The refund policy is a critical component of any retail operation, as it establishes the terms under which customers can return products and receive their money back. A well-defined refund policy not only protects the interests of the merchant but also enhances customer satisfaction and trust.
Typically, a refund policy should clearly outline the time frame within which customers can request a refund. For instance, a common practice is to allow a 30-day period from the date of purchase. This timeframe provides customers with sufficient opportunity to evaluate the product and determine if it meets their expectations.