If you are just starting your own wholesale business you’ll know you need a returns policy. All online retailers have a policy in place and a returns policy will offer peace of mind to both you and your customers. It can also help you to build solid relationships with your clients. Quite often a returns policy is the first thing a customer will look at so you need to ensure yours is simple and matches, if not exceeds, your competitors.
Research
The first thing to do is to sit down and research your competitors and others trading in the wholesale industry. What returns policies do they offer? How long do customers have to make a decision on an item? Do the items need to be returned in pristine condition? These are all things you should look at as it will help you to define your own returns policy. You then need to think of your own limits – sure, you want to create sales, but are you happy for your customers to return damaged goods? Set a limit and stick to it.
Be Concise
When creating a returns policy you need to keep it simple. Customers won’t want to read lots and lots of complicated text and if they see this and don’t understand your policy, they may shop elsewhere. So be concise – keep the policy short and get to the point.
Be Clear
If you plan to accept returns, tell the customer! Use bold text to highlight that you accept products back so your clients are confident to stay on your website and hopefully purchase!
Set a Time Limit
All returns policies have a returns limit. Some are 28 days and some are 7 days. Establish your limit and clearly outline it in the returns policy. This will ensure that customers aren’t sending stock back months after purchasing it and leaving you with difficult inventory.
Refund or Exchange
You’ll know that all retailers operate differently. Some give straight refunds, some will only exchange products and others offer gift vouchers to keep customers tied to their brand. You need to consider what you will offer and also keep any shipping costs you may have incurred in mind.
