Retain Revenue With Easy eCommerce Exchanges
November 13, 2022
by Rebecca Fox

Easy exchanges are a win-win both for your store and for your customers – customers are left satisfied and you get to retain revenue. 

With ReturnGO, you can manage exchanges easily and more conveniently than ever before thanks to its unique exchange features such as exchanges with a price difference, multiple-item exchange, and more.

What are eCommerce Exchanges? 

ECommerce exchanges are when customers return a purchased item for another item from your online store.

An exchange can be a variant exchange (different size, color, or style of the same product) or a product exchange (different product altogether).

With ReturnGO, customers can request an exchange using a self-service return portal by selecting the item they want to exchange, the reason for the exchange, and the new product or variant they want. 

An automated email will then be sent to the customer with return shipping instructions, and a draft order will automatically be generated in Shopify, which you can then go and fulfill. 

This saves you a great deal of time by not needing to manually create a new order for every exchange.

Why Are Exchanges Important?

Exchanges are important because instead of refunding a customer, you retain the revenue that would have been lost. Exchanges also help you keep customers happy, which can result in repeat purchases and referrals.

Your return and exchange policy should make the online returns process seamless and hassle-free, and give customers a clear incentive to choose an exchange over a refund.

Keep Customers Coming Back

Exchanges are an important part of maintaining customer loyalty and retention. By ensuring that the right product reaches your customers, you create repeat customers who are more likely to make future purchases and increase their lifetime value. 

Additionally, exchanges help build customer trust and confidence in your brand, which leads to more word-of-mouth recommendations.

Retain Revenue

In contrast to refunds, in which you lose the sale and return your customers’ money, exchanges benefit both your customers and your store. You retain your revenue and your customers get the products they need.

Setting Up Exchanges

Set up your exchange resolutions and specify how variant exchanges and product exchanges work.

Define your exchange policy, including the conditions for items to be eligible for exchange and how exchanges will take place. 

Create auto-exchange automation rules to help you streamline your exchange process and enable the automatic release of an exchange when certain conditions are met.

You can set up incentives such as bonus credit or free shipping to encourage customers to request an exchange instead of a refund.

What Types of Exchanges Can You Offer?

There are two main types of eCommerce exchanges you can offer: variant exchanges and product exchanges. 

The different types of exchanges will be relevant in different circumstances. You can define different eligibility conditions and automation rules for each type of exchange.

Variant Exchange 

Variant exchange is when customers exchange a product for another variant of the same product – for example, another size or color. This can happen for a number of reasons, such as the customer finding that the variant they purchased doesn’t fit or is the wrong color.

Making it easy for customers to exchange an item for a different variant that fits better or is the right style for them shows that you care about their satisfaction.

Product Exchange

Product exchange is when customers exchange a product for another product altogether. 

For example, customers are likely to request a product exchange when an item arrives damaged or defective, or when an item isn’t what they expected. 

By offering easy product exchanges, you can keep customers loyal instead of just refunding them and possibly losing them as customers.

Special Exchange Features ReturnGO Provides

Besides standard exchange types such as variant and product exchange, ReturnGO provides special features that simplify the exchange process and give you more flexibility with how you manage exchanges.

Exchange of Exchange

Offer customers the ability to exchange an already exchanged item for another item of their choice.

For example, if a customer buys a pair of shoes in size 10, receives them, tries them on, finds them too big, and exchanges them for a smaller size, say a size 9, but then tries them on and still finds them too big – you can enable them to exchange the shoes again to ensure they get the right size.

Define how many times an item can be exchanged in your return & exchange policy.

Exchange With Price Difference

Provide customers the option to exchange an item for a cheaper or more expensive one, and automatically calculate the price difference. 

If the new item costs less, the customer will receive a refund (or store credit, or gift card, depending on your configuration) for the price difference. If the new item is more expensive, the customer will be sent an invoice to pay for the price difference.

Exchange One Item For Multiple Items

Let customers exchange one item for multiple items. 

For example, a customer can exchange a $50 item for a $30 item and a $20 item, all within the ReturnGO return portal.

Having an easy exchange process encourages customers to simply swap out their purchased items for something else instead of asking for their money back. 

Use eCommerce Exchanges to Retain Revenue

ReturnGO’s unique exchange features and easy exchange process make it easy to manage eCommerce exchanges, so you can retain revenue that would be otherwise lost on refunds.

Streamline your exchange process and make it easy for customers to exchange their items. 

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