What should a cashier do if a customer wants to exchange an item without a receipt?

Following the store's exchange policy is the appropriate action when a customer wants to exchange an item without a receipt. This policy typically outlines the procedures and conditions under which exchanges can be made, including alternatives such as store credit or a limited timeframe for returns. By adhering to the established guidelines, the cashier ensures consistency, fairness, and adherence to company policy, which helps maintain customer satisfaction while protecting the business's interests.

The other choices do not align with best practices in customer service. Refusing an exchange outright may lead to customer dissatisfaction and a negative shopping experience. Insisting on a receipt can also frustrate customers, especially if they don't have one for legitimate reasons, and may convey a lack of flexibility. Offering a cash refund is generally not possible without a receipt, as most retail policies aim to prevent fraud and ensure proper record-keeping. Thus, the correct approach encompasses following the guidelines set forth by the store to manage exchanges appropriately.