Many online marketing experts employ different tactics to promote their online businesses. These include pay-per-click, traditional search engine optimization, retargeting, online display advertising, among others. However, one method that you should not overlook is having a flexible return policy. In this post, we will learn why this marketing move can help your business in the long run.
Consider this— a 2017 study participated in by online shoppers in the US showed that 79% of the participants say that free shipping on returns is one of the more important factors in choosing an online store. The same study showed that 3 out of 4 online shoppers shipped their purchased items back to the stores from which they bought it. Moreover, 44% of the surveyed online shoppers say they buy a new product from an online retailer that processed a return.
Return Policy Leads to More Sales
Retooling your online store’s return policy will not only make you more customer friendly; your business will also have more sales buoyed by satisfied customers and repeat buyers. You should understand how the after-buying experience can impact your sales.
Here’s one proof: a UPS study together with ComScore found that 67 percent of customers shopped more if the online seller offers a flexible return policy. Moreover, 2 out of 3 customers say they would look first for the return policy of an online retailer before buying.
Return Policy Reduces Cart Abandonment
The average cart abandonment rate for online retail is pegged at 76 percent, which is high considering that only 24% of online customers are converting.
But when you make it easy for customers to return items, your business will stand a better chance of converting more shoppers. Moreover, these shoppers will likely become more loyal because of the positive after-buying experience.
To sum things up, a flexible and hassle-free return policy can give a huge lift to your online business.