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STORE RETURN POLICIES: Rules of Thumb

Monday, December 28, 2009

More than 40% of Americans will take back at least one gift after the holidays (Source: NRF). Here's quick video seen on news websites across the country & some corresponding notes + resources ....

There's no "one-size-fits-all" returns policy. While most stores offer shoppers the standard 30 days for returns, policies can vary by retailer. Watch for 14 day return deadlines on items like computers and other electronics. And whether you bought a gift in store or online, may also affect the returns procedure. If you did buy online, some retailers will require you to mail the item back, while others allow in-store returns. WalletPop.com has a terrific round-up with details by retailer.

Retailers more liberal with holiday returns: If you show up at the store to make a return, chances are you are also there to do more shopping, especially taking advantage of post-holiday sales. Retailers realize this, and if the past is any indication, return policies tend to be more lenient after the holidays. In fact, about one-third (28%) of retailers say their return policy is more flexible during the holidays than it is during the course of the year (Source: NRF Survey – Oct 2009). Merchants should do their best to work with you.

Cashing in on gift cards: Gift cards are important for the retail industry because they help drive sales after Christmas and into January. If you received a gift card, its value will likely go a little further over the next few days if you're able to cherry pick some heavily discounted post-holiday merchandise. But if you received a card you know you won't use, there are websites (www.giftcards.com, www.plasticjungle.com) where you can swap them with someone for one your want, or you can sell them for as much as 70% of the card's value and pocket the cash. For their part, the sites do charge small transaction fees.


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