what is an exchange credit in shopify

hi there hope you're doing great today,useful for bridge returns i want to show,you,some quick tricks to better process,exchanges which means,less time for you on exchanges more time,like working on the business also better,customer experience and also more money,in your business and less refunds right,so uh maybe this screen looks familiar,to you we're in google cheats and,i work with a lot of merchants that,process their returns in google sheets,right so their sheet will look something,like,order number,they might have something like customer,name customer email,uh something like,product one,product one,reason,right,and then i have something like product,one,resolution,right,and they have this for i don't know,five products or something right,which is,tough,it's doable when you have like one order,or i have two orders but if you have 100,orders or you're doing a thousand and,you're thinking about scaling your,business providing better customer,support this becomes,tricky at some point right then you,probably have something like,maybe like,send them a prepaid label like manually,by hand and something like,received,return right,and then they have to fill this out,right so order number customer name,at the end of the day it's a lot of work,for you you have zero data you you have,no idea why customers are returning the,product right return reasons are not,standardized like each customer does not,see them cannot select them or something,uh,exchanges are not standardized which,means you're losing huge amounts of,money because it's super complicated for,customers first to get in touch then,check on your inventory then basically,discuss a possible resolution for an,exchange,and i want to show you a better way to,do this right,so we have a very popular app on the,shopify app store right so shopify is,place where you can install applications,uh it's called rich returns,uh you can take it for free for a spin,um we have a free trial,and you get a lot of different things,when you install the application right,so you get one central dashboard where,you can,let's jump in here where you can see and,manage all your returns right if you,have staff you can give them access to,the dashboard and they can process all,the returns in a central place right,it's not like going into the shopify,dashboard and clicking,return started for your customer like,the customer literally goes,and makes the return themselves right,i'm going to show you this next so the,second part of rich returns is the,portal that you receive as a merchant,and it's completely branded your style,right,and you can directly integrate this into,your store right so for example you can,change the logo you can change the,background,image you can change all colors you can,change the text right so it really looks,like it comes directly from you right,and it's open 24 7 right so the customer,does not need to reach out to you and,ask like hey uh,you know i want to make a return right,or i want to exchange a product do you,have a size smaller right they can just,go in there and the nice thing is from a,merchant perspective you're still fully,in control right so you can say,these customers can return,products right for example you can,exclude certain orders based on order,tech let's say black friday or something,like this which is coming up in a few,months by the way let's just jump into,this,into an exemplary return,and i'm going to show you exactly how,easy rich returns is,for you and for your customers right so,i think that's a good example right so,i gotta make myself smaller like i'm way,too big here so,uh you can see that two products in this,order are not a linkable for return,right then there is a lot of reasons for,this for example you could have final,sale items that the customer purchased,at a great discount,you could have,hygiene articles right like we see this,a lot with underwear or stuff just you,just want the customer not to return it,so these are exclusive customers cannot,select them for the other one let's just,say uh in this example customers call,bob and bob wants to,exchange for a size smaller right,because extra large,is,too large for him right,so,they exchange for a different size,and we're going to check your life,inventory like right now without bob any,time asking you at all through email,about this and he can select another,size right,also give a reason right,like didn't fit too large and you can,basically customize these reasons right,which means they're also standardized,right we look at this in a minute but,you can basically,see like after a month like wow like 80,of my returns they come from like,two variants which is very common right,this is typical mathematical like uh,this this this power loaded distribution,like 80 20 like very few of your,products or variants will uh result in a,lot of returns because they have for,example a wrong fit the manufacturer has,some sort of product effects in them and,you can spot this early right by looking,at it like from a numbers perspective,and that like not going through,something like this right where you have,like all this random data pulled in,and rich returns makes this really easy,right,um let's just do exchange here obviously,the options that you see here you can,customize them as a merchant right so,for example you might be someone that,only offers exchanges or you might be,someone that only offers store credit