Let people cancel. You’ll make more money!
Last Updated October 27, 2017
Yup, you read that right. Reconsidering your no-refund policy will result in more sales.
Whether purchasing a ticket online or buying an item from the store, everyone has that moment of anxiety when it comes to spending money. Between selecting your purchase and completing the check out process, we all find ourselves looking for reasons not to spend. Then there’s that ‘no-refund policy’ that makes you feel like you’re being forced into a tumultuous marriage, giving you yet another reason not to make your purchase. For many, that’s a deal breaker. How can we work around that? The secret is to not take away your buyers freedom.
According to a survey done by B2C mid last year, 67% of buyers check the return policy before making a purchase and 62% of buyers are more likely to purchase an item if they have the option of returning it. By giving your guests the ability to change their mind, you take away the buyer anxiety. They go into the purchase knowing that, should an unforeseeable circumstance arise, they haven’t signed their life away and can get their money back.
Many guests run for the hills when they see “no refunds or exchanges” in the fine print. Permitting cancellations coupled with a quick and easy booking process will leave your guests feeling satisfied and willing to make future purchases with your company.
In fact, Craig Adkins from Zappos.com told Fast Company that adopting a very generous return policy has proven well worth it for them. You may worry about losing money on refunds, but the increase in sales could very well make up for the lost bookings, and then some.
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