A new return policy at the Apple Store gives customers 14 days to return an iPhone with no questions asked. Other Apple products, such as iPads and Macs, already had a 14-day return window, but iPhone buyers used to have 30 days to make a final decision.
As 9to5Mac points out, the shorter return window means you have less time to swap a new iPhone for a different model, color or storage capacity. But it also eliminates any possible confusion caused by wireless carriers, who start charging early termination fees after 14 days. If you bought an iPhone but decided after a few weeks that you wanted an Android phone instead, Apple's 30-day return window wouldn't help.
Keep in mind that Apple, like most phone makers, includes a 1-year warranty with all purchases, so you can still exchange a defective iPhone at no extra charge.