ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In many cases, the retailer will refund the difference of what you paid versus the sale price, as long as your purchase was within a specified time-often 14 days. If they can’t or won’t refund to the original form of payment, you may be issued a store credit.

Detailed explanation-2: -Keep all receipts and original packaging so you can provide proof of purchase for a refund or exchange. Merchants are within their rights to provide your refund as a credit note. Some merchants may retain a service fee or a restocking charge.

Detailed explanation-3: -A retail return occurs when a customer brings purchased items back to a retailer in exchange for refund, store credit, or similar item.

Detailed explanation-4: -Why Do Customers Return Their Purchases? The most common causes of purchase returns are unmet expectations, damaged or defective products, and incorrect fit. Any of these issues can be caused by failures on the merchant’s part or by events the merchant had no control over.