Store credit is a special currency that can only be used to make purchases from a specific retailer.[1][2] It is often used by retailers when customers return a product in lieu of a cash or credit card refund, or when merchandise cannot be exchanged.[3][2] The store credit amount is usually equal to the item's last sale price.[2] In e-commerce, the store credit is accessed through the retailer's website.[3]
In recent years, retailers have introduced buyback and trade-in programs in which store credit is issued to customers in exchange for used goods.[4][5] In 2022, a group of Italian fashion retailers introduced a scheme in which customers could return used clothes to receive store credit to buy new clothing.[5] The expected benefit to retailers was increased customer loyalty and upselling, as customers were likely to spend more than the credit's value.[5]
See also
editReferences
edit- ^ "STORE CREDIT - English meaning". dictionary.cambridge.org. Cambridge University Press. Retrieved April 16, 2024.
- ^ a b c "STORE CREDIT definition and meaning". collinsdictionary.com. HarperCollins Publishers Limited. Retrieved April 16, 2024.
- ^ a b Lu, Meng; Zhang, Zelin; Lan, Chunyu (2020). "Who Uses Store Credit? Factors That Influence Store Credit Usage Behavior: Evidence from jd.com". AMA Winter Academic Conference Proceedings. 31: MBD-4–MBD-5 – via EBSCOhost.
- ^ Renzulli, Kerri Anne (May 13, 2022). "'Re-commerce' is Remaking Retail". Newsweek Global. Vol. 178, no. 13. pp. 18–20. Retrieved September 29, 2024 – via EBSCOhost.
- ^ a b c Carrera, Martino (January 27, 2022). "Lampoo Takes Secondhand Experience To the Storefronts: The Italian consignment marketplace has forged ties with Italian retailers to offer store credit in exchange for secondhand fashion". Women's Wear Daily. p. 3. Retrieved September 29, 2024 – via EBSCOhost.