Any ideas how that can be? If you allow refunds, you are losing sales. Perhaps would be the short-term answer. Every business has an objective and it is to increase the profits for the long-term.
Many customers will either not make a purchase or buy less merchandise if you have a no refund policy. In case the product is not right, then these customers are reluctant to spend their money. Yes, they could exchange it for other merchandise. However, you have their money and they have nothing if you don't have what they currently want.
Why are owners afraid of giving money-back? The fears are the result of short-term thinking and there are also three main reasons.
Cash going out of the register is something owners can't stand seeing. This results in fewer sales for the day.
Bogus refunds are what the owner worries about. If you have proper controls, this will seldom happen. The people concentrate on large stores if they are taking advantage of bogus refunds.
Too much merchandise being returned is what owners are concerned about. You could have a few customers taking advantage of this. If they are bringing back resalable product, it should not be a concern.
Most large companies have a return policy that is favorable to the customers. Spending more money are what customers are encouraged to do because of this. The customer is aware that they can return unwanted merchandise. The risk of bogus returns with proper controls will be outweighed with the increase in sales and profits.
How about just having a specific refund policy in place? For example, it could be a cash refund with the original receipt and within 30 days of the purchase. The longer the return period, the less likely you will get a return. Customers will lose the receipt because they will put the merchandise aside.
Considered as a huge advantage against your small competitors is your refund policy. Too many owners don't take advantage of separating themselves from the other businesses. Having several professional signs at least 8.5 x 11 around the store with your refund policy is also considered as a good idea. To make this stand out even more, you can use bright color paper.
Keep reading to learn the example of what to put on the sign "Refunds Gladly Made With Receipt."
The sign behind the register area could have the full details.
Aside from explaining, you should also make sure that all of your employees understand and follow the customer friendly refund policy. It's possible that there could be some resistance to change and this is true with employees on commission. However, let them know long-term the refund policy will result in increase sales and commissions. If they still don't want to follow the policy, you are better-off if they worked somewhere else.
Take the first step in improving your sales and profits by improving customer service with a friendly refund policy. Take off that short-term hat and carry out polices and strategies that will increase your sales and profits long-term.
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