Exchange Incentives refer to all the configurations that Return Rabbit offers that can be used to incentivize exchanges for your customers. This feature aims at reducing return rates and increasing exchanges by telling customers the benefits of exchanges.
On the Exchange Incentives page, you can:
See what exchange incentives are possible
See whether they are active or not
What Makes an Incentive Active
An incentive is only considered active if it is incentivizing exchanges - even if the active toggle is on.
So, for Preferential Fee Incentives, an active incentive would be where the exchange fee is less than the return fee.
For Additional Exchange Incentives, if the incentives are turned on, they would be considered active.
See whether customers can see the incentive in the portal banner
Change what heading and description the customers see in the incentives
Here's a sample of the Exchange Incentives pop-up that your customers will see.
Go to Configure > Return Management > Exchanges > Exchange Incentives
You will see a table that will contain all the possible incentives.
Click on the pencil icon, which will open up the editing pop-up where you can toggle Shopper Visibility and change the text on the pop-up that your customers will see.
Click on Configure this incentive to make any changes to the actual setting.
You can find these configurations by going to Configure > Return Management > Fees & Incentives
Restocking fee is the fee that you charge a customer when they choose to return or exchange their products. You can configure the Restocking Fee to have different amounts for return and exchange orders. You can incentivize exchanges by reducing the restocking fee for exchanges. That way, if a customer decides to exchange, they will have to pay a "Reduced Restocking Fee".
The Processing Fee is a fee applied on each item, or once on the service request itself. You can use a processing fee to incentivize exchanges by reducing the processing fee for exchanges. You can charge different amounts for returns and exchanges. That way, if a customer decides to exchange, they will have to pay a "Reduced Processing Fee".
The Shipping Fee is the cost of shipping that a customer has to pay in order to send their products back to you. You can configure the shipping fee for returns and exchanges separately, or the shipping fee can come from the aggregator price or the shipping system that you have set up in Return Rabbit. You can incentivize exchanges by reducing the exchange shipping fee, so when the customer decides to exchange, they pay a "Reduced Shipping Fee".
Bonus cash incentive
You can use this incentive to nudge your customer towards exchanging their present item with a higher-priced item. You can configure this with a value, and that amount will be waived off if the customer decides to exchange with a higher-priced item. The amount that you will configure will be the maximum amount that can be waived off for an order, so it will only apply once.
Discount Forwarding occurs when a customer decides to exchange a product that they initially purchased at a discount. In this case, the customer gets the same discount on their new product as they got when initially making the purchase. This can be used as an exchange incentive because it lets the customer keep their initial discount only when exchanging.
Promo Extension occurs when a customer has bought a product during a promo. So, if the customer decides to exchange their promo-bought item with another item in the same promo, then they can get it for the promo prices, even if the promo has expired This can also be used as an exchange incentive because it lets the customer exchange products in a promo for reduced prices.
Additional Exchange Credit
Additional Exchange Credit comes into play when you allow your customers more credit to nudge them towards exchanging. This will give a set amount or a percentage credit on the product the customer is exchanging. You can configure the credit to have a maximum value as well, so that the exchange credit does not extend beyond a set amount. You can also configure the exchange cases these apply on, Lower Order Exchanges, Higher Order Exchanges and Ever Order Exchanges.