Retailers are gearing up today to handle the post-holiday returns. And when it comes to returning gifts, there’s one important rule to remember: mind the store’s return policy and read the small print on your receipts or online.
Many retailers have been adopting stiffer return policies. Return fraud to can be costly for stores, to the tune of $9 billion a year, according to the National Retail Federation. Of that total, stores will lose an estimated $3.4 billion just during the holiday season.
Consumers should make sure they read the fine print and check out policies on gift receipts. This includes the length of a return window, whether you will receive cash or store credit and whether holiday gifts get an extension. Clothes may be easier to return that some things, especially electronics. Common when return these gadgets is a restocking fee, and some, like video games and movies, can’t be returned at all if they’ve been opened.
Double check you have your driver’s license or another ID when you’re making returns. Stores are now asking for identification if you don’t have a receipt. It’s a way for stores to identify repeat return offenders.