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My personal view: It might be loss for the comany to accpet exchange/refund for a while but rejection of exchange/refund make big loss to the company because of loosing that customer in future. (Note: waiting for more answers)
If the product is in a good condition and it is not against the policy of the company so it is okay :)
I think is alright or ok to accept exchange and refund of the product for example if the customer bought a shirt for a gift to his friend maybe he just estimate the size of the t-shirt, It is customer right to exchange or refund the product but on a specific date only. Company must set specific date for example within a week only we accept refund or exchange upon purchase.
Yes & no but it all depends on the situation at hand. If your esteemed & loyal or regular customers wants refund or exchange & the product is not damaged, do as the customer wushes in order to save your business relationship because its not healthy for a business to lose regular, loyal & esteemed customers for just a simple matter like that. Also if the product is a pershiable or food like product, you might as well consider not accepting their wish because anything can happen to the food like contamination or poisoning. Alternatively you can also conduct a pleasant desirable dialogue with the custoner explaining your position & stand on thus issues
