This paper examines how retailers can convert returns into exchanges by exploiting their omni-channel capabilities. We do so in the context of a fast-fashion retailer that runs a traditional store channel alongside an online channel with pickup-in-store and return-to-store options. Using a quasi-experimental approach, we quantify the value of omni-channel interactions, i.e., store interactions for online purchases and online interactions for store purchases. Specifically, we study whether omni-channel interactions make consumers more likely to exchange a returned product (and keep it), thus generating revenue for the retailer. We find that a store visit in the return journey of online purchases positively affects the exchange probability, keep probability, and revenue. We also find positive, yet much smaller, effects of online channel interactions in the return journey of store purchases. Our findings thus underscore the importance of the store channel for online shoppers to find the right product and, consequently, for retailers to turn returns into exchanges. More broadly, the asymmetric channel effects imply that, despite the need for channel integration, omni-channel retailers should still treat online and offline channels differently.