered approach, you may turn your least enthusiastic clients into your most ardent supporters.
If you’ve just launched your online store or have questions before launching, feel free to contact us at zVendo.