Refunds & Returns Insights: Every eCommerce Business Should See

Refunds & Returns Insights: Every eCommerce Business Should See

Take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.

A photo of a quote statistic that says t costs as much as 5x more to obtain a new customer than to deal with unhappy customers. Source: Invespcro
Promoting or encouraging refunds is usually viewed as a big no no when it comes to marketing your brand online. Traditionally refunds and returns are the side of an eCommerce business that no one wants to talk about. However, in todays highly competitive eCommerce market, a customer-centric returns portal could be the reason why a customer chooses to purchase from your online store.
Having a customer-centric returns policy showcases the commitment your online store has to their customer. So before you neglect to educate your customers on your returns process or try to hide your refund policy in the T&C’s all together, take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.
Key insights:
1. It costs as much as 5x more to obtain a new customer than to deal with unhappy customers. Source: Invespcro
2. According to UPS, a website’s return and exchange policy gets viewed by 68% of shoppers. Source: Salecycle
3. Close to 70% of customers will check a returns policy prior to checking out. Source: Retail Customer Experience
4. 33% of repeat consumers would choose to abandon a retailer if they had a “difficult” returns experience. Source: McKinsey Returns Management Survey
5. 86% of survey respondents agree that a lenient returns policy is critical to increasing revenue and share of wallet. Source: McKinsey Returns Management Survey
6. According to a 2020 report on returns from Narvar, the level of convenience and transparency in the returns experience is critical to consumer retention. Source: State of Returns Narvar Report
66% of first-time consumers who had an “easy” or “very easy” returns experience would shop at a retailer again. Source: Internet Retailing
33% of repeat consumers would choose to abandon a retailer if they had a “difficult” returns experience. Source: McKinsey Returns Management Survey
89% of businesses, "see customer experience as a key factor in driving customer loyalty and retention." Source: Invespcro
A stock photo of two hands holding a brown package box
For retailers, these insights show us just how important it is to provide multiple return options for customers, along with up-front and transparent communication on your returns process. Your eCommerce brand can have the best online shopping experience but if your returns policy is not clear, concise and lenient to the customer, there’s a much lower chance of a browser converting into a long-term customer.
Refunds and returns are a necessary evil for every eCommerce business. They may they seem like an inconvenient cost, but in reality they serve as a key factor to building brand loyalty and customer confidence. Start your returns revolution today!
Speak to the team at Refundid to see how we can turn your refunds into recycled revenue.

Insights

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Meet our Team at Refundid: Edward Liston

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Refunds & Returns Insights: Every eCommerce Business Should See

Take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.

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Refunds & Returns Insights: Every eCommerce Business Should See

Refunds & Returns Insights: Every eCommerce Business Should See

Take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.

A photo of a quote statistic that says t costs as much as 5x more to obtain a new customer than to deal with unhappy customers. Source: Invespcro
Promoting or encouraging refunds is usually viewed as a big no no when it comes to marketing your brand online. Traditionally refunds and returns are the side of an eCommerce business that no one wants to talk about. However, in todays highly competitive eCommerce market, a customer-centric returns portal could be the reason why a customer chooses to purchase from your online store.
Having a customer-centric returns policy showcases the commitment your online store has to their customer. So before you neglect to educate your customers on your returns process or try to hide your refund policy in the T&C’s all together, take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.
Key insights:
1. It costs as much as 5x more to obtain a new customer than to deal with unhappy customers. Source: Invespcro
2. According to UPS, a website’s return and exchange policy gets viewed by 68% of shoppers. Source: Salecycle
3. Close to 70% of customers will check a returns policy prior to checking out. Source: Retail Customer Experience
4. 33% of repeat consumers would choose to abandon a retailer if they had a “difficult” returns experience. Source: McKinsey Returns Management Survey
5. 86% of survey respondents agree that a lenient returns policy is critical to increasing revenue and share of wallet. Source: McKinsey Returns Management Survey
6. According to a 2020 report on returns from Narvar, the level of convenience and transparency in the returns experience is critical to consumer retention. Source: State of Returns Narvar Report
66% of first-time consumers who had an “easy” or “very easy” returns experience would shop at a retailer again. Source: Internet Retailing
33% of repeat consumers would choose to abandon a retailer if they had a “difficult” returns experience. Source: McKinsey Returns Management Survey
89% of businesses, "see customer experience as a key factor in driving customer loyalty and retention." Source: Invespcro
A stock photo of two hands holding a brown package box
For retailers, these insights show us just how important it is to provide multiple return options for customers, along with up-front and transparent communication on your returns process. Your eCommerce brand can have the best online shopping experience but if your returns policy is not clear, concise and lenient to the customer, there’s a much lower chance of a browser converting into a long-term customer.
Refunds and returns are a necessary evil for every eCommerce business. They may they seem like an inconvenient cost, but in reality they serve as a key factor to building brand loyalty and customer confidence. Start your returns revolution today!
Speak to the team at Refundid to see how we can turn your refunds into recycled revenue.

Insights

You might also like

Meet our Team at Refundid: Edward Liston

A true salesman at heat, Ed lives by the motto ABC (always, be, closing).

VRG GRL: Returns, Refunds and Refundid

Welcome to our second Refundid partnered Q&A series with VRG GRL's Co-CEO Cale Suesskow.

Refunds & Returns Insights: Every eCommerce Business Should See

Take a look at these customer insights we’ve pulled from multiple sources that showcase just how important quick and easy returns can be for your business.

Meet Refundid's CEO & Co-founder, Brad Karney

Brad is an avid Liverpool F.C. supporter and ecommerce enthusiast, before co-founding Refundid he was… can you guess?

5 Brands with Superior Customer-Centric Returns Policies

Customer service is king! Customers expect world-class customer service throughout the entire order life cycle when shopping online.

Maximising Retention, Loyalty, and Active Customer Numbers Through Returns

Learn how you can maximise retention, loyalty, and active customer numbers through your returns policy