If a buyer does not like a product, he decides to make a return or exchange on your shopify store. What to do next? You have to make your customer happy by catering their needs through quick and easy exchange.
Importance of hassle-free return for customers
Hassle-free return of products is essential for making your customers happy. Happy and satisfied customers become repeated customers of your business. So, your return policy is vital for your growth online. It is a common perception that online shoppers consider price as a key factor during shopping. But analysis of millions of shoppers reveals that return policy surpasses the price. Online buyers object to uncertainties in the return policy more than the product price.
Furthermore, returns are more frequent in online stores than physical stores because the product may slightly vary from pictures. It is likely to occur more if you are buying shoes or ready-made clothes. The sizes and colors may override the expectations, and the customer will claim a return.
Mostly, customers look for return policies before hitting a buy button. Nobody wants to waste their hard-earned money if the business does not offer any return. Therefore, customers give immense value to hassle-free return of products.
Customer behavior insight
As the business market is changing, merchants look for new trends and insights into customer behavior. According to research, merchants who look at customer shopping behavior and use the data to bring required changes, outperform their competitors by 85% in sales growth and 25% in gross margin.
If every 1 customer out of 5 returns a product, it reduces profit margin, gut conversion rates and brings small businesses at risk. According to Statista, return deliveries in the US alone caused a loss of $550 Billion in 2020. It was 75.2% greater than in the last four years. The cost does not include inventory restocking expenses due to the difficulty of selling returned products. The actual figure will be significantly higher. So, how can you overcome the losses? The answer is the one-click exchange.
The post-shopping customer’s experience is equally pivotal as the pre-shopping experience. The process of return and exchange must be flexible and easy to gain customer’s trust and loyalty. A one-click exchange makes the post-shopping process smooth and convenient. It is the ability to exchange purchased products within a click. A customer has to go to the return portal of an online store, select a reason for exchange, and choose the other variant. A customer gets an email automatically with shipping-back instructions, and the new product is delivered as soon as possible.
One-click exchange enhances customer return experiences, increasing the chances of more purchases in the future. Furthermore, a fast, efficient and quick exchange is beneficial for both shop owners and buyers. So, to foster loyalty and reduce customer’s anxiety during the return process, a one-click exchange is the solution.
One-click exchange provide instant resolutions
When customers come on the return portal, a one-click exchange offers instant resolutions to returns. The algorithm understands customer behavior and gives solutions such as ship back later, keep an item or donate. So, the exchange process becomes smooth and easy with a one-click exchange.
One-click exchange reduces transit cost
With a one-click exchange, the shop owners can reduce the transit cost. When a customer receives a new product, he returns the previous one. The major operational cost of businesses on Shopify is logistics and transportation. So, pick up and delivery at the same time reduces the transportation cost and increases the profit margin.
Customer retention with one-click exchange
New customer acquisition is six times more difficult than retaining existing customers by offering benefits and discounts. With quick one-click exchange, shop owners can retain customers, which facilitates the stabilization of the business.
One-click exchange preserve accounting hassle
When a customer claims a refund, there is an additional hassle for sending the money back to the customer. The returns go as sales return entry into accounts which decreases booked revenue. With one-click exchange, customers get better alternatives than refunds, and merchants preserve themselves from accounting hassle.
In a nutshell, you can improve your customer experience with one-click exchange. One-click exchange is a fast, quick and easy exchange process that is a prerequisite to avoid business loss due to large refund requests. The exchange turns refunds into revenue for shop owners and brings customer loyalty with a smooth and transparent exchange process. Try it on the Shopify return & exchange portal.