As for understanding the importance of all these policies, we recommend reading below to figure out exactly why you must include these on your site.
Why do You Need These Pages on Your Shop?
Policies for Returns and Refunds
The return policy is more of a guideline for the customer. It outlines exactly what they need to go through if they are having problems with their purchase and would like to send it back to your company.
Chances are you won't get in any legal trouble if your return policy isn't that great, but this policy is the most important one for being upfront and honest with your customers.
You don't actually have to offer returns or refunds, but it's highly recommended. This way, people can check to see how long they have to return an item, and they may be more willing to buy from you if your return guidelines are clear, concise and fair.
Terms of Service
The terms of service page details all of the rules that your customers have to follow when browsing around and shopping on your site. This is more of a protection for you, but it can also show your good customers that they are on a safe and reliable site.
Overall, the main reason you'll want a terms of service page is to reveal to customers that they are not currently on a site that has been exposed to the bad of the internet, like ugly comments or viruses. In addition, you can refer to your terms of service if a customer tries to sue you are start an argument with you.
One final note: Most legitimate payment gateways will require you to have a terms of service on your site. Otherwise you might not get approved.
Furthermore, they have templates for return policies and terms of service policies. I would recommend this to just about every ecommerce store owner, since it only takes a moment and you won't have to go talk to a lawyer to get these items written up.
Shopify specifies that this should not be a substitute for legal counsel, but it does ensure that the policy templates do comply with the law and are ready to go for just about any site.
Most customers aren't ever going to look at these pages on your site, but you can bet that many users are at least going to want to see your return policy. Not to mention, just seeing that you have such policies will keep customers at ease and potentially make them want to buy from you.
If you have any questions about privacy policies, return policies, terms of service or disclaimers, drop a line in the comments section below and we'll try to help you out.