Top Product Return Policy Myths That Need To Be Broken ASAP
Ecommerce has spread like wild fire amongst businessmen in India. The last recorded market value of eCommerce in India was in the year 2013 and it was worth a whopping 1200 crores. That’s equal to a small country’s GDP. That’s not all. According to statistics, this number is about to reach 4000 crores by the end of 2017.
Convenience may appear to be the only reason for customers to shop online, but there is definitely more to it. Customers check the return policies of all websites before zeroing down on the one that suits their interest.
Many eCommerce website owners assume that product return policies will backfire on them. Surprisingly that’s not true. Product Return Policies build customer loyalty and increase trust. This way, the customers will always come back and prefer to buy from your site, despite having a number of different options.
Online shopping maybe convenient but it is also very tricky. There are a number of reasons why customers want the product return policy to be efficient. Sometimes products look different from what they are on the screen. To make their purchase risk free, they need to need to know if the products can be returned/exchanged without much hassle.
Another perk customers prefer is Free Return Shipping. Make sure you add this while your write product return policy of your online store and be a step ahead of your competitors. This again may seem like an additional cost, but it definitely isn’t.
Here is a list of many such facts pertaining to Product Return Policy, which are actually myths.
1) Product Returns Are Expensive
Well if you go to see, products do cost you money. But this amount is much lesser in comparison to the income growth your company will see in the future. How so? When returning a product you will have to spend on shipping and product but in return you are building customer loyalty. If shoppers are impressed with your service, they are bound to buy repeatedly from you, thus bringing in bigger income in comparison to the trivial expenses spent on returning the product.
2) Troublesome For Both The Parties
This is not true at all. Yes, sure customers might face slight disappointment if they have to return the products but that’s all the trouble there is going to be. If you have systematic logistics software intact keeping a track of products that are exchanged will not be a problem. eCom giants have software installed in all their computers. This was product return not only becomes easy but also fast.
3) It is Always The Customers Fault.
Wow! This is definitely a misconception. Think about the number of times you have had to exchange a product. It would be one of the three reasons:
• The product does not match with its picture online
• It was not the product you had ordered
• It got damaged on its way to your house
So, get this misconception out of your head and design an attractive product return policy for your business.
4) Return Policies Don’t Affect Sales
If you have been in this business for long, you know this is not true. Customer retention can only happen if he or she is satisfied by both the product and the service. It is okay if there is some issue with the product, but not returning it back will make your customer hate you. Always remember customers feel a psychological satisfaction when they shop and if their needs are not fulfilled, not only will they stop coming back to your site but also bad-mouth about you. Well, that’s a dangerous weapon for your business. A good or bad return policy definitely reflects on your sales.
5) Customers Don’t Read the Return Policy
Shoppers might not read “Terms and Conditions”, but the Product Return Policy is something they can never miss. Online shopping comes with its set of drawbacks and customers want to make sure there is a good alternative, in case the product does not fulfill their expectation.
6) Shoppers Don’t Care About Free Return Shipping
Of course they do, wouldn’t you? If they have already paid for a product and are not satisfied with it why will they want to pay for shipping? Shoppers are heavily inclined towards eCommerce sites that provide free shipping on product returns. They feel the brand understands them and is doing everything to give them the best service.
The moment you break out of these myths, you will be the king of eCommerce. You will become more aware of the customer’s needs and always be a few steps head of your competitors.
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