What are Return and Refund Policies?
A Return & Refund Policy is a policy that dictates under what conditions customers can return products they've purchased from your ecommerce store and whether you'll reimburse them or not. It will also let your customers know the time frame within which your company can accept returns.
Why are Return and Refund Policies Important?
Return and Refund Policies for ecommerce stores have been proven to increase the number of people who end up making a purchase once they're on your website.
People are often hesitant to buy online, which can lead to low conversion rates and sales. Having this policy helps alleviate some of that hesitation since they know they can return the product and get a refund if their expectations aren't met while making a not-in-person purchase.
Standard Ecommerce Return Rates
There is no single return rate for ecommerce that you should accept as typical. Return rates for ecommerce vary greatly by product category. Indeed, no two industries are the same.
