A refund policy is a document that lays out the terms and process of a business for how a customer can return the purchased goods or services and request for a refund on the same. Drafting refund policy and publishing it on the website, is of utmost importance for its success, making it attractive for the customers to shop with them.
With the increase in e-commerce business worldwide today, customers has become more cautious about purchasing anything online, since they cannot physically examine what they are purchasing. They sincerely look for the store’s return and refund policies before making any purchase. If the store’s policies do not appear to be flexible enough, they tend not to make any purchase.
Hence, a clear refund policy encourages customer confidence and something that is legally enforceable. This is very important for new businesses to thrive in competitive markets.
Refund policy should include:
The terms of the refund policy are enforceable only if they are:
A clearly drafted refund policy can attract more customers and increase their trust on the business. It can also avoid confusion amongst customers which might lead to increase in service requests. It should be understandable, to the point and the terms should not be open to any further interpretation.
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