Which term describes the action of swapping one purchased item for another?

The term that accurately describes the action of swapping one purchased item for another is "exchange." An exchange typically occurs when a customer brings back a purchased item to the retailer with the intention of selecting a different item, which could be due to various reasons such as size, color, or personal preference.

This process usually allows customers to retain the value of their original purchase while obtaining a product that better suits their needs. It's important to note that exchanges can also be influenced by the retailer's policy, which may specify the conditions under which exchanges are permitted, such as time limits or requiring items to be in their original packaging.

Understanding the concept of exchange is crucial in the retail industry, as it enhances customer satisfaction by enabling them to find the right product without losing the value of their initial purchase. Rather than simply returning a product for a refund or replacement, the exchange process facilitates a continued relationship with the retailer by addressing customer preferences more effectively.