Anyone ever experiment with simply not offering refunds at all for their products? I happen to sell a product (at my dayjob) and the company actually has a "no refunds" policy. It actually works out pretty well. When people ask me if they can get their money back before they decide to buy, I tell them that there are no refunds, but you can exchange it for a different product. Surprisingly, people are generally cool with it.
So I've been thinking about this concept recently for the IM world since there's been a lot of refund threads recently, and I'm wondering would it be financial suicide to start incorporating a no refund policy for your products? In the coaching business, there are no refunds and it works pretty well for them. Would it work for ebooks? Would it work for more expensive products?