Angeles–The day after Christmas traditionally is International Exchange Day when consumers flock to the stores to return, exchange the gifts they just received.
Considering the average American returned nearly four gifts last year, worth close to $270 billion in merchandise according to the National Retail Federation, leading personal finance website GOBankingRates investigated return policies at the biggest U.S. retailers and identified the 12 best return policies at popular stores.
“Because many retailers carry the same brands and offer comparable pricing, a good return policy really should be the ‘X factor’ that helps you decide where to do your holiday shopping,” said Casey Bond, GOBankingRates’ managing editor. “Your gifts–however thoughtful they are–are more likely to be returned this season than any other time of year; give your friends and family the extra gift of an easy return process if they’re not happy with their presents.”
Preview of the best return policies: Nordstrom return policy: This store comes closest to having zero restrictions on its return policy, and no time limit to bring in a gift for refund.
Macy’s return policy: This store doesn’t enforce a set time period for returns and allows online purchases to be returned in store as well.
REI return policy: Recipients have up to a year to return unwanted gifts and benefit from an added 100 percent guarantee; with a proof of purchase, customers can return unsatisfactory items even after the tags have been removed and they’ve been used.
Costco return policy: Most items have no return time limit and customers can obtain a full cash or check refund with just the membership number used to buy the gift.
The following dozen stores offer the best return policies:
Toys “R” Us
To see the full list of the best return policies and their requirements, visit: http://bit.ly/1vajy0N <http://bit.ly/1vaj
About This Study
This study investigated return policies for the top U.S. retailers based on 2014 U.S. retail sales and brand loyalty rankings. Factors used in determining the best and worst rankings were whether a receipt or invoice is needed at return, whether the retailer permits in-store return processing for online purchases, available time limit for returning goods, the refund type offered at return, and any additional features or services provided that improve customer experience when returning items. Supermarkets and restaurants were removed from consideration. http://www.gobankingrates.com/