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What is Product Refund Rate?

Product Refund Rate is the percentage of total sold products that were refunded during a period of time.

 

Product Refund Rate formula.

Refund Rate = [Refunded products in a time period / Total products sold in the same time period] x 100

 

Refund rate is often seen as a quality assurance metric. Possible reasons for an increasing refund rate may include: product does not meet expectations set by marketing, quality of materials is below customer expectations, or substandard manufacturing processes.

Returns may not result in outflows in revenue, but refunds will. Many marketers miss out on these metrics during reporting, leading to inaccurate revenue reports.

 

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What are the industry benchmarks for Product Refund Rate?

Product refund rate benchmarks are not publicly available.

 

How can you improve Product Refund Rate for your store?

Provide customers with the option to receive a replacement. If the same product is not available as a replacement, upgrade them to another product at the same price. If you do not have that option, give them store credits if you can.



 

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