How can that be? If you allow refunds, you are losing sales. The short-term answer is perhaps. The objective of every business is to increase profits for the long – term.
If you have a no refund policy, many customers will either not make a purchase or buy less merchandise. These customers are reluctant to spend their money, in case the product isnt right. Yes, they could exchange it for other merchandise. However, if you dont have what they want currently, you have their money and they have nothing.
Why are owners afraid of giving money-back? There are three main reasons and the fears are the result of short-term thinking.
1.Owners cant stand seeing cash going out of the register. This results in fewer sales for the day.
2.The owner worries about bogus refunds. If you have proper controls, this will seldom happen. The people taking advantage of bogus refunds concentrate on large stores.
3.Owners are concerned with too much merchandise being returned. 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...
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