Whenever possible, you can always offer your customers some alternative options: store credit or exchange.
Store credit
Store credit is easily one of the best alternative strategies for streamlining returns management. It helps you keep money in your ecommerce business, encourage repeat purchases, and retain more customers. It also gives both you and your customers more flexibility in making choices.
Toss
In some cases, it can even prevent returns altogether. Let’s say a customer bought from you and then found the same product for $20 less on a different e-store . Now the customer wants to return the product and get their money back (yes, some customers do this). In this case, you can offer a store credit to cover the difference.
Change
If approached wisely, converting a return into a trade-in can be a huge competitive advantage.
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Exchanges are more valuable than returns and refunds because they contribute to the profitability of your business. You lose nothing and your customers are completely satisfied with the exchanged products. By getting the right products into the hands of your buyers, you increase loyalty and increase customer lifetime value.
exchange policy
You can also offer three options of the customer’s choice: full/partial refund, exchange, or return with store credit.