Return and refund policy should typically the following few points:

• Clearly state if returns, exchanges, and refunds are accepted by a company.
• The number of days customers have to return or exchange a product.
• List any products that may be exempt from returns.
• Outline any other requirements that customer has to meet to be eligible for a refund.
• For Digital products, it’s a good practice to include some details about shipping charges in the event of a return.

Since refund policy is a legal agreement, it can help an online business in instances when some of the customers claim their rights are not being respected. Let’s see exactly why you need a refund policy on your website.