🤔 What is the Top Refunded Products Report?
Refunds are a part of running an e-commerce website. Regardless if a customer returns an item because it was the wrong product or it was damaged, it’s important to keep track of the number of returns for each good.
With the Top Refunded Products Report, it’s now easier to see which products have the highest refunds — allowing you to investigate further and create plans to decrease the number of refunded products.
⚖️ How is the Top Refunded Products Report calculated?
To generate the Top Refunded Products Report, Synder pulls information from your e-commerce website. Once the refund list is created, our automated system will rank each of your products from highest to lowest based on the total amount of refunds per item for a given period.
🔎 What does the data from the Top Refunded Products Report tell us?
The Top Refunded Products Report offers several crucial pieces of information. For instance, the report will tell you the most frequently returned items and which items account for the most money to refund.
In some cases, the most frequently returned item isn’t the one that costs the company the most in refunds.
📈 What can be done to grow sales based on the Top Refunded Products Report data?
Once you’ve identified the highest-ranking products on the report, there are several things you can do to grow sales and cut down on the number of refunds. One way to accomplish this is by talking with customers.
- Talk with your customers
Through customer interviews and surveys, you may discover that one of your products doesn’t have an accurate description on the website. Without a clear understanding of what consumers are buying online, the chances of a returned product increase significantly. Simply adding more detail to product descriptions can quickly solve this issue.
- Learn why a certain product is being returned
You may also learn that a certain product is being returned because it’s often damaged during shipping. If this is the case, you could look into new ways to package the product to ensure it arrives intact to your customer.
Let Synder Business Insights do the numbers so that you can focus on the right strategies for your business!