A customer's threshold is not always the final destination of your product. With over $369 billion in sales lost to returns last year, online merchants can't afford not to develop a best-in-class ecommerce returns policy.
As customer expectations evolve, retailers must keep pace, especially during the holiday sales (and returns) season. In fact, UPS has dubbed the second and largest spike in returns “National Returns Day,” which is scheduled to occur on January 2, 2020, with 1.9 million packages returned to UPS alone. This is an increase of 29% from last year.
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Ecommerce returns can make or break your business:

How you handle ecommerce returns can have a direct impact on sales and customer loyalty. Here are some statistics on ecommerce returns:

92% of buyers say they would buy again if the returns process was easy
79% of consumers expect free returns, but only 49% of online retailers offer them
More than 60% of consumers review a return policy before making a purchase
From the numbers above, it's clear that returns can have a big impact on your bottom line, and for good reason: the nature of e-commerce means a good returns policy is essential. Unlike physical retail, e-commerce often requires customers to make a purchasing decision without ever interacting with the product or experiencing the product in person.

Given this level of uncertainty, it's no surprise that half of shoppers review a retailer's returns policy before purchasing — and half of shoppers have returned something in the past year elapsed.

Just like with a shipping policy, it's essential to make your ecommerce returns policy clear and simple. Transparency is an integral part of the e-commerce customer experience. There should be no hidden fees associated with returns, and if customers are responsible for return shipping costs, which can help you reduce shipping costs, make sure the information is presented clearly.

Transparency is just as important once your customer returns are on their way to you or your ecommerce fulfillment partner. Customers will inevitably have questions about the status of their return shipping and whether it will be refunded or exchanged. We recommend providing your customers with tracking information for their return shipment and/or automatic SMS alerts once their return is received and refunded.

If you don't provide the ecommerce returns policy that buyers expect, they won't buy. Make the returns process complicated and they won't come back. But create a transparent, consistent policy and process, and you'll see an increase in brand loyalty – and your bottom line.
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4 Ways to Proactively Reduce Returns:

1. Create Clear Product Descriptions
2. Increase the return time window
3. Perform regular quality testing
4. Identify trends in frequently returned items
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Why have a policy?
Any online e-commerce business must use the following three legal agreements:

Return/Cancellation and Refund Policy
This agreement is used to inform a customer about the refund and cancellation policy of an e-commerce website. The need for and use of such a policy was discussed in the first part of this article.

Terms and conditions
It is an optional agreement that establishes guidelines and rules for customer registration, use and access to an e-commerce website. A terms of service agreement is legally binding on the parties who accept it. More information on this is covered in the article “Why Does a Website Need a Disclaimer?” ".

Privacy Policy
A privacy policy informs a customer about a company's privacy policies, the type of information collected, the purpose and use of collecting that information or data. This agreement is a legally required obligation under the Information and Technology Amendment Act, 2008 and the Information Technology Rules, 2011.

Note: A clause relating to refund and cancellation policies can be included in the terms and conditions agreement instead of drafting a separate agreement. Sometimes items with a refund and cancellation policy sell better than products that don't have such a policy on an e-commerce site.
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