You have a killer product, amazing marketing, and a list of 5-star reviews to make any customer click-happy, so you’re done, right? Not quite! Returns and exchanges are a key component of customer conversion and retention that many businesses overlook.
Shopping is stressful enough. Your customers are already making a strategy for Black Friday shopping and are anxiously awaiting for their favorite product to come back in stock. Plus shopping in December, can you say nightmare? The last thing they need is a poor return policy.
A seamless return and exchange policy can have a significant effect when it comes to cultivating customer loyalty and encouraging repeat customers. While it may seem counterintuitive, a great return policy is also good for your bottom line.
Level Up Your Return Options
It’s a fact: nearly 10% of all retail purchases are returned, and this number is even higher for businesses that sell online. This results in billions of dollars in revenue lost each year. Returns can present a significant cost for companies, not even counting the time and resources needed to manually manage returns and work to ensure customer satisfaction.
It’s time to streamline the returns process by offering more robust return options. That could mean mail, drop off, or carrier pigeon! Okay, maybe not carrier pigeon, but customers appreciate the flexibility that comes with multiple options and it can help to make sure that they have a positive experience and return as a repeat customer. At Return Rabbit, we offer one-click returns and exchanges for customers, along with an easy-to-use interface and fast returns.
Another way to beef up your return options is to create a clear, coherent returns policy. Rather than leaving your customers to search for the right information to make a return, you should state your return policy upfront and make sure that it’s readily accessible (and not buried in an unreadable font). Your return policy should be simple enough for a 5th grader to understand.
Drive Customers Toward Exchanges
Customers value the ability to return products more than ever—but returns aren’t always great for your bottom line. Return Rabbit helps eCommerce businesses drive customers toward exchanges rather than returns, which can boost business revenue and create loyal repeat customers.
An easy exchange can diffuse a stressful situation quickly. Imagine you order the perfect swimsuit for your dream Hawaii vacation only for it to arrive a week before and it doesn’t fit. And the company you ordered it from won’t accept returns. Now what? You have to wear a t-shirt instead? An exchange could have quickly diffused the situation and possibly could’ve helped the company gain a return customer.
At Return Rabbit, we allow for full catalog exchanges because you can’t always predict what will catch your customer’s eye. Maybe they don’t want that swimsuit anymore, but a pair of flip flops caught their eye. With a seamless exchange process, it’s an easy switch.
Many people return items purchased online because they were different than expected, damaged during transit, or just didn’t meet their needs. Encouraging exchanges rather than returns allows you to better serve your customers—it’s a win win.
Don’t Make People Wait
The best return policy in the world can’t be effective unless there are speedy return times with incredible customer service to match. Optimizing return times allows businesses to get merchandise into the hands of their customers faster. It also helps to ensure customer satisfaction in the event that a customer chooses a return and refund instead of an exchange.
Historically, people don’t like to wait for refunds either. As a merchant, it’s important to issue refunds as quickly as possible.
The Return Rabbit platform is all about efficiency. It features an average return handling time of just two minutes and allows merchants to quickly refund customers on their own timeline. We also help businesses automate as many steps of the process as possible, which saves time for both you and your customers. Fast, simple returns and exchanges help businesses save time, save money, and improve their relationships with customers.
Give Your Customers Time
Life happens and especially during hectic times, returning an item may not be the first thing on a persons to-do list.
By giving your customers ample time to complete a return and simplifying the return and exchange process as much as possible, you’ll help to turn one-time purchasers into repeat customers. Data shows that 86% of customers say that a positive returns experience would encourage them to shop with the same online retailer again.
Allowing a generous return window is a start in the right direction. Most retailers have a 30 day return window, but it’s not uncommon to see 60 and 90 day return windows as well.
Revamp Your Return Policy Today
An efficient, streamlined, and consumer-friendly returns process is good for your customers, it’s good for your bottom line, and it’s good for your business. While it may seem counterintuitive, generous return policies can actually result in greater profitability, since they increase customer loyalty and transform one-time purchasers into loyal repeat customers.
Returns and exchanges may not be the first thing you think of when it comes to increasing business revenue, but they should definitely be on your radar. As online shopping continues to dominate retail trends, simple and intuitive returns and exchanges are more important than ever.
If you’re interested in revolutionizing your business’s post-purchase experience, schedule a demo with Return Rabbit.