The U.S. online retail market saw a surge in sales when the pandemic started. People stayed home, and that forced them to shop for essentials online. That same year, the e-commerce industry earned $565 billion. That’s good news but wait. Around $102 billion worth of products were returned.
Industry experts, however, are optimistic. They believe that the challenges of returns management should encourage entrepreneurs to take this opportunity to connect with their customers and improve their business, which is rightfully true.
Handling returns is one of the challenges that online retailers have to face. While the logistical process can result in added, unexpected costs, the profit loss is even bigger. But if you have the proper return policy, you can lessen products returned to your store.
What Is a Return Policy?
A return policy is a set of rules established by online stores to inform customers how to return or exchange products they recently bought but have decided to return for various reasons.
Businesses consider return policies as part of the customer service they provide to customers. As a result, most rules set become liberal and lenient. Some companies are too generous, offering full refunds for returned products. Unfortunately, this can be a way for customers to abuse the return process.
As returns are now prevalent and costly, online businesses must implement a balance of tighter restrictions and quality customer service to reduce return rates. This article aims to help the small online business owner create a return policy that hopes to achieve that balance. Here are five ways to improve your store’s return policy to minimize the impact of returns on your business.
Format and Placement
A return policy should be formatted in a way that explains the most important sections first with the less significant information at the end. It can start with an introduction followed by sections about specific returns, return window, and return shipping. Then, it can end with the sections about shipping costs and the terms and conditions.
Your return policy should be simple but straight to the point. If your policy is confusing, it will further affect customer relationships negatively. Remember, when a return is requested, there is already a risk of customer dissatisfaction with your business. This shouldn’t be aggravated by your return policy.
Your return policy must be placed on a separate page that your customers can easily access.
For the Full Article –
You can Find it Here: 5 Ways to Improve Your Return Policy and Minimize Product Returns
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