What address should customers send returns to? Especially for new eCommerce store owners, dealing with a lot of returns can eat into profits. By implementing an RMA system, you’re able to easily track returns and put resellable items back into your inventory in a timely manner. Explain what types of returns or exchanges you offer. If you created your store with Wix, you can install Wix Chat on your site and respond using the mobile app. An eCommerce company’s return policy is essentially a marketing tool. For instance, if you sell apparel, some online shoppers may order a few different sizes to try on at home and return what didn’t fit. Download the webinar recording to watch the entire presentation. To make sure the maximum amount of your returned inventory is able to be resold, add stipulations in your policy. #ReturnPolicy #ReturnRates #OnlineStores #eCommerceTips, How to Sell Online Premium Plans. Do customers need to print their receipt and include it in the box? 69. Why it works: This example is a little different — rather than their return policy, BAKblade automates the return process for customers. SHARES . Keep the following things in mind when crafting your return policy: View Returns As An Opportunity, Not A Threat. 3PL companies help ecommerce brands scale by automating inventory management, order fulfillment, and, of course, returns. While you’ll want to dig in deeper to discover the sentiment among your own ideal customers, the fact remains that the type of return policy you’ll offer will impact brand trust, which in turn impacts sales. Here are five important factors to take into account before creating your business’s return policy. Before you start, let’s take a look at some return policy examples from different eCommerce stores. It can be difficult to determine the exact approach your business should take with your return policy. Make sure that you clarify your gift refund policy, as well; most merchants (including Amazon) allow gifts to be returned for a gift card, minus any return shipping and restocking fees. What this policy features: This policy features ways to please customers while still covering the cost of returns. Actually have a return policy. This is even more important if you’re not competing on price. Returns Rates Are Higher in Ecommerce Than Regular Retail. It sets conditions, timeframes, any associate processing fees and the procedure that customers should follow when initiating an online return. 79% of customers won’t purchase from an online store that charges return shipping fees. Here’s why. You’ll also need to consider profitability. It sets conditions, timeframes, any associate processing fees and the procedure that customers should follow when initiating an online return. Way back in 2010 (a century ago, in internet years), online shoe retailer Zappos had already figured out that the customers who make the most returns were also the ones who made the most purchases. Your ecommerce return policy outlines all of the conditions that must be met before you allow returns and refunds. You don’t need to advertise your return policy anywhere else. The same applies to retail stores. That said, with nearly half of all ecommerce shoppers checking return policies before purchasing online, you could miss out on half of potential customers by failing to offer a return policy. At the same time, if your business doesn’t allow returns, you run the risk of lowering your sales volume and turning off repeat customers. There aren’t many states or countries where it’s legally acceptable to say ‘all sales are final’, ‘no returns’ or ‘no refunds’. Make sure your images are well-lit and showcase the product's color, size, features. Given the hassle and costs associated with returns, it may be tempting to just say that you won’t do it. Depending on what stage your business is, some of these will be higher priority than others. As customer expectations evolve, retailers have to keep up, especially around holiday sales (and returns) season. Return policy can be a potential business upliftment strategy. Once your policy is generated, you’ll be able to tweak and customize it until it's a perfect fit. This makes the return policy a crucial part of your ecommerce website. Make sure each element answers all the questions listed below. Because having words on a page doesn’t mean the entire process is automated or guarantee it will happen smoothly. But create a transparent, seamless policy and process, and you’ll see a boost in brand loyalty — and your bottom line. This could be because more established eCommerce companies tend to have more liberal return policies or because as their brand awareness grows, consumers feel less guilty returning products to a corporation than a mom-and-pop online store. In the U.S. alone, Statista estimates return deliveries will cost $550 billion by 2020, 75.2% more than four years prior. The Wix eCommerce platform provides businesses with all the professional tools and services they need to sell online and in-store. Include Your Return Policy in Confirmation Emails Business Email How long do customers have to send their return in? There’s evidence that smaller eCommerce stores tend to have lower return rates than ones with higher volume. 67% of customers first check the return policy before finalizing on any purchase and over 62% of shoppers are more inclined to return the product after making a purchase. No business wants to hear that their products didn’t make their customer happy. If Best Buy’s return policy resembles differential algebra, IKEA’s return policy is like third-grade math. Ecommerce Returns Policy: An ecommerce returns policy covers the rules for what can be returned & exchanged so all customers are treated fairly. Chicago, IL 60607, Download the PDF version of the infographic here, 5 Steps to Build Loyalty Through Online Returns. Depending on where you are in your business and what your profit margins are, you should offer either free returns or returns for a low fee (between $3.99 and $8.99). It usually consists of a digital form that the customer submits to request a refund. Sometimes you Download our webinar, “5 Steps to Build Loyalty Through Online Returns,” to learn how to create a streamlined and straightforward return process across all the places you sell online. Different return policies work for different businesses’ customers and needs. Now that you’ve seen some examples of eCommerce store return policies, it’s time to write your own. Returns. Customers will inevitably have questions about the status of their return shipment and refund or exchange. Bare Necessities eBoutique’s return policy. Consider creating packaging that allows customers to get a sense of the product without needing to open it. To be eligible for a return, an item must be unused and in the same condition that you received it. There’s a shipping fee and a handling fee for returns so that the store is able to offer refunds without this eating into their profits substantially. If possible, provide shipping labels alongside either free or affordable returns. Handling returns in-house can be costly and time-consuming, especially for a quickly-scaling ecommerce business. As ecommerce continues to grow, returns are also on the rise. If you don’t take action to prevent and reduce returns, then your business can potentially lose thousands or millions of dollars each year in inventory restocking fees, unsellable inventory, and inbound shipping costs. And when you consider the eCommerce business model, it is sort of inevitable. Join over 500,000 stores worldwide—run and scale your eCommerce business on Wix. Our ecommerce return and refund policy builder is your all-in-one solution to establishing clear return guidelines for both you and your customers to enjoy — generate one today for FREE! When a potential customer is making a purchase decision, especially if it’s a large purchase, your return policy can be the deciding factor whether they pull out their credit card or not. Return Policy. Unsellable inventory is a massive problem. A standard return policy for handmade, customized artwork will be completely different from a policy for mass-market apparel. Handle internal logistics. 16 June, 2020 How to Choose the Best eCommerce Solutions for Your Business. Worse, that number doesn’t include restocking expenses nor inventory losses. Happily, you can accomplish this without giving away the store when you know how to create an effective ecommerce return policy. Jon Josef does a great job of keeping their return policy simple and to the point. Even if you offer free returns, it’s not wise to put it on a banner on the homepage of your site or in your ads, because you don’t want to inspire purchases from shoppers who intend to return your products, just to try them out or use them for a day. Gathering information on the return side can help you identify trends and issues with your products and make the necessary improvements to future inventory. Timeframes, any associate processing fees and the procedure that customers aren’t deterred from making a purchase give refunds opened! Simple instructions to customers after they purchase to ask their opinion on your profit margins, gutting conversion,! You invest in your policy risk of losing sales is even more.. 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