Return policy,No joke: An investigation into the impact of a retailer's return policy on consumers' decision making |
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Institution: | 1. College of Business Clemson University Clemson, SC 29634, United States;2. Department of Information and Operations Management Texas A & M University College Station, Texas 77845, United States;3. Department of Industrial Engineering Koc University Rumelifeneri Yolu, Sariyer, Istanbul 34450, Turkey;1. The Belk College of Business, The University of North Carolina at Charlotte, NC 28224, USA;2. School of Business, Elon University, Elon, NC 27244, USA |
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Abstract: | This study investigates the important role of a retailer's return policy in consumers' decision making. Utilizing signaling theory and the Cue Diagnosticity framework, this study posits that return policy, as a cue from a retailer, interacts with other cues (product, price, and product quality) to reduce perceived purchase risk and increases store image and patronage intention. Employing factorial experiment design, the authors conduct two studies and find support for several hypotheses. Results show that consumers value return policies depending upon the situation. A lenient return policy drives down purchase risk and leads consumers to have positive store images and higher patronage intentions. Both theoretical and managerial implications of the findings are provided. |
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Keywords: | Return policy Retailing Service Perceived risk Perceived quality |
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