Returns and refunds may not look important from a retailer's point of view because ideally, a seller would never like the sold items to be returned to him. But from a customer’s perspective especially in the online business world, returns and refunds hold very high importance. Every retailer would need to keep a customer-centric approach and return and refund is an important component within that approach.
Customers tend to buy products on ecommerce platforms and marketplaces. They may agree to buy a cheap item online without bothering about the return and refund but when it comes to buying an expensive product then people are cautious. A conservative buyer still buys expensive items from a brick and mortar store whereas Millenials are buying all sorts of items through ecommerce.
Nevertheless, If we take a hypothetical case wherein there is no return and refund option for a costly product then all sorts of buyers be it a new age millennial or a senior citizen are likely to stay away from it. The reason being that people want to be sure when they invest a high amount of money towards buying a product or a service and an ecommerce store or an online marketplace offers less scope on that account as compared to an in-store.
Suppose if a customer wants to buy an expensive dress then he can make a judgment online only through the given product information and images whereas, in a physical store, he can go and try the dress and be sure about how it looks on him. Now, this gap in the customer experience can be bridged if retailers offer the return and refund option. The customer is relieved because even if he makes a mistake while buying an item, he can simply return it. Often, we see instances where the customers complain that the product was not as shown in the display images. This happens mainly because images can be deceptive and they may not give an exact idea about the product.
Retailers would need to understand that return and refund is not a post-sale event which may or may not happen. In fact, it is an important option that they need to provide to their customers if they want to maintain consistent sales. In the ecommerce and m-commerce universe, all those retailers who are not keen on a proper return and refund policy will lose customers. In other words, we can say that a return and refund can easily make or break an online retail sale.
Nowadays, retailers are focusing on making their return and refund policies clear. They avoid using confusing jargon and words that only lawyers can understand. Customer-friendly return and refund policy influence the buying decision of the customers. Shoppers opt for checking the return & refund policy before making their purchase. The Retailers should consider adding a return and refund policy page on their Ecommerce Website, posting policies in the checkout area of the retail store or on the payment receipt.
From product management to inventory management, order management, shipping management, and customer management, retailers must provide transparency for returns across multiple channels. With integrated returns management through the use of the best returns management software, Retailers can increase customer satisfaction, and provide transparency.
There are lots of software available online for managing your returns and refunds. Retailers should choose the best returns management software that can manage returns, refunds, and automatically update inventory as soon as the product is back in the warehouse.
Benefits of using the best Returns Management Software
- Accelerate return processes
- Real-time status tracking
- Reduce returns processing costs
- Maximize value recovery
- Returned products management
- Refund management
- Keep customers satisfied
