Store Credit
Non-Refundable items
Offering your customer’s store credit is a technique of giving them a balance or credit that they can use to purchase things from your store. Your consumers will be able to use their shop credit to purchase something from your store without having to pay. In many circumstances, store credit is available. For example, suppose a consumer walks into your store to return a non-returnable item because it is broken or no longer works. Instead of giving them cash, you could give them store credit, which they could use to buy anything they want from your store without having to pay.
Reduce the revenue lost due to returned products
With store credit, you can keep your earnings steady.
The main advantage of this purchasing method is that shops do not lose money on returns. Instead of a full cash refund, store owners can offer customers an equal-value swap for other things. Store credit not only keeps money in the business but also increases sales.
Furthermore, customers regard businesses as being flexible when it comes to returning policies. Purchasers will have an extra choice and a longer period of time to return items.
The main advantage of this purchasing method is that shops do not lose money on returns. Instead of a full cash refund, store owners can offer customers an equal-value swap for other things. Store credit not only keeps money in the business but also increases sales.
Encourage customers to spend more money on their purchases
Encourage shoppers to use the store credit to shop more.
According to a GE Capital study, when stores provide a branded credit card, in-store consumer visits increase by 29%. (a type of store credit).
In other words, store credit has been shown to encourage customers to visit the store more frequently. Furthermore, when shoppers are lured by other things inside the store, they have a tendency to spend more than their store credit. Retailers who take advantage of this opportunity will be able to increase sales.
According to a GE Capital study, when stores provide a branded credit card, in-store consumer visits increase by 29%. (a type of store credit).
Keep an open and transparent policy
Let’s make your return policy more accommodating.
According to Invesp data, 67 percent of buyers look at the return page before buying something. As a result, any retail business must have a clear and customer-centric return policy.
Store credit, on the other hand, is a positive in a variety of ways that shoppers can return unsatisfactory purchases. Shop owners must, however, define what products are branded as “final-sale,” which items can be purchased with store credit, and when items can be returned (30, 60, or 90 days).
According to Invesp data, 67 percent of buyers look at the return page before buying something. As a result, any retail business must have a clear and customer-centric return policy.
Want to know more? Watch our helpful videos.
