Posted in Marketing and Strategy Terms, Total Reads: 555
Definition: Return Privilege
Return privilege is given to customers so that they can return a product if they are not satisfied with it in exchange of some other item or even a cash back option can be available. Marketers are trying to attract customers with this option so that they do not hesitate in purchasing products and have an assurance of being able to return it if they do not like it. The items can be returned within a specified period of time.
This facility is particularly useful in case of e-commerce websites where customers are not completely sure about the quality and look and feel of the product. E-tailers like flipkart, ebay etc. provide return-back policy especially on apparels. Apple came up with an option for buyers to replace their phones free of cost if it develops some problem. Such marketing measures help companies increase their customer base by gaining their trust even though companies incur some losses due to product returns.