When your business operates in the digital ecosystem, it is very important to operate within the legal boundaries to avoid any potential issues. And if you’re involved in the e-commerce business, whether it’s an online store, digital software, or a SaaS, a couple of the most basic legal aspects you must address are handing return or exchange requests and processing refunds.
Few customers will maintain a relationship with a brand that isn't committed to their satisfaction. And the biggest question many potential buyers have is what you would do if they do not like what they have bought from you? More often than not, the response you have to this question will determine if they buy from you or not.
Statistics have shown that when a product has a clear and buyer-centric return and refund policy, it will sell better than similar options that have no such policy. Return and refund policy is your way of saying - we will only be paid for meeting our customers' needs and not merely for existing.