Refund and Return Policy in eCommerce | Website Return and Refund Policy drafting | Terms of Refund

Contact Us/Whatsapp on - +91 8949793519
.
Ecommerce Return Policies in 2023 :

A customer’s doorstep isn’t always your product’s final destination. With over $369 billion in sales lost to returns last year, online merchants can’t afford not to build a best-in-class ecommerce return policy.
As customer expectations evolve, retailers have to keep up, especially around holiday sales (and returns) season. In fact, UPS has dubbed the second and largest spike in returns as “National Returns Day,” which is expected to occur on January 2, 2020 with 1.9 million packaged returned to UPS alone. This is a 29% increase from last year.
.
Ecommerce returns can make or break your business :

How you manage ecommerce returns can directly impact sales and customer loyalty. Here are some stats on ecommerce returns:

92% of shoppers say they will buy again if the returns process was easy
79% of consumers expect free return shipping, but only 49% of online retailers offer it
More than 60% of consumers review a return policy before making a purchase
Based on the numbers above it’s clear that returns can have a big impact on your bottom line, and for good reason: the nature of ecommerce makes a good return policy a must-have. Unlike brick-and-mortar retail, ecommerce often requires customers to make a purchase decision without ever having interacted with or experienced the product in person.

With that level of uncertainty in mind, it’s no surprise that half of shoppers review a retailer’s returns policy before buying — and that half of shoppers have returned something in the last year.

Much like a shipping policy, it’s critical to make your ecommerce returns policy clear and straightforward. Transparency is an integral part of the ecommerce customer experience. There should be no hidden fees associated with returns, and if customers will be responsible for return shipping costs, which can help you reduce shipping costs, make sure that information is presented clearly.

Transparency is equally important once your customers’ returns are on their way back to you or your ecommerce fulfillment partner. Customers will inevitably have questions about the status of their return shipment and refund or exchange. We recommend giving your customers tracking information for their return shipment and/or automatic text alerts once their return has been received and refunded.

Fail to provide the ecommerce return policy that shoppers expect, and they won’t buy. Make the returns process a confusing hassle, and they won’t come back. But create a transparent, seamless policy and process, and you’ll see a boost in brand loyalty — and your bottom line.
.
4 ways to proactively reduce returns :

1. Create clear product descriptions
2. Increase return time window
3. Conduct regular quality testing
4. Identify trends in commonly returned items
.
Why Have A Policy?
Every ecommerce business online must make the use of the following three legal agreements:

Return/cancellation and Refund Policy
This agreement is used to inform a customer about an ecommerce website’s refund and cancellation policy. The need and use of such a policy has been covered in the first part of this article.

Terms and Conditions
This is an optional agreement that establishes guidelines and rules for customer registration, use and access of an ecommerce website. A terms of service agreement is legally binding on the parties agreeing to it. More on this is covered in the article ‘Why does a website need a disclaimer?’.

Privacy Policy
A privacy policy informs a customer about a company’s privacy policies, the type of information collected, the purpose and use of collecting such information or data. This agreement is a compulsion required by the law under the Information and Technology Amendment Act, 2008 and the Information Technology Rules, 2011.

Note: A refund and cancellation policy clause can be included in the terms and conditions agreement instead of drafting a separate agreement altogether. Sometimes items with a refund and cancellation policy sell better than products that do not have any such stated policy on an ecommerce website.
.
Follow us on Instagram - https://www.instagram.com/billionpreet/

Linkedin - https://www.linkedin.com/in/bhavpreet-singh-soni-29bb98197/

Bhavpreet Sir On Instagram - https://www.instagram.com/bhavpreetsoni/

Facebook - https://www.facebook.com/Billionpreet...

Sonisvision Youtube channel - https://www.youtube.com/channel/UC3Th...

About :
Billionpreet by Bhavpreet Singh Soni it is a ultimate business channel which motivates young entrepreneurs to invest and increase there business. We started with the franchise business but now we're going to scale it with good Startups. We're building a platform where Franchisors, Startups and Investors can meet at one place.

Focusing on the Indian Franchise is our main Focus, how we can help them grow their business in-terms of Money, Expansion, Brand Identity, Values, etc.