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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]
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