Wal-Mart reportedly plans to accept in-store product returns within a minute.

Wal-Mart will launch Mobile Express Returns in November, which seeks to slash the time to 30 seconds from the current five minutes, said Daniel Eckert, senior vice president of Wal-Mart Services and Digital Acceleration.

A two-step process will initially work for only those items sold and shipped by Walmart.com.

"By leveraging our physical stores and the Walmart app, we're changing the returns game in ways that only Walmart can do," said Eckert.

"We know that returning an item and waiting for a refund, especially for a product purchased online, isn't always seamless, so we've completely transformed the process for our customers – whether they are shopping in stores or at Walmart.com," Eckert said in prepared remarks.

At least 30 percent of all products ordered online are returned, compared to an average of 9 percent of in-store purchases, CNBC reported, citing online retail consultant Invesp.

Customers will start the returns process on their phones, using Wal-Mart's app before heading to the store. Then, using a Mobile Express Lane at a Wal-Mart store, they will scan a QR code, which will prompt a refund to be credited to a shopper's payment account.