How to Write/Formulate Returns & Refund Policy while engaged in E-commerce?

Generating more revenue for your online store is undoubtedly one of the most important long-term goals of any business owner. Careful planning and proper implementation combine to help see that goal is met. If you are one of them and thinking to start launching your own e-commerce store?

If yes, then you have come to the right place. Today’s post will talk about how to formulate your online store’s return/exchange policy that will be effective, help in increasing your customer base and prove beneficial in retaining the customers.

Check this out “What You Should Know About Online Shoppers

As a matter of fact, there are a huge number of online stores available out there with the new ones budding every now and then; making it insanely difficult to reach and remain at the top of the e-commerce industry.

Refund & Return

According to a source, “Setting up an online store is expensive. As a result, you have an extra incentive to make it a success. And that means converting visitors into customers. But it isn’t always clear how to do that.

Remember that customers aren’t just looking for the right products at the right price. They are looking for a complete shopping experience. That starts with selecting the right product, and it goes all the way past the purchase to dealing with your store after the product arrives in the case that something goes wrong.

In order to achieve your goals and remain at the top, it is important to work upon your site’s policies, make them consumer-centric and provide the best customer value.

Must Read “Drop-Shipping and its pros and cons

Therefore, having a solid return policy inspires confidence in buyers and shows you’re committed to customer service. Even though the customer isn’t satisfied with the returned purchase, handling the return professionally will ensure their continued patronage.”

Now, let’s look at some tips and tricks that will come handy while you create your own Return/Exchange policy.

Stand by your Product

Instead of treating all your sales as final, you should stand by your product and be willing to exchange and/or refund in case of dissatisfaction on customer’s part. Doing so will increase your brand’s goodwill and people won’t hesitate before making expensive purchases from your store. However, whether to exchange a product or not also depends on its nature, for example in the case of intimate products there might be a no-exchange or a partial refund policy.

No Complicated Jargons

Instead of using difficult or technical jargons in your Return policy, it is advised that simple language is used to avoid confusion in the consumer’s mind. Using technical language may make it difficult for every consumer to understand it in the same manner in which it was intended to be and they might hesitate in making the purchase from your site.

Prevent Dissatisfaction 

Your main aim should be to satisfy your customer’s shopping buds for which, you might need to take a look at your top competitors’ return/exchange policy and try to provide same or better customer services to have an upper hand in the industry.

Read this “Advantages and Challenges Posed by Cross-Border E-Commerce Industry

Accessible 

Ideally, your return/exchange policies should be stated clearly on your website and not be tucked away in a corner where customers are unable to locate it. Apart from that, you can also list your exchange/return policy on the product receipts and put them inside the package shipped to the consumers for them to view and understand.

Select a Time Period 

One of the major decisions that you will have to take while formulating your merchandise’ returns/exchange policy would be to decide the time period in which you will accept the returns. As a rule of thumb, this time period should not be very long so as to inflict any kind of loss upon you and neither be too short for customers to clearly contemplate and reflect whether they genuinely dislike the given product or not.

Exchange or Returns

Also, another important decision worth taking here would be to decide whether you would be giving full refunds in case of dissatisfaction and damaged items or only entertaining exchanges. Ideally; in case of damaged products, customers should be given full refunds or suitable replacements without incurring any further costs.

Check for Defects

Before taking back defected goods back in your inventory, you should analyze them and decide for yourself whether they have really defected or not. More often than not, the customer might not have used them properly or might have inserted the batteries (in case of electronics) in a wrong way. You should have a separate team to check whether the product was installed properly before deeming it unfit for consumption or not.

Check this “Why Cross Border E-commerce is the Future of E-commerce Industry

Just keep in mind that unless you have a plan, unless you have a reachable and realistic end goal, and unless all those figures are measurable, you might have a hard time getting anywhere fast.

So, here comes the end. Hope you liked this informative post, don’t forget to share

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