Let’s face it, it is no good news to see your return and refund rate skyrocket while you look on helplessly.
Buyer’s remorse, as it is popularly called, is the phenomenon where a customer gets disappointed for making a purchase at your shop moments or days after the completion of the said transaction.
The next move is for the dissatisfied customer to run back to you with the product, asking for a refund.
Have you of late seen an increase in the number of buyers who come back after a purchase asking for a refund?
Are you at a loss as to what measures to take to reduce your return and refund rate? Then you’ve come to the right place.
Here are the strategies you can implement to lower the return and refund rate in your home business.
Take proactive action.
You don’t want to wait till you see almost every buyer bringing back your product before you think of what to do to get out of trouble.
Prevention is always better than cure.
Do what is needed to prevent the level of buyer’s remorse you know your business may not survive.
Include a surprise gift in the package.
Any gift item that you believe your customers would love, based on their buying behaviour, would do. Keep the surprise element intact just to make them discover that wonderful freebie when they least expected it.
Chances are this little piece of “bribe” would assuage any feeling of disappointment they may experience after realizing that the price is much lower elsewhere, for example.
Call them on the phone.
A brief personal call after the purchase can make your customer feel respected and important.
Supposing before this call came, they had started thinking of storming back into your business premises with a product they now hate to have bought. Quickly, the probability of their acting will begin to go down considerably.
Package the product properly.
Since time immemorial, packaging has made it possible for even the worst products to sell well.
No, I do not advocate the practice of selling unwholesome products under the guise of nice packaging. This has an almost equal potential to increase the return and refund rate.
What you must be doing is to get the right packaging done for a great product. When these two powers are combined, it makes it more difficult for buyers to return the product for a refund.
Send a “Thank You” note.
And do it as fast as possible. Do not wait for customers to start grumbling about a specific problem before you begin to figure out what to do.
Your “Thank You” note can include an offer to do a little extra for the customer “just to show appreciation”.
Ask for their testimonial.
A satisfied customer, who has just finished making a purchasing decision they convinced themselves was the best in a lifetime, would be more than willing to give their testimonial to you.
It is true that a few implacable customers might still run back asking for a refund. But, for many others, they would think it might sound stupid on their part to return a product they had just publicly endorsed.
What a perfect way to preempt any tendency towards buyer’s remorse!
Again, it is not like you should use this strategy as an underhand tool.
It is an act in bad faith to hoodwink your customers into doing what they wouldn’t have normally done.
My recommendation is this. First off, work hard to satisfy buyers with the best product possible. Then go ahead to add a request for their testimonial. This way, they will feel reluctant to take any return and refund action as soon as they find a minor problem with the purchase.
To sum up …
So there you have it. Make sure you’re proactive in dealing with all matters related to buyer’s remorse in your small business. With the right strategies, you can significantly lower your return and refund rate.