An increase follows a dramatic rise in online sales in returns. Returns are a necessary process for any business. Creating a return policy can make the return process as straightforward as possible.
It’s not essential to you, but it is necessary when you look at it from a distance. According to a recent study by Klarna, 84% of online buyers said they would stop shopping with a company if the return process were unsatisfactory. A good return experience can make a once-shopper a loyal customer.
Your return policy should be easy to understand, read and find. We’ll look at ways to make your return process and your business, in general, a success.
What is the return policy?
Return policies define the rules for customers to return or exchange items they don’t want. Retailers can develop a return policy that informs customers of the goods they can return and why, along with the timeframe in which the retailer accepts returns.
Why do you need a return policy?
A good return policy can help a business build trust with customers. Pitney Bowes states that 54% of customers are less likely to purchase a product if the retailer has a poor or unclear return policy. Many retailers offer a consistent and transparent way for customers to return an item.
Returns are not profitable, but don’t they go against profitability? Technically, yes. But the improved customer experience will likely lead to long-term revenue growth and retention.
Offering easy returns will also benefit your business’ reputation. 66% of people say they trust online consumer opinions. Any testimonials or word-of-mouth recommendations regarding your return experience will be a free marketing tool for your business.
How do you write a return policy? (with a free template)
Your return policy is a contract between you and your customer. This policy explains what will happen and what is expected, ensuring a smooth experience for all parties. It also helps you with the operational side by helping you systematize the processes and avoid doing things on a bespoke base (which can mess up your workflow! ).
There is no one way to create a return policy. It all depends on what you want to achieve. You should cover specific points to ensure that your customers are satisfied. Consider:
Note which items are eligible for exchange or return. Not all things, such as sale items, cosmetics, and undergarments, qualify for return or exchange.
For example, the return and exchange period is 30 days from the delivery date or purchase.
If you have any requirements regarding the condition of your items when returning them, for example, unopened packaging, tags still attached, lightly used, etc.
How the customer will be reimbursed: store credit, a refund in the original payment form, a product of equivalent value, etc.
You should also include any fees they must pay, such as return shipping and restocking charges. You may end up with unhappy customers if you’re not specific.
How to start the return process, e.g., emailing customer service at a specific address, submitting a request for a refund on a particular page of your site, etc. Make sure you link to the right place.
Be sure to consider their policies if you sell through the marketplace. You may not be able to override their policies.
Returning damaged or lost items:
Bonus: The time it takes to receive your refund, credit, or exchange.
Template for return policy in ecommerce stores
I am still trying to figure out where to begin. Please copy and paste the template below onto your website, replacing it with your details. Feel free to chop and dice the template as much as you like. There needs to be a way to create an ecommerce returns policy.
Want to exchange or return an item? We’ve got you covered. You can return eligible products for free within 30 days of receiving them. You can return your eligible items for free if they meet the requirements.
Refund via the original payment method.
Exchange for another item of equal value.
Use your store credit to purchase something else from our store.
What items can be returned or exchanged?
These are the eligibility criteria:
The sale or discounted items are not eligible for return or exchange.
All returned or exchanged items must be in the original packaging with all tags.
Returns or exchanges must be in brand-new condition with no signs or wear.
We must receive all returns and exchanges within 30 days after the package is delivered.
How to place a standard policy on returns
Place your return policy in a place where it is visible. It is essential that customers can see the policy before making a purchase. Hiding it in small print could make them doubt your brand. Please include links to your policy at several places on your website that are hard to miss to avoid returning to customers who didn’t find it.
It would help if you listed your insurance policy at the following locations:
The footer of the website
Order notification emails
For a great return policy example, check out Chubbies’ website.
Chat on the website directs online customers to the return and exchange policies. The customer can initiate a refund in just one click.
Tips to increase your return
No business can afford to offer returns, but you can reduce your losses by providing them to customers.
Buy product warrantiesWhen a customer returns a consequence, one of the most significant risks is that they won’t be able to resell it.
A product returned to stock could take a few weeks and is not guaranteed to arrive in perfect condition. (The time spent transporting and unpacking the goods can cause damage).
Consider selling a product warranty instead of accepting returns if the item is expensive. Warranty protection protects merchants from paying for damaged products and helps avoid disputes over who is at fault. You can add order protection to your product pages using.
Turn returns into exchanges
Exchanges are less costly than returns, even though both impact a company’s profits. You can do this by offering a product with a high margin instead of a refund. This allows you to offset the loss on the returned item.
How can you encourage customers to exchange their items instead of returning them and getting a refund? You can offer to pay for the return shipping costs of the customer if they choose to exchange an item. This approach will give you another chance to satisfy the customer. If you succeed, it will increase their lifetime value.