Once you’ve implemented your Measure the impact new return policy, it’s a good idea to measure its impact on your business.
Since you’re updating your return policy with the goal of increasing customer loyalty—and therefore, their spending—you’ll want to measure your customer lifetime value.
Give the new policy at least three to engineer data six months before collecting this data.
Then, you can use an analytics platform like Lightspeed Analytics to check how your customer lifetime value has changed since introducing your return policy:
Go to Marketing Reports in Lightspeed Analytics
Find the Customer Lifetime Value report type.
Click Options.
Select the KPI variation over time.
Review the results to see if your customer lifetime value has increased. Manage your business better with Lightspeed
Retailer return policies shouldn’t retargeting ads for business be viewed as a frustrating loss of revenue. They can help you generate more sales from your customers in the future and prevent loyal customers from switching to competitors.
Having reliable, tailored data for your business
is essential for making the right decisions, whether it’s updating your return policy or managing your day-to-day operations.
If you’d like to learn how Lightspeed’s detailed reports and data can help you make data-driven decisions about your store, contact one of our experts today.
Two months of refunds or aero leads gift cards with a receipt, one month of exchanges or gift cards without a receipt, no restocking fees, and conditional shipping refunds for online purchases. With this policy, you give customers who Measure the impact keep their receipts some time to return items and make arrangements for customers without a receipt. You also leave the door open to refunding shipping costs if the customer needs to return an item due to defects. If a customer purchased two different versions of the same product only to return the one they didn’t like, your return policy prevents you from having to refund shipping costs.