in,exchanges or you might be someone that,says hey,i want to offer,refunds for the first 14 days and,because for example in the eu i'm,legally required to do this right or,just because i want to give customers,the option for a refund and then after,14 days i want to only do store credit,and exchanges right so you can you can,do this in,enrich returns easy,but for this example let's just,let bob exchange another product we also,have an add-on basically where you can,ask customers to upload photos this is,very commonly used for example for,product defects right so you can make it,mandatory for customers in this case we,don't,and now you have the option to provide,customers a label right,or you can also let them ship with their,own carrier right that they choose,um,yeah in this example let's just go with,uh ship with the carrier of your choice,obviously you can set up rules and rich,returns like really fancy stuff like you,want to provide some customers for,example only customers to do exchanges,of free label and all the other,customers should ship it back at their,own expense right,you can set different fees for example,here's a restocking fee,you don't have to do it it's optional,and then bob submits his return right,and at this second he hasn't contacted,your customer support at all he had a,great experience because this probably,took him like 30 seconds,and third the money is still in your,company right so bob just wants another,size let's just say the jacket was 100,you keep that 100,without doing anything right you're,probably just asleep when the bob does,it right,um let's just jump in the rich returns,back end,and here you see all,your your returns right or your team and,they can they can work on it live right,uh and like we're as a company we're,like super active right so we got like,this you see like this green blinking,thing right so like each week we push,new features new updates to rich returns,right because we're working like very,closely with merchants and we're,constantly receiving emails from you,guys like hey like we need this feature,like in our operations we need this and,this and this so it's,it's a very,merchant developer rich returns uh very,very close relationship i would say,which which means it's a great product,because it's really what merchants need,right,so for this one uh let's just go ahead,and create the exchange order right so,you would usually do that when you,receive the item back from the customer,you can also do it earlier right um you,can restock the original items and not,do it,at the moment and then we automatically,create exchange order for you it's like,literally one click right so we look at,it in shopify all the details are there,you don't need to enter anything,manually right,and you see it's a new product that the,customer selected all the information,it's linked with the right customer we,also add a note to it and we also add a,couple of tags to it so you can easily,identify it and then your team like you,or your 3pl for example your which is,this company can't fulfill this item,right,so,super super easy,this is the entire returns process right,so you don't have to do much or anything,at all basically customers can do it,themselves you set up the policy you're,the manager you're in control and then,let's look a little bit at the data,right,so we have some pretty fancy reports,that basically let's look at i think we,have more data for,july for example and we basically give,you all the data um,on return reasons for example right so,this is like super important data where,you can see,that usually a very very small set of,variants or products,uh skus,will cause a great amount of returns,right so this data is usually shared,then with other people in the team it,might be your manufacturer right it,might be people in the product,department right that,that can work on reducing these because,if you have a very few products that do,a lot of returns you could probably,optimize it or increase it or,optimize the description on the website,which is especially if you have clothing,for example like,some pants that are too tight in size,large right,that's a great way reading through when,browsing through customer comments is,literally gold because you can you will,never get such an honest feedback than,when they go through the process and,just add their comments,so this is also i think very very,valuable yeah i just want to give you a,very quick peek into into rich returns,don't want to overwhelm you with this i,think it's a great way for you to,especially if you think about like,building a solid business,building a solid foundation also for the,post purchase experience right so for,returns right giving customers great,experience building more automation into,your business right making returns more,predictable and keeping more money,ultimately in the company with exchanges,and we see very high exchange rates,right,even without optimizing for it at all,right just enable exchanges let,customers do,their thing,and i think it's super helpful and,healthy for growing ecommerce business,on shopify right,look for us in the app store which,returns or i'm gonna link rich returns,um below hit us up in the customer,support we would love to hear from you,we have a widget directly in the,dashboard you can contact us anytime and,i hope to talk to you soon all right,thanks a lot catch you bye bye

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