Creating a Great Return Policy - An Essential Step in Business Building

Having a customer-friendly return policy is one of the most effective ways you can convince undecided buyers to purchase from your business. A clear policy with return terms specifically detailed shows potential customers you are confident in your company's offerings and aren't afraid to stand behind what you sell. Knowing that they're able to return a product if they're not satisfied can often be the deciding factor when making a purchasing decision, which will help boost sales.

Deciding on the terms of your return policy can be a balancing act between what is good for the customer and what is profitable for your business. You don't want a return policy so restrictive that customers feel they're jumping through multiple hoops, but you also don't want too liberal of a policy. While your business might lose a sale by accepting a return, you don't want to lose additional monies on top of the lost sale, this is important for customer retention. If you approach the creation of your return policy as an opportunity to wow your customer with top-of-the-line customer service, you're far more likely to design a policy your customers will love. Being able to purchase with confidence knowing that they can return or exchange their goods colors the shopping process in a positive light. That positive connotation impacts the way a customer feels about your business, whether they consciously realize it or not.

When you are creating your return policy, be specific in the terms your business will accept. The length of your policy is important to avoid returns long after product lines have changed. Determine if your returnable goods policy is 10, 15, or 30 days and ensure that information is clearly conveyed to your customers in multiple places. Your POS system can print your return policy on the bottom of each receipt, your till area can have signage displaying your policy, and you can also display your policy in a number of locations throughout your business' premises. If your policy covers specifics like condition of returnable items, be sure that information is provided everywhere your return policy is offered. You don't want your customers to feel like they've been duped or not given all of the pertinent details prior to making a buying decision.

Creating a great return policy that favors your customers while protecting your business ensures that both parties are happy with the transaction. Think of your returns and exchange policy from your customer's perspective and then create a policy that delights potential customers with its fairness. Once you have decided on details like length, condition, and documentation, you're free to add specifics that allow your customer service department to shine. Adding options like free pick-up on big item returns or exchanges and upgrades shows your customers how much you value their business. If your business is willing to stand behind its product offerings, your customers are going to be more inclined to purchase from your establishment, and become a repeat customer. Developing a great return policy that values your customer and protects your business is essential for building long term business relationships.