A return policy is a set of guidelines that a store or company establishes to manage the return of products purchased by customers. It outlines the conditions under which items can be returned, such as time limits, the state of the product, and whether a receipt is required. This policy helps ensure customer satisfaction and provides a clear process for handling returns. Typically, return policies vary by retailer and can include options for refunds, exchanges, or store credit. Some companies, like Amazon or Walmart, offer flexible return policies, while others may have stricter rules. Understanding a store's return policy is important for making informed purchasing decisions.