Apple Inc. is offering faster refunds to customers who want to return products they bought online.
The move aims to attract customers to buy products from the company's website, according to Reuters.
Industry experts say that while cutting refund times in half serves as an upfront expense, it can also be a long-term gain if Apple is able to compete with companies like Amazon and Best Buy for online customers.
Apple started to offer faster refunds in November, but it was believed to only be a temporary offer. The current offer is permanent, and is aimed at improving the overall experience for people who shop online, CNET reported.
Customers will be able to use two-day FedEx shipping to return a product to the online store.
Someone with knowledge of Apple's decision said there will be no additional costs for customers, Reuters reported.
"This is the first time we're seeing an investment like this on the returns side," said Kevon Hills, vice president of research for retail-intelligence firm StellaService.
Trade publication Internet Retailer estimated that Apple's online sales increased by 24 percent to $18.3 billion in 2013. E-commerce experts say the company focuses intensely on customer service and controlling its business.
"Speed is becoming a significant competitive weapon" in the e-commerce wars, said Marc Wulfraat, president of logistics and supply chain consulting firm MWPVL International.
"Returns are viewed as a hidden cost, so many e-commerce companies make the process very difficult," he added. "Returns are the first place to cut corners."
While Amazon is still the front-runner in online retail, Apple was recently estimated to have taken the second spot for worldwide Internet sales from Staples, Ubergizmo reported.
Amazon sometimes offers instant refunds, but some customers might not actually return the product, which puts the company at risk for fraud, Reuters reported.
Cutting down on the time a product is moving can help Apple avoid fraud while offering quicker refunds.
