Maximize Revenue With Efficient Order Repayment and Refund Management

One of the major challenges in eCommerce is order management. Unlike regular retail stores where customers can get the products in their hands before purchasing, online stores give customers a presumption of their desired products as they order. As a result, customers might find themselves dissatisfied with their order and wish to return it. 

Moreover, customers are also prone to other technical issues such as payment failure or ordering something out of stock. To mitigate these challenges, every eCommerce platform requires an efficient order management system to amplify customer satisfaction and boost revenue. 

Why Efficient Order Management Is Important for eCommerce

Before you set up your online store, part of your business plan should center around how to retain customers and also constantly expand your customer base in the long term. Many factors boost customer satisfaction and increase revenue. Proper order management is crucial to those factors. 

Here are the key ways through which efficient order management features such as refund management and order repayments in your eCommerce store can help you achieve those goals:

Builds Customer Trust and Loyalty

Customer experience is the most important thing when it comes to increasing your brand value and trust. If customers receive timely refunds for product returns or canceled orders, they are more likely to become repeat buyers. This can help drive long-term revenue growth. Furthermore, leveraging these customer reviews can bring in new customers as well and increase the overall trustworthiness of your brand.

Reduces Cart Abandonment & Bounce Rate

Customers are more likely to complete their purchases if they perceive a lower risk of losing money. The checkout process plays a key role in determining the bounce rate of your store as well as customer retention. Therefore, having a clear and straightforward refund policy as well as notifying the customer in case of a failed payment can incentivize them to complete the purchase.

Improves Inventory & Revenue Management

A functioning order management system enables you to seamlessly monitor the revenue and cash flow of your store. Through order repayment, you can ensure that the customer has properly completed the transaction. Furthermore, effective refund and return management ensures that payments are returned to customers promptly. This also allows you to restock your inventory efficiently and prevent inventory wastage.

Fraud Prevention

A well-realized return and refund system can prevent any instance of return fraud faced by many online stores. Automated order repayment can help detect possible fraudulent transactions, as such transactions will get flagged automatically by the payment gateway or bank.

Increases Competitive Advantage

Customers are more likely to prefer stores with user-oriented refund policies. In contrast, stores that do not provide refunds or have inefficient refund management systems tend to be less favored.

How EasyStore Streamlines the Order Management Process

Now that you know why it’s important to have a good order management system, naturally, you might want to know what eCommerce platform can provide you with a good order management system. This is where EasyStore comes along.

EasyStore is a feature-packed Joomla eCommerce extension that can help you design your own seamless online shopping experience. Plus, it works as a two-way integration with the mighty SP Page Builder. To learn how to set up your eCommerce shop with EasyStore, click here.

EasyStore comes equipped with a robust order management system, which you can set up and customize easily. The extension comes equipped with a user-intuitive Orders Dashboard from where you can access a variety of features, including refund management and order repayment. 

A brief overview of these features and how you can set them up is given below:

Order Repayment

The Order Repayment feature in EasyStore can enable you to easily address the challenges of failed or incomplete payments. This feature accounts for all possible reasons for payment failure, such as technical issues, card declination, or insufficient funds. 

To access this feature, you need to log in to your site first. From the profile icon in the top right, you can access the Orders page. Here, you will find the list of active orders and their respective payment statuses.

Click on any order that has an unpaid status. You will be led to the Order Details page. From there, simply click on the “Pay Now” button.

From there, simply follow the payment procedure of the chosen payment gateway. After that, the status of the order should automatically change to “Paid” on both the frontend and the backend for both the store account and the customer.

You can also set up a notification popup for customers to see in case of failed transactions. Besides setting up the real-time notification of failed payments during the checkout process, you can also utilize EasyStore’s Email Notifications feature to inform customers via email about their payment errors and due payments.  

Refund Management

The Refund Management feature ensures a streamlined and efficient process for handling returns and refunds. Through this feature, you can monitor order statuses and add tracking information as well as shipping carriers. You can choose to issue partial or full refunds as well.  

To use this feature, you need to log in to the Joomla Dashboard and expand the EasyStore setting. From there, simply go to the Orders Dashboard, where you will see a list of orders made on your site along with the payment status for each of them. Click on any order with the “Paid” Status.

From there, you will be presented with the Order page. Now, click on "Issue Refund". 

Now, type the amount and reason for the refund. Then click on “Apply”.

Afterward, you will see the order updated on the Order page. If you go back to the dashboard, you will see that the payment status of the order has also been updated automatically to “Refunded”.

Similar to Order Repayment, you can also notify the customer of their refund status via email. You can keep track of the refund transactions with the Analytics feature. 

Key Takeaways

To summarize, here are the most important ways how an efficient order management system can boost the revenue of your eCommerce platform:

1. Proper refund management with a clear refund policy can help retain customers by ensuring their trust and also provide a competitive edge. 

2. Clear order repayment options can ensure that customers complete their transactions and also prevent bounce rates.

3. Inventory and revenue tracking becomes streamlined through the implementation of a proper order management system.

4. You can prevent fraudulent transactions through secure payment and order management options.

5. EasyStore provides the required order management features needed to build a robust and successful eCommerce site.

Learn MoreGet EasyStore