In retail, a product return is the process of a customer taking previously purchased merchandise back to the retailer, and in turn receiving a refund in the original form of payment, exchange.

Many retailers will accept returns provided that the customer has a receipt as a proof of purchase, and that certain other conditions, which depend on the retailer's policies, are met. These may include the merchandise being in a certain condition (usually resellable if not defective), no more than a certain amount of time having passed since the purchase, and sometimes that identification be provided (though usually only if a receipt is not provided). In some cases, only exchanges or store credit are offered, again usually only without a receipt, or after an initial refund period has passed. Some retailers charge a restocking fee for non-defective returned merchandise, but typically only if the packaging has been opened.

There are various reasons why customers may wish to return merchandise. These include a change of one's mind (buyer's remorse), quality of the merchandise, personal dissatisfaction, or a mistaken purchase of the wrong product. For clothing or other sized items, it may be a lack of a correct fit. Sometimes, there may be a product recall in which the manufacturer has requested (or been ordered) that the merchandise be brought back to the store. Also, gift receipts are offered sometimes when an item is purchased for another person, and the recipient can exchange this item for another item of comparable value, or for store credit, often on a gift card.

While retailers are not usually required to accept returns, laws in many places require retailers to post their return policy in a place where it would be visible to the customer prior to purchase. Legislation exists in various parts of the world giving consumers the right to return goods in as-supplied condition for a full refund, within a set period of time, known as a cooling-off period. Sometimes this legislation only applies to distance sales such as e-commerce.

In certain countries, such as Australia, consumer rights dictate that under certain situations consumers have a right to demand a refund. These situations include sales that relied on false or misleading claims, defective goods, and undisclosed conditions of sale.

In the US, an estimated 8–10% of in-store sales is returned whereas online sales may result in 25–40% returns. In Asia and Europe, less than 5 percent of purchases are returned. US shoppers returned $396 billion worth of purchases in 2018 – brick-and-mortar and online, according to the National Retail Federation (NRF). To fight high return rates in e-commerce, a realistic product visualization is needed. Next to imagery and video content, 3D technology like augmented reality and virtual reality, but also simply 3D in the browser can enhance the shopping experience and lower return rates.

In the UK, Logistics costs for returns is estimated at between £20bn and £60bn per year. Figures show that 33% of retailers had to increase prices to counter rising returns volumes whilst 31% of retailers said managing returns impacts their profits. For some companies the costs of accepting returns amounts to as much as 5% of their annual turnover.

In accounting, sales returns are goods or merchandise that are sent back to the seller, as well as discounts taken from defective products. To do a return using GAAP, revenue is not reduced when doing a sales refund. Instead refunds are debited as sales return and allowance and credit cash or accounts receivable, depending on whether the customer paid on account. Additionally, one must debit cost of goods sold and credit inventory.