What is the process by which a customer returns previously purchased merchandise for a refund, exchange, or store credit?

The process by which a customer returns previously purchased merchandise for a refund, exchange, or store credit is known as a product return. This term specifically defines the action taken by the customer when they bring an item back to the retailer after purchase, indicating their intent to either receive their money back, exchange the item for another product, or obtain store credit for future use.

Understanding this concept is important for retailers as it highlights their policies regarding customer satisfaction and inventory management. A well-defined product return process is crucial for maintaining positive customer relationships and can significantly influence customer loyalty and repeat business.

In contrast, product exchange typically refers to the specific action of swapping one item for another without necessarily involving a refund. The refund process encompasses just the part of returning the money. Customer service interaction is a broader term that can refer to any engagement with customers, which may include returns but also covers various other customer inquiries and issues. Therefore, "product return" is the most accurate term to describe this particular process.