Retailers dropping generous return policies NECN [Video]

The busy holiday shopping season is underway, and according to the National Retail Federation, spending is expected to reach a new record. But before purchasing an item, you need to pay more attention to return policies — because retailers are making significant changes that could impact you.

“Returns kind of help minimize that post-purchase regret that a customer might have,” Lauren Beitelspacher, a professor in the Marketing Division at Babson College.

A national study found that most consumers — 76% — say free returns is a key factor in deciding where to shop.

“The problem is, because we shop online so much more now, there are fewer factors in place to kind of help us figure out how much we really like or don’t like,” Beitelspacher said. “There’s more opportunity for post-purchase regret when that product comes to us … and that costs retailers a lot of money.”

This year, retailers estimate that nearly …