Refund and Return Policy
Adding refund and return policy for eCommerce website is as important as gaining the trust of your customers. You cannot expect customer retention if you don’t display a proper return policy on your page.
Research suggests more than 60% of online customers check the return policy of the company before coming up to a purchase decision. Why not? Every customer wants a safe and secure shopping experience. And return policy is the only way to ensure that they can return the product and get a refund if they don’t receive proper delivery. Today, vendors are ready to go the extra mile to retain their customers. They come up with handsome promotional offers, interesting coupons, and everything that could keep the engagement of their visitors and encourage them to purchase. Before we discuss the importance of eCommerce refund and return policy and their role in customer’s buying decision, let’s have a look at the meaning of these concepts.
What is the Refund Policy?
Have you ever noticed the refund button on eCommerce platforms? Well, these options allow customers to request a refund from the service providers. In simplest terms, a refund means to get all the money you had paid for the product back. Refund policies come with a specific deadline (a post which you cannot request any refund).
Let’s say; you purchase a product from an established organization. The company has a refund policy as per which you can request a refund within 30 days of purchase. Once this period is over, you will no longer be eligible to ask for any refund.
What is Return Policy?
A return policy is a form that states the rules of returning the products, exchanging it with money, or replacing it with another commodity. There can be multiple reasons why customers decide to return the product and claim their refund. Some of the common conditions are:
- The customers no longer want that product
- They ordered the wrong product
- The customer does not like the product, or the item they received does not match their expectations.
- They received the wrong size, color, or item
- The product got damaged during shipment
The return policy has all the necessary information about such scenarios. For example, who will bear the shipment cost? Will the customer get a replacement for the damaged product? Under what circumstances are the customers allowed to return the product and claim a refund? Apart from eCommerce websites, return policies are embraced by the vendors that sell digital products.
Why Should You Add Refund and Return Policy for eCommerce Store?
One of the main reasons why every eCommerce website should feature refund and return policy is customer retention. Let’s say your customer like your product and are planning to purchase it. But as they couldn’t find the eCommerce refund and return policy, they change their decision. Turning prospects into leads is already a challenging task. You don’t want to make it more difficult. Hence, it is imperative to add refund and return pages to your eCommerce site.