In Australia, 80% of people shop at several merchants and brands. A robust refund procedure may help Australian firms develop confidence and increase client retention. All merchants want to reduce the effect of returns, but there are better methods to do it than making the process more difficult or less appealing to the end user. According to research, this approach will result in fewer consumers.
Simplify the return procedure with the help of a reputable refund program. Consumers trust you more since they know you'll take care of them if they have difficulties with their Purchases.
5 Ways for retailers in Australia to take advantage of a refund program
1. Uplift sales 89% of Australians who bought something after returning it stated they paid up to $200 more. Customers may opt to get a refund to their bank accounts, merchant wallets, or gift cards, which builds trust and keeps customers coming back. The consumer might return and utilize the amount of the refund or more.
2. Prevent outflow of cash Refund programs enable you to provide gift cards or merchant wallet-based reimbursements to promote repeat customers. A gift card or merchant wallet-based refund can be used on subsequent transactions, preventing the outflow of funds from your first sale.
3. Ease the refund process 41% of consumers in Australia have stopped shopping with a particular retailer altogether due to a poor returns experience. With a refund program, you can add gift cards to the customer's wallet as refunds. Making returns simpler and providing the best possible experience will encourage customers to return.
4. Boost brand loyalty Implementing the right refund program for your brand can help ensure that customers are still able to take advantage of your products and services, even after they have received a refund. Customers may become more loyal to your brand as a result of a refund program's ability to create a sense of loyalty.
5. Retain & engage customers Retailers in Australia take advantage of free in-store returns to drive in-store footfall. A merchant wallet-based reimbursements can be used to process refunds quickly and easily, which will encourage your customers to shop more frequently. It also helps retain customers within the system and engage with them via communications to spend them.
With Qwikcilver’s QwikRefund you as a brand have the power to manage refunds, buybacks and credit notes effectively. Our refunds program allows you to issue refunds in the form of gift cards, merchant wallets or bank transfers and automate customer refunds. Already getting ideas to implement QwikRefund to your brand? Talk to the experts now