If a product has additional restrictions for returns, where is the most logical place to present this information?
On the product page or within the cart when a user adds the specific product?
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It's hard to say exactly.
From a conversion perspective, a goal might be to ensure customers get as much stuff in the cart as possible, in which case it would make most sense to show any information that might negatively influence their buying decision (like a slightly more complicated returns policy) after they've committed to adding to cart. The risk here is that they interpret this as a deceptive move by you, and you lose trust and conversions.
From a user-centric perspective, a goal might be to be as transparent as possible and provide as much information up front, allowing the user to make the most informed possible shopping decision, in which case you should present the info on the product page. The risk here is that, in those borderline conversion cases, you turn the user off the purchase.
It comes down to your ethics as a conversion funnel designer.
The major problem here is coming across rude or being too aloof with important info.
Your customers would want you to be transparent and upfront with them and at the same time they will feel like you're being presumptuous if details like No return policy is mentioned
I agree with other answer that calls for ethics here but I'd suggest you to mention it as a T&C. Have this detail either: